S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) closed up 67.8 points or 1.16% higher to 5,909 points.
Resources stocks led the way, and this was reflected in the circa 2.5% gains in the S&P/ASX 200 Energy (INDEXASX:XEJ) and Materials indices (INDEXASX:XMJ).
[VIDEO] Market Close 15 Feb 18: Local shares posted their best one-day gain of the year after the ASX 200 rose by 1.16% https://t.co/akEva2d9En #ausbiz
— CommSec (@CommSec) February 15, 2018
4.10pm: Gold shines brightest in resources sector
These sectors were only outdone by the S&PASX All Ords Gold index (INDEXASX:XGD) which surged 3.2%.
Notable performances came from Doray Minerals (ASX:DRM) and Resolute Mining (ASX:RSG) which were up 12.5% and 7.6% respectively.
In the energy sector it was Origin Energy (ASX:ORG) that led the way, gaining 6.7% after delivering a result that pleased investors.
S&P/ASX 200 (INDEXASX:XJO) has climbed 0.9% by mid-day and is trading at 5,893.
Mid-day: ASX200 is trading up 0.9% at 5,893
There are broad gains across the index at large but some big names drop earnings, including the likes of Telstra (ASX:TLS), South32 (ASX:S32) and Suncorp (ASX:SUN).
Telstra's net profit in the six months ended December 31 fell 4.9% to $1.7 billion from $1.8 billion in the previous corresponding period.
South32 reported a stronger than expected $684.2 million first-half underlying profit.
10.30am: ASX200 is trading up 0.8% at 5,889
Resources stocks have led the ASX shares higher in early trade as the global recovery continues, thanks in part to a 3.3% jump in BHP (ASX:BHP) shares.
Origin Energy (ASX:ORG) has been dragged into a first-half net loss due to write-downs on gas fields that it flagged, while underlying earnings jumped.
Home appliances company Breville Group Ltd (ASX:BRG) released a strong first half result, trading up 5.3%.
Breville Group $BRG 1H18
Total Revenue $385.4M +13.6%
EBIT +12.3% to $55.2M
NPAT +7.8% to $36.3M
1H Div $0.165#ausbiz pic.twitter.com/8dEMvL7c8X
— CommSec (@CommSec) February 14, 2018
Listed legal services company, IPH Ltd (ASX: IPH) has been sold down heavily after investors were clearly not pleased with the half-year result.
IPH was down over 20% this morning, trading as low as $4.03.
Pre-market wrap: S&P/ASX 200 expected to jump 44 points on the back of strength in overseas markets
The S&P/ASX 200 is set to open higher following a strong overnight performance in all major overseas markets.
The Dow (INDEXDJX:DJI) was up 1% or 253 points, closing at 24,893 points.
[VIDEO] US Market Close: US sharemarkets rose on Wednesday. Investors weighed up data showing softer retail sales and slightly higher inflation data https://t.co/9J2bJPhtfH #ausbiz
— CommSec (@CommSec) February 14, 2018
The NASDAQ (NASDAQ:IXIC) was even stronger, rallying 1.9% to 7143 points on Wednesday.
The FTSE 100 (INDEXFTSE:UKX) gained 0.6% to finish at 7213 points.
READ: FTSE 100 and is in positive territory with precious metals miners leading the way
Markets in Germany and France were both up more than 1%.
Commodities could be the driver of Thursday
With precious and base metals surging overnight, and a 2.5% kick in the oil price, Australian stocks could receive most of their momentum from the resources sector.
The SPI futures are pointing to a gain of 44 points.