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SYDNEY - The Australian share market performed a surprise turnaround in the last hour of trade to finish in positive territory after four consecutive trading days of losses.
Resource and financial stocks pulled the local bourse higher.
At the 1615 AEDT close, the benchmark S&P/ASX200 index was up 63.6 points, or 1.9 per cent, at 3,416.5, while the broader All Ordinaries index had gained 54.3 points, or 1.63 per cent, to 3,386.9.
On the Sydney Futures Exchange, the December share price index futures contract was up 58 points at 3,456 points on volume of 42,560 contracts.
CMC Markets head of trading James Foulsham said the trading session started on a grim note after heavy falls in the the US and European markets, but positive momentum set in during the last hour of trading locally.
"There have been some buyers through the week, with traders looking for a sharp bounce in the market and it seems we may have seen the start of this bounce," he said.
"Nobody has seen the market like this before.
"The market can do funny things though, and when it finally does turn around it is probably going to rally hard."
The mining giants were among the day's best performers.
BHP Billiton picked up 80 cents, or 3.79 per cent, to $21.90 while its takeover target Rio Tinto added $2.76, or 4.82 per cent, to $60.01.
In the financial sector, Commonwealth Bank shares lifted $1.64, or 5.6 per cent, to $30.95, National Australia Bank added 18 cents, or 0.96 per cent, to $19.00, ANZ was up 36 cents, or 2.77 per cent, to $13.36 and Westpac increased by 75 cents, or 4.81 per cent, to $16.35.
- AAP