The Australian market continued to surge mid-session with gains across the sectors after a strong lead from European markets.
At 9.01am, the benchmark S&P/ASX200 index was up 29.9 points, or 0.67 per cent, at 4516.6 points, while the broader All Ordinaries index was up 28.6 points, or 0.63 per cent, at 4534.3 points.
On the ASX 24, the December share price index futures contract was 25 points higher at 4509 points, with 10,330 contracts traded.
IG Markets analyst Cameron Peacock said Australian shares were surging after strong leads from Europe.
"Obviously we're a little bit stronger today largely because of what happened in Europe last night," he said.
"Europe saw good corporate earnings, had UBS announcing it was cutting 10,000 staff and a successful Italian bond option which was very well received."
London's FTSE 100 index of top companies closed up 0.95 per cent to 5,849.9 points, while in Frankfurt the DAX 30 gained 1.13 per cent to 7,284.4 points, and Paris' CAC 40 jumped 1.48 per cent to 3,459.44 points.
The New York Stock Exchange remained closed as the US dealt with superstorm Sandy.
Locally, the Australian Bureau of Statistics announced that residential building approvals rose 7.8 per cent to 13,388 units in September.
The Reserve Bank of Australia is also due to release the financial aggregates for September.
In equities news, National Australia Bank shares have fallen five cents to $25.83 after it posted a 22 per cent drop in full-year profit, its first decline since the global financial crisis.
The other three major banks posted gains.
ANZ added two cents to $25.40, Westpac gained 13 cents to $25.47 and Commonwealth Bank added 20 cents to $57.51.
Origin Energy shares fell one cent to $11.34 after it announced that first quarter production and revenue has fallen due to the impact of shutdowns for project maintenance.
The mining giants were all higher.
BHP Billiton gained 32 cents to $34.29, Fortescue added seven cents to $4.17 and Rio Tinto was up 25 cents to $57.11.National turnover was 765 million securities worth $1.465 billion, with 466 stocks up, 294 down and 288 unchanged.
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