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SYDNEY - The Australian share market has more than recovered Wednesday's losses, with resource stocks leading the charge back into the black today.
At the 1615 AEST close, the S&P/ASX200 index had risen 80.5 points at 6261.2 while the all ordinaries added 78.3 points to 6288.4.
On the Sydney Futures Exchange, the June share price index contract jumped 78 points to 6265, on a volume of 30,275 contracts, according to preliminary calculations.
The major resource stocks leapt by about four per cent despite flat metals prices overnight.
BHP Billiton rose A$1.11 or 3.39 per cent to A$33.90, and rival miner Rio Tinto A$3.89, or 4.23 per cent, to A$95.90.
ABN Amro Morgans private client adviser Bill Bishop said the resource stocks were "the big success story" of the day, attributing their performance to the booming US market.
In the US the Dow Jones industrial average surged 187.34 points to end at 13,482.35, while Standard & Poor's 500 Index and the the Nasdaq Composite Index had their best day in nearly three months.
The S&P 500 gained 22.67 points to finish at 1,515.67, and the Nasdaq shot up 32.54 points to close at 2,582.31.
"The American market of course went up substantially, but the London Metals Exchange wasn't all that flash overnight," he said.
"This market is quite emotional, and the American market is moving around, up to two per cent a night this week, and our market is following it.
"Resources have been swept up in the general wave of euphoria. The market would normally follow the price of the base metals, and it hasn't. I think it proves once again how much money is available to invest."
The big four banks were mixed, on a day when Reserve Bank of Australia governor Glenn Stevens indicated that another interest rate rise was a possibility.
Westpac edged forward three cents to A$25.36, ANZ rose 18 cents to A$28.85, and the Commonwealth Bank firmed 26 cents to A$54.08.
However, the National Australia Bank lost six cents to A$40.20.
The energy players were all trading higher thanks stronger crude prices.
Oil and gas producer Woodside Petroleum jumped A$1.84 to A$44.52, and Oil Search added 14 cents to A$4.15.
Santos, Australia's third largest oil and gas producer, today said it had submitted a proposal to the federal government for a A$700 million-plus carbon storage project in South Australia.
Santos rose 40 cents to A$13.59.
In takeover news Sigma Pharmaceuticals Ltd confirmed it was in talks with private equity investors over a possible counter offer for medical centre and drugs group, Symbion Health Ltd.
Last month, Australia's second biggest private hospital operator, Healthscope Ltd, made a A$2.9 billion cash-and-scrip takeover offer for Symbion - one that was unanimously recommended by Symbion directors.
Shares in Symbion fell back slightly, down four cents to A$4.29.
Sigma shares dropped one cent to A$2.30, while Healthscope closed unchanged at A$5.50.
The recently restructured transport and logistics group Toll Holdings Ltd continued its push into Asia, offering to acquire control of Singapore-based logistics provider Sembawang Kimtrans Ltd (SWKT), valuing the target at A$S326 million (AA$251.84 million).
Toll already has a stake of 26 per cent in SWKT.
Shares in Toll were up 41 cents to A$14.41.
The spot price of gold in Sydney at 1633 AEST was US$650.10 per fine ounce, up US$4.00 on yesterday's close.
The gold miners all traded higher, Newmont four cents brighter at A$4.70, Newcrest 55 cents stronger at A$23.35, and Lihir up five cents to A$3.13.
The retailers were generally better off, with Coles up 15 cents to A$16.59, David Jones finding five cents to A$5.15, and Woolworths unchanged at A$27.00.
Telco giant Telstra was seven cents up at A$4.78, but Optus owner Singapore Telecommunications lost two cents at A$2.60.
The top traded stock by volume was minerals explorer Sundance Resources Ltd, with 87.29 million shares worth A$37.53 million changing hands.
Sundance was down 0.5 cents at 39 cents.
Preliminary national turnover was 2.04 billion shares worth A$6.81 billion, with 730 stocks up, 585 down and 348 unchanged.
- AAP