At closing bell, the benchmark S&P/ASX200 inclined 25.07 points, or 0.38%, to 6,615.27. The broader All Ordinaries added 35.97 points, or 0.53%, to 6,827.27.
Mining stocks gained as iron ore continued to lift and is now closing in on seven year highs. Fortescue Metals Group (FMG) added 13.3%. BHP Group (BHP) rose 4.9% and Rio Tinto (RIO) gained 6.9%.
Energy stocks were boosted by commodity prices with oil prices rising on a drop in US supply. Origin Energy, Oil Search, Santos and Woodside Petroleum rose 1-2 percent after crude oil prices rebounded overnight.
Banks ended with modest losses, while conglomerate Macquarie Group edged up slightly after announcing its agreement to buy U.S.-based investment management firm Waddell & Reed Financial Inc for $1.7 billion in cash.
ECONOMIC NEWS: Australia Posts A$7.456 Billion Trade Surplus In October- Australia merchandise trade surplus came in at A$7.456 billion in October, the Australian Bureau of Statistics said on Thursday, up from the upwardly revised A$5.815 billion surplus in September (originally A$5.630 billion). Imports were up A$178 million or 1.0 percent on month to A$28.264 billion following the downwardly revised 6.5 percent slide in September. Exports climbed A$1.819 billion or 5.0 percent on month to A$35.720 billion, up from the downwardly revised 2.6 percent gain in the previous month. Also on Thursday, the ABS said that the value of owner-occupied home loans issued in Australia was up a seasonally adjusted 0.8 percent on month in October, coming in at A$17.39 billion. That follows the 6.0 percent jump in September.
CURRENCY NEWS: The Australian dollar changed hands at $0.7428, following levels below $0.738 seen yesterday.
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