The smaller miners also performed well. Lynas Rare Earths advanced 15.6 per cent to $4.60, IGO rose 13.6 per cent to $7.25, OZ Minerals firmed 11.3 per cent to $21.02 and Mineral Resources added 8.1 per cent to $40.48.
The big four banks also provided support to the market. Commonwealth Bank advanced 4.3 per cent to $85.63, Westpac firmed 4.7 per cent to $20.28, NAB added 3.3 per cent to $23.35 and ANZ rose 5 per cent to $23.84.
Energy stocks made a strong start to the year’s trading after OPEC+ made a surprise cut to production for February.
Woodside Petroleum advanced 9.1 per cent to $24.81, Santos firmed 11.3 per cent to $6.98, Oil Search added 15.1 per cent to $4.27, Origin Energy climbed 7.6 per cent to $5.12 and Beach Energy rose 6.1 per cent to $1.92.
A number of blue chip stocks weighed the market’s gains. CSL slid 1 per cent to $280.25, Goodman Group fell 2.8 per cent to $18.39 and Transurban declined 2.4 per cent to $13.33.
Tech stocks were also in the firing line. Afterpay slipped 1.7 per cent to $116.00, Xero dropped 2.9 per cent to $142.61 and WiseTech Global lost 7.4 per cent to $28.47.