The surge in investment came despite any detail about the so-called agreement struck by OPEC countries and Russia in Algiers on Wednesday night.
The ASX 200 and the broader All Ordinaries Index each rose 1% to 5471.3 points and 5558.2 points respectively, driven by a 6.3% jump in the energy sector.
“The energy sector is…a key contributor to the rally we see after the OPEC decision,” Tony Farnham, analysts at Patersons Securities told Fairfax Media.
“But all we’ve seen at this stage is the intention to do something. I’d like to see it more concrete and then still they have to abide by it. But it is the first step."
Beach Energy was the best performer in the ASX 200, its shares jumping 10% – that’s a move that will bring a smile to its biggest shareholder, Kerry Stokes and his Seven Group Holdings
Local energy majors Santos, Origin and Woodside all gained more than 7%, as did Oil Search.
The materials sector also enjoyed a strong session after commodity prices advanced. Resource giants BHP Billiton and Rio Tinto both rose, and a rise in Chinese iron ore futures saw Fortescue Metals jump 3.5%.
BHP in fact had one of its strongest days for years, the shares rising 5% at one stage to a 10 month high of $22.54 before easing to close the day still up 4.7% to $22.40. Rio shares rose 3.7% to $51.85.
The big four banks all advanced but underperformed the broader market. Commonwealth Bank shares ended 0.8% higher, National Australia Bank shares ended half a per cent higher, the ANZ was up 0.7% and Westpac finished the day flat.
The NAB, Westpac and ANZ all rule off the books for their 2015-16 financial years today.
BHP, Rio, Origin, Woodside, Oil search, Beach, Santos and Fortescue all rule off their September quarter production and sales accounts today as well.
No one quite knows how and what will be done to produce a production freeze of cut.
