Australian shares rallied 2.5 percent to their highest close in three months on Thursday, with banks, miners and retailers all posting strong gains after a technical glitch halted trade on the Australian Stock Exchange until mid-afternoon. Traders scrambled to fill buy orders after an agreement by eurozone leader on a comprehensive package to tackle the euro sovereign debt crisis triggered a sharp relief rally.
"The market is entirely right to rally a little but then stop," said Damien Boey, equity strategist Credit Suisse in Sydney. The S&P/ASX 200 index gained 105.66 points to 4,348.2 points, according to the latest available data, its highest close since August 2. The index rose 0.4 percent on Wednesday.
BHP Billiton finished up 3.8 pct at a 2-month high and its biggest one-day percentage gain in a month, while rival Rio Tinto rallied 4.4 percent. Woolworths Ltd fell 0.2 percent to A$24.08 after posting a 1.9 percent rise in first-quarter comparable store sales in Australian food and liquor, missing expectations for 2.7 percent.
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