The local share market has climbed to a nine-day high, with gains across the board despite a slightly higher-than-expected US inflation readout that diminished the chances of a supersized rate cut.
The benchmark S&P/ASX200 index on Thursday rose 87.8 points, or 1.1 per cent, to 8,075.7 while the broader All Ordinaries advanced 97.9 points, or 1.19 per cent, to 8,293.1.
Overnight, the US Bureau of Labor Statistics reported US consumer prices rose 0.3 per cent in August, a touch higher than the 0.2 per cent that economists had expected. Annual inflation came in at 2.5 per cent.
The readout was seen to diminish chances that the Federal Reserve would cut US interest rates by half a percentage point when it meets next week, and would instead opt for the more usual rate cut of a quarter percentage point.
Wall Street equities initially plunged but then rallied in what Capital.com analyst Kyle Rodda called a "classic dip and rip move" that came without a noteworthy catalyst.
"The move defies rational explanation in many ways," Mr Rodda wrote in a client note. "There are all the hallmarks of a buy the dip play underway."
The S&P500 finished up 1.1 per cent and the Nasdaq gained 2.2 per cent, providing a strong positive lead for the local bourse as well as markets in Asia.
Every sector of the Australian Securities Exchange finished in the green, with energy and tech the biggest gainers, climbing 2.3 and 2.4 per cent, respectively.
Uranium and nickel developers spiked after Russian President Vladimir Putin said Moscow would consider restricting exports of both commodities in retaliation for Western sanctions.
"Please take a look at some of the types of goods that we supply to the world market ... Maybe we should think about certain restrictions - uranium, titanium, nickel," Mr Putin told his Prime Minister Mikhail Mishustin.
Russia accounted for 27 per cent of the enriched uranium supplied to US commercial nuclear reactors last year, Reuters reported.
Yellowcake companies Deep Yellow and Boss Energy were the best and second-best gainers in the ASX200, rising 13.5 and 10.7 per cent, while peer Paladin Energy was No. 4 with a 9.1 per cent gain.
Nickel Industries climbed 9.1 per cent and nickel-copper-cobalt-lithium miner IGO rose 6.8 per cent.
Other lithium companies also built on Wednesday's strong gains after China's CATL suspended production at two major mines in Jiangxi Province.
Pilbara rose 7.9 per cent, Liontown grew 3.6 per cent and Arcadium Lithium finished 3.5 per cent higher.
Elsewhere in the mining sector, BHP fell 1.4 per cent to $38.81 while Fortescue rose 2.2 per cent to $16.66 and Rio Tinto added 1.9 per cent to $110.41.
All of the big four banks were higher, with ANZ adding 1.5 per cent to $31.30, NAB rising 1.0 per cent to $38.76 and CBA and Westpac both climbing 1.4 per cent, to $142.96 and $32.30, respectively.
Trading ex-dividend, Nine Entertainment dipped 2.8 per cent to $1.21 as the television and newspaper company announced that Mike Sneesby would step down as CEO effective September 30.
The Australian dollar was buying 66.84 US cents, from 66.64 US cents at Wednesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Thursday up 87.8 points, or 1.1 per cent, at 8,075.7
* The All Ordinaries gained 97.9 points, or 1.19 per cent, at 8,293.1
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.84 US cents, from 66.64 US cents at Wednesday's ASX close
* 95.38 Japanese yen, from 94.20 Japanese yen
* 60.70 euro cents, from 60.33 euro cents
* 51.24 British pence, from 50.92 pence
* 108.71 NZ cents, from 108.29 NZ cents
