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The benchmark S&P/ASX 200 gained 95.6 points in the first 15 minutes of trade to 4,267.4 after the ECB unexpectedly cut rates a quarter point to 1.25 percent. Also boosting sentiment was Greek Prime Minister George Papandreou backtracking from a plan to hold a referendum which had incensed European leaders trying to organise a rescue plan for the debt-ridden nation, analysts said. The European rate cut also helped the Australian dollar, which was trading at 103.93 US cents early in the session from 102.48 cents on Thursday.