The benchmark, S&P/ASX200 index has recorded an increase of 11.2 points or 0.3 per cent to the level of 4424.2 over optimism from developments in Greece.

Investors showed some confidence following the meeting of European finance ministers to determine the next step to address the sovereign debt issue of Greece. The shares also increased due to figures suggesting higher retail sales in the US market.

Among the sectors, industrials rose 1.3 per cent, gold miners rose 1.1 per cent, and materials recorded an increase of 0.7 per cent. The consumer staples increased 0.5 per cent and consumer discretionary also recorded a similar growth rate of 0.5 per cent. On the other hand, the telecom sector firms fell 1.1 per cent in the trading secession.

Investors remained concerned about Greece as eurozone finance ministers met for the third time to discuss the way forward. Greece is waiting to receive several bailout package pay outs n order to meet its debt obligations. European nations have not come to an agreement on the matter of releasing more funds to the country yet.

The Australian dollar was trading at around $US104.60 today.