THE Australian share market put in a robust performance to close 0.7 per cent higher, with banks and other stocks recovering from losses earlier in the week.
At 4.15pm Australian Eastern Standard Time, the benchmark S&P/ASX200 index was up 35.9 points, or 0.83 per cent, at 4356, while the broader All Ordinaries index gained 32.8 points, or 0.75 per cent, to 4389.4.
On the Sydney Futures Exchange, the September share price index contract was 39 points higher at 4,340 on volume of 30,888 contracts.
Macquarie Private Wealth adviser Helen Spencer said the market put in a robust performance on a slightly positive US lead despite disappointing housing numbers in the US.
"On the whole, just some recovery in stocks after the savaging they had over the last two days," she said.
She said banks gained ground from yesterday's "woeful performance" with Westpac leading the charge.
Westpac jumped 49 cents, or 2.33 per cent to $21.55 after losing 4.6 per cent during the last two days.
ANZ Banking Group added 28 cents, or 1.26 per cent to $22.47, National Australia Bank put on 24 cents, or 1.05 per cent, to $23.01 and Commonwealth Bank firmed 68 cents or 1.41 per cent to $48.98.
Ms Spencer said Suncorp-Metway Ltd was a bright spot, with the stock continuing to climb on the back of its better-than-expected annual profit, reported yesterday.
Suncorp closed 29 cents, or 3.64 per cent, higher at $8.26.
Woolworths was a highlight, gaining 64 cents, or 2.38 per cent to $27.54 on "a quality result, in line (with expectations)", Ms Spencer said.
"But the big sweetener for the Woolworths shareholders is the announcement of a $700 million off-market buy-back. That's certainly helping to push the share price higher."
BHP Billiton lost five cents to $37.39, and Rio Tinto added 15 cents to $69.60.Major gold stocks advanced, with Lihir
Gold firming seven cents, or 1.59 per cent to $4.47 and Newcrest Mining jumping 50 cents, or 1.41 per cent, to $35.99.
The spot price of gold in Sydney was trading at $US1,240.50 per fine ounce by 1623 AEST, up $US7.62 on yesterday's closing price of $US1,232.88 per ounce.
Fortescue Metals Group surged 16 cents or 3.69 per cent to $4.50 after posting a 14 per cent rise in annual net profit on the back of higher production and sales prices for the steelmaking commodity.
AGL Energy lost 27 cents or 1.77 per cent to $14.95 after reporting a 13.2 per cent rise in underlying full year profit, and saying the cool start to winter in southern states should boost growth in the current financial year.
Retailers ended in positive territory with the exception of David Jones. The department store owner fell five cents, or 1.01 per cent to $4.88.
Major media stocks advanced, with Fairfax Media up three cents, or 2.26 per cent, to $1.36.
News Corporation firmed one cent to $15.61 and its non-voting scrip fell four cents to $13.81.
Telstra finished steady at $2.76.
Virgin Blue Holdings soared 3.5 cents, or 12.5 per cent, to 31.5 cents after returning to profitability in 2009/10 and announcing an alliance with Abu Dhabi-based Etihad Airways.
Rival Qantas eased two cents to $2.50.
