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Who said that equities markets are dead?
Australian shares had their biggest gains since early January as easing worries about global growth and a jump in oil prices sent resource stocks higher.
Australian investors also followed a strong lead from the U.S. where investors were invigorated after corporate earnings from Intel and Honeywell defied fears of a collapse as margins made up for weaker revenues.
Also stimulus comments from Federal Reserve chairman Ben Bernanke were welcomed by the market.
The All Ordinaries rose 80 points, or 1.9 per cent, to 4236.4 points.
The benchmark S&P/ASX200 index rose 83.1 points, or 2.02 per cent, to 4,206.7 points, the highest close since May 15.
Local energy stocks jumped 4.9 per cent, the most in at least nine months, led by Woodside Petroleum. Woodside earlier raised its full-year production estimate, helped by faster-than-expected progress on its Pluto field.
Woodside shares jumped 7.5 per cent, or $2.29, to $32.67. Santos surged 59 cents, or 5.84 per cent, to $10.69 after posting gains in quarterly production of nine per cent and revenue growth of 18 per cent.
The materials sub-index also jumped 2.6 per cent, led by BHP Billiton. The world’s biggest miner reversed the previous day’s loss, rising 92 cents, or 3 per cent, to $31.10.
Rio Tinto climbed 1.1% to $53.36 while Fortescue Metals jumped 4.79% to $4.59.
The Aussie dollar also climbed to almost $US1.04, the highest since May 1.
Telstra also extended its recent gains, closing at its highest level since December 12, 2008. For the day, the telco added 7 cents, or 1.8 per cent, to $3.94.