Australian shares gained 1 percent on Thursday, breaking a three-day losing streak as miners and banks rose as encouraging manufacturing data soothed fears about the global economic fallout from the euro zone debt crisis. BHP Billiton, which announced a $779 million expansion of its Western Australia iron ore port facilities, rose 1.9 percent while Rio Tinto added 2.9 percent to A$70.72, its highest in three months.
The Australian dollar reached a five-month high against the greenback on Thursday, helped by renewed optimism over a Greek debt deal. Investors were also encouraged by stronger-than-expected Australian trade data, with the resource-rich country boasting its largest annual surplus on record at almost A$20 billion for 2011. The benchmark S&P/ASX 200 index added 42 points to 4,267.8, according to the latest data. It fell 0.9 percent on Wednesday. New Zealand's benchmark NZX 50 index rose 0.4 percent to 3,314.6 points.
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