MELBOURNE - The Australian share market closed almost three per cent higher, with strong gains from banks and big miners pushing the local bourse into positive territory.
At the close, the S&P/ASX200 was 100.5 points, or 2.81 per cent higher at 3680.2, while the broader All Ordinaries gained 95 points,
or 2.69 per cent to 3622.2.
At 1615 AEDT on the Sydney Futures Exchange, the June share price index contract was 103 points higher at 3684 on a volume of 24,487 contracts.
ABN Amro Morgans Ipswich manager Tony Russell said gains on the local market were underpinned by positive leads from Wall Street, a spot of bargain hunting and a rise in the banking and resource sectors.
"The stronger leads coming out of the US market over the last couple of evenings has certainly given a bit more confidence to our market," Mr Russell told AAP.
"The banking and financial sector has been strong today, strongly followed by the resource sector with BHP and Rio."
BHP Billiton put on $1.28, or 3.99 per cent, to close at $33.38, while rival Rio Tinto gained $2.56, or 4.62 per cent, to $57.96.
The market got off to a positive start opening one per cent higher after gains on Wall Street, with the Dow Jones Industrial Average putting on 152.68 points, or 2.01 per cent, to close at 7,761.60.
The banking sector was stronger, with Commonwealth Bank adding 72 cents to $35.35, ANZ finding 46 cents to $16.34, Westpac picking up 48 cents to $19.90 and National Australia Bank gaining $1.18 to $21.50.
Private health insurer NIB Holdings put on six cents to 87 cents and has formed a strategic alliance with National Australia Bank to offer health insurance to NAB customers.
The media sector was stronger, with Consolidated Media Holdings gaining 10.5 cents to $2.07, News Corp putting on 69 cents to $11.73, its non-voting shares adding 71 cents to $10.27 and Fairfax picking up one cent to $1.065.
Ten Network Holdings gained two cents to 80 cents despite reporting a first half loss after writedowns and warning it won't pay any further dividend for the rest of the year.
Hutchison Telecommunications put on 0.1 of a cent to 9.6 cents despite the Australian Competition and Consumer Commission deeming a planned joint venture with Vodafone Australia may lead to increased prices in the mobile phone market.
Qantas gained 11 cents to $1.81 after the airline and its Singapore company partner said they would streamline the ownership structure of regional carriers Jetstar Asia and Valuair.
Fletcher Building dropped 39 cents to $4.68 after it raised $406.5 million (A$329.98 million) through a placement of new shares to institutional investors.
The retailers were stronger, with Woolworths putting on 11 cents to $25.00, Wesfarmers gaining 46 cents to $19.71, David Jones picking up five cents to $2.86 and Harvey Norman adding 12 cents to $2.66.
The energy sector was mixed, with Woodside finding 70 cents at $39.10, Santos losing 37 cents to $16.92 and Oil Search dropping 12 cents to $5.09.
The spot price of gold was trading at US$927.40 an ounce by 1622 AEDT, up US$8.90 an ounce on Wednesday's local close of US$918.50 an ounce.
The gold miners were stronger, with Newcrest gaining 71 cents to $33.21, Lihir putting on three cents to $3.38 and Newmont adding 34 cents at $6.72.
Goodman Group was the most traded stock by volume, with 112 million shares changing hands, worth $46.94 million.
The company put on 4.5 cents to close at 42.5 cents.
Preliminary market turnover reached 2.14 billion worth $4.03 billion, with 665 stocks up, 311 down and 263 unchanged.
- AAP
<i>Australian stocks:</i> Market closes nearly 3pc up
MELBOURNE - The Australian share market closed almost three per cent higher, with strong gains from banks and big miners pushing the local bourse into positive territory.
At the close, the S&P/ASX200 was 100.5 points, or 2.81 per cent higher at 3680.2, while the broader All Ordinaries gained 95 points,
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