Australian shares rose over 1 percent on Thursday, shrugging off higher than expected US inflation data and boosted by gains in top resources stocks. The S&P/ASX 200 index ended up 1.2 percent, or 67.8 points, to 5,909. The benchmark fell 0.3 percent on Wednesday.
Wall Street surged on Wednesday as investors shrugged off stronger-than-expected inflation data and snapped up shares of Facebook, Amazon.com and Apple. Among Australian equities, material stocks led the gains, supported by firm commodity prices, with heavyweights BHP Billiton Ltd and Rio Tinto closing 4.6 percent and 4.1 percent higher, respectively. Both stocks ended higher for a fourth straight session.
Iron ore futures in China climbed to their strongest in three weeks, while London copper rose for a fourth day to the highest in 10 days. Sentiment was also supported by data showing the country's streak of employment gains reached the longest on record in January, while unemployment fell a tick and female participation in the workforce climbed to an all-time high.
In the financial sector, Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd rose between 1.5 percent and 1.6 percent. Origin Energy Ltd more than tripled its half-year underlying profit on the back of soaring energy prices, sending its shares up 6.9 percent. New Zealand's benchmark S&P/NZX 50 index closed marginally higher, rising 0.06 percent or 4.53 points to settle at 8,063.33.
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