Australian shares gained the most in seven weeks on Thursday after a solid jobs report added to the upbeat mood following gains on Wall Street. After snapping a 6-day losing streak a day earlier, the S&P/ASX 200 index was up 78.06 points or 1.4 percent at 5556.7 at the close of trade, its biggest percentage gain since April 24.
New Zealand's benchmark NZ50 share index surged nearly 1 percent to 5,858.41, as a central bank rate cut and the prospect of further easing highlighted the yield appeal of stocks. Official data showed employment jumped by 42,000 in May, far exceeding expectations, and the unemployment rate fell. That added extra momentum to a market which was already tracking a hefty gain on Wall St overnight on optimism for a solution to the Greek debt crisis and the state of the US economy.
"Bargain hunters are back and we finally have a nice bounce," said OptionsXpress market analyst Ben Le Brun. Miners rose after the prices of base and precious metals advanced overnight. BHP Billiton and rival Rio Tinto each added 2.4 percent, while iron ore producer Fortescue Metals Group firmed 4.7 percent. Energy stocks followed the oil price higher, with Oil Search up 4 percent and Woodside Petroleum and Santos both about 2 percent higher. New Zealand's benchmark NZ50 share index surged more than 1 percent to 5,864.71, as a central bank rate cut and the prospect of further easing highlighted the yield appeal of stocks.
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