Key stocks from almost all sectors are trading in positive territory with impressive gains. Financial, mining, energy and property trusts stocks are among the top movers.
The benchmark S&P/ASX 200 index, which rose to 4,279.4, is currently trading at 4,269, up 97.2 points or 2.3 percent over its previous close. The broader All Ordinaries index is up 93.5 points or 2.2 percent at 4,331.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 2 to 3 percent. Bendigo & Adelaide Bank and Bank of Queensland are up 0.9 percent and 1.4 percent respectively.
In the mining space, BHP Billiton is up 3.7 percent, Rio Tinto is gaining about 4.5 percent, Fortescue Metals is up 5.2 percent and Newcrest Mining is trading nearly 3 percent up.
Iluka Resources, Whitehaven Coal, Oz Minerals, Bluescope Steel, Incitec Pivot and Orica are also up with strong gains.
Among energy stocks, Woodside Petroleum, Santos, Origin Energy and Caltex Australia are up 2 to 3 percent, while Oil Search is up with a gain of 1.2 percent.
Panaust is up more than 6.5 percent. Seven West Media, Alumina, Campbell Brothers, Monadelphous Group, Sonic Healthcare and Ramsay Healthcare are up 4 to 4.5 percent. QR National, James Hardie Industries and Stockland are trading higher by over 3.5 percent.
In the currency market, the Australian dollar opened sharply higher following a rate cut in Europe. In early trades, the Aussie was quoting at US$1.0433, up nearly two cents from Thursday's close of US$1.0248. The Australian dollar is currently trading at 1.0394 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Japan and South Korea are up with strong gains. Malaysia and New Zealand are also trading notably higher. Markets across the region ended mostly lower on Thursday.
On Wall Street, stocks moved sharply higher on Thursday with investors reacting positively to the latest headlines out of Europe as well as some upbeat U.S. jobs data.
While contradictory reports regarding Greek Prime Minister George Papandreou's resignation contributed to some early volatility, stocks moved higher as the day progressed amid reports suggesting that Papandreou will fight to stay in power but is scrapping plans to hold a referendum on the Greek bailout package. A rate cut in Europe too contributed to the surge
The major averages closed firmly in positive territory, just off their highs for the session. The Dow jumped 208.4 points or 1.8 percent to 12,044.5, the Nasdaq moved up by around 58 points or 2.2 percent to 2,698 and the S&P 500 soared 23.3 points or 1.9 percent to 1,261.2.
Major European markets all moved to the upside on Thursday. While the U.K.'s FTSE 100 index advanced by 1.1 percent, the French CAC 40 index and the German DAX index gained 2.7 percent and 2.8 percent respectively.
Crude oil prices surged higher on Thursday amid hopes Europe will overcome the debt crisis following Greece backing away from a referendum on the bail-out package. Light, sweet crude for December delivery ended up 1.7 percent at $94.07 a barrel on the New York Mercantile Exchange.
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