SYDNEY: Australian shares closed up 2.29 percent Friday, as the market posted solid gains for the week on hopes that European leaders will be able to resolve the region's debt crisis.
The benchmark S&P/ASX 200 climbed 93 points to 4,162.9, while the broader All Ordinaries added 2.25 percent to 4,225.
The Australian market was moving on positive momentum after gaining 3.65 percent on Thursday, analysts said. Over the week, the ASX 200 added 3.8 percent, its best weekly gain in more than a year.
"After another session of healthy gains in offshore markets it is not surprising to see the local market building on yesterday's strength," IG Markets analyst Cameron Peacock said.
"Gains for the day are broad based with all sectors in positive territory with the biggest advances coming from the materials, energy and financial sectors which have been heavily sold down over the last month."
The gains came on the back of the Dow Jones Industrial Average closing up 1.68 percent at 11,123.33 on Thursday.
Australian rises were broadbased, with BHP Billiton adding 2.5 percent and Rio Tinto gaining 4.9 percent. Energy stocks were also ahead, rising on the surge in oil prices, with Woodside Petroleum up 2.2 percent.
Among the big four banks, NAB enjoyed the best gain, adding 3.9 percent.
The Aussie dollar was at 97.75 US cents, up from 96.56 Thursday.
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