Materials, energy and financials lifted Australian shares on Thursday after a weakened US dollar drove up oil prices by the most in more than a month. The S&P/ASX 200 index gained 0.3 percent or 20 points to 5,791 by 0115 GMT. The benchmark closed 0.2 percent higher on Wednesday.
"The reason that the Australian market is higher is because of its commodities exposures, another gain for gold and a very strong gain for oil are two of the key features supporting the market today," said Michael McCarthy, chief market strategist at CMC Markets.
Oil and gas giant Woodside Petroleum was up as much as 1.5 percent to its highest in 15 months while Santos Ltd gained 1.2 percent. Gold miner Northern Star Resources Ltd rose 0.5 percent, extending gains into a third day. Sentiment was also boosted by Chinese steel and iron ore futures gaining for a third session on Wednesday and hitting their highest level in three weeks.
Global miner Rio Tinto climbed as much as 1.7 percent to its highest since December 12, while BHP Billiton gained 1.3 percent, extending gains into a second day. Qantas Airways Ltd was among the biggest gainers in the index, rising as much as 5 percent to hit a 4-month high. New Zealand's benchmark S&P/NZX 50 index declined 0.3 percent or 18.5 points to 7,069, ending a three-session run of gains.
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