At closing bell, the benchmark S&P/ASX200 rose 20.11 points, or 0.28%, to 7,116.66. The broader All Ordinaries index added 21.01 points, or 0.28%, to 7,406.33.
The top performing stocks in this index were POLYNOVO and SANTOS, up 7.27% and 6.20% respectively. The bottom performing stocks in this index were POINT SBET HOLDINGS and JANUS HENDERSON GROUP, down 11.7% and 7.3% respectively.
Shares of energy-related issues drew buying as the ongoing Russia-Ukraine conflict continued to lead to a surge in oil prices. Whitehaven Coal, Santos and Woodside Petroleum all jumped around 6% as Brent prices climbed above $110 a barrel.
Shares of materials and resources were also higher. Miners BHP, Rio Tinto and Fortescue Metals Group surged 4-5% following a rise in iron ore prices. Core Lithium soared 15.2% after announcing a supply deal with Tesla.
ECONOMIC NEWS: Australia's GDP grew 3.4% in the three months to December, data from the Australian Bureau of Statistics showed.
CURRENCY NEWS: The Australian dollar was at $0.7247, extending gains after climbing from below $0.72 earlier in the week.
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