Australian stocks have closed firmer as good news from home and abroad lifted the market to near 15-month highs.
The benchmark S&P/ASX200 index closed up 31.2 points, or 0.69 per cent, at 4,559.4 points on Thursday, while the broader All Ordinaries index rose 30 points, or 0.66 per cent, to 4,580.9 points.
On the ASX 24, the December share price index futures contract advanced 15 points to 4,550 points, with 32,578 contracts traded.
Australian stocks opened up about 0.8 per cent, as local market players took their cues from a positive night on Wall Street.
The bourse was one per cent firmer at noon and despite slipping slightly in afternoon trade, the S&P/ASX200 still posted its highest close since July 27, 2011.
There were about seven stocks that finished up for every five that ended the day in red figures, according to IRESS data.
A stream of positive economic news from offshore supported the rally, as figures showed the US housing market was on the mend and Chinese economic growth and industrial production numbers for September came out better than expected.
“Market confidence seems to have turned a corner today,” CMC Markets sales trader Ben Taylor said in a research note.
“The wave of optimism has ensured all sectors, bar the defensive healthcare sector, have enjoyed a rise today with the miners leading the charge.”
And on the local front, a private sector survey showed business conditions improved slightly in October.
The best-performing sector on Thursday was metals and minerals stocks, which rose 3.05 per cent.
Materials stocks – a big market sector – advanced 2.70 per cent, while financial companies rose 0.24 per cent.
In percentage terms, Rio Tinto posted the largest gain among stocks on the S&P/ASX20, climbing 4.8 per cent, or $2.69, to $58.74.
Fellow miner BHP Billiton rose 3.32 per cent, or $1.11, to $34.56.
Making news on Thursday, Woodside Petroleum said it produced 26.5 million barrels of oil equivalent (mmboe) in the three months to September 30, up 32 per cent from the second quarter.
Woodside ended up 81 cents, or 2.36 per cent, at $35.20.
Retailer Woolworths said sales for the 14 weeks to September 30, 2012 rose 4.3 per cent to $15.2 billion.
Woolworths was down seven cents at $29.09.
And struggling broadcaster Ten Network said it was looking to shed 100 jobs through voluntary redundancy after slumping to a full year loss in fiscal 2012.
Ten closed down half a cent at 30.5 cents, on heavy volume of 19.9 million shares changing hands.
The spot price of gold in Sydney finished at $US1,749.20 per fine ounce, down $US2.75 from Wednesday’s local close of $US1,751.95 per ounce.
National turnover was 1.9 billion securities worth $4.6 billion.
