Shares in Seven West surged 20 per cent after it said it's on track to refinance debt and to position itself in the tough advertising market.

Australian shares close sharply higher buoyed by confidence from overseas investors and a solid reporting season.

Brewer Foster's has foreshadowed more job cuts as it reported an annual net loss for 2011 and a continued decline in the Australian beer market.

ANZ will raise $750 million in convertible shares as the lender seeks to strengthen its capital position.

Oil Search has more than doubled its first half net profit due to higher oil prices, and has reiterated its full year production guidance.

Shares in Sonic Healthcare plunged almost 6 per cent after the company forecast 15 pct earnings growth after a flat full year profit in 2010/11.