This was mainly driven by materials and energy shares moving in line with global oil prices and iron ore futures in China.
The S&P/ASX 200 index rose 52.25 points or 0.97 percent to 5,464.6 by 0311 GMT. New Zealand's benchmark S&P/NZX 50 index nudged up 0.6 percent or 46.61 points to 7,337.06, buoyed by industrial stocks.
The S&P/ASX 300 Metals Index surged to its highest in 15 months at 2,719.8 points, also supported by uptrends in LME copper, zinc, and aluminium.
Here are the six main companies that have made gains so far
While companies such as these will be pleased at the short term share-price gain, it pays to be cautious, especially given the structural instability of the oil price.