Australian shares finished at a four-and-a-half-month high, after the announcement of fresh US Federal Reserve economic stimulus measures buoyed investor confidence.
At the close of trade today, the benchmark S&P/ASX200 index was up 50.6 points, or 1.17 per cent, at 4,390, while the broader All Ordinaries index was up 50.4 points, or 1.16 per cent, at 4,410.2.
It was the S&P/ASX200 index's highest close since early May.
On the ASX 24, the September share price index futures contract was 44 points stronger at 4,392 with 44,700 contracts traded.
IG Markets analyst Chris Weston said a series of hurdles had been cleared in Europe this week, stimulating confidence in investors.
The US Federal Reserve introduced a quantitative easing package, agreeing to buy mortgage-backed securities to stimulate the economy, while Germany's top court approved the euro zone's bailout fund and fiscal pact.
"All this doom and gloom we've been hearing for so long seems to be reversing and giving us some confidence to trade and invest, all the ducks seem to be lining up in a row in terms of the risk on trade," Mr Weston told AAP.
"When Spain requests assistance, that will be the next big headwind or source of inspiration for risk assets."
Riskier assets drove up Australia's share market including mining stocks, which lifted by about three per cent and energy stocks by nearly two per cent.
Gold miners led the climb, with Australia's largest producer, Newcrest Mining, gaining $1.93, or 7.3 per cent, to $28.36, while St Barbara gained nearly 14 per cent or 24 cents to $1.985, and Kingsgate improved by 48 cents, or 10 per cent, to $5.33.
BHP Billiton was 53 cents higher at $33.31 and Rio Tinto was up $1.53 at $56.58.
Fortescue Metals remains in a trading halt as it works on its funding situation, and last traded at $2.99.
Among the banks, ANZ was up nine cents at $24.23, National Australia Bank was 13 cents higher at $25.41, Westpac gained 31 cents to $24.11 and Commonwealth Bank put on 26 cents to $55.28.
The price of gold in Sydney closed at $US1,774.01 per fine ounce, up $US43.37 from $US1,730.64 on Thursday.
National turnover was 1.88 billion securities worth $4.67 billion, with 661 stocks up, 299 down and 375 unchanged.
