The Australian sharemarket has closed higher, with investors encouraged by the recent strength of global markets.
At 4.15pm AEDT, the benchmark S&P/ASX 200 index had risen 53.8 points, or 1.11 per cent, to 4889.0 points - its highest close since April 2011.
The broader All Ordinaries index was up 51.9 points, or 1.07 per cent, to 4910.8 points.
On the ASX 24, the March share price index futures contract was 20 points higher at 4853 points, with 29,759 contracts traded, according to preliminary calculations.
CMC Markets chief market strategist Michael McCarthy said investors had been buoyed in recent days by better-than-expected manufacturing data from Germany; European sharemarkets reaching new highs; good company earnings reports out of the US, especially Caterpillar; and rallies on the Chinese market yesterday.
"So we're getting a tick in every major global region at the moment," Mr McCarthy said.
"And, added to that we've got that local factor: the fear of missing out (on the market's move upward)."
Mr McCarthy said defensive stocks - those offering higher yields - had led the local bourse higher today.
Among the major banks, Westpac rose 67c to $28.22, Commonwealth Bank rose $1.14 to $64.73, National Australia Bank rose 48c to $27.72 and ANZ rose 44c to $26.51.
Some insurance stocks fell as insurers began to feel the pain from ex-Cyclone Oswald, with more than 10,000 claims lodged and the damage bill set to rise above $100 million.
Suncorp fell 21c to $10.70 as it said it had so far received about 4500 claims and expects more to come with floodwaters in some areas of Queensland and NSW yet to peak.
Insurance Australia Group rose 1c to $4.93, and QBE fell 31c to $11.28.
In the resources sector, global miner BHP Billiton rose 7c to $37.17, and Rio Tinto rose 9c to $66.15.
Coalminer Yancoal was steady at 93c after it said one of its open-cut mines in Queensland had been flooded and production would be affected for at least three weeks.
Lakes Oil rose 0.2c to 0.6c as mining billionaire Gina Rinehart snared a major stake in the oil and gas explorer.
Oil Search rose 9c to $7.20 as it revealed it produced 6.38 million barrels of oil equivalent in 2012, which the company said was within its guidance range.
Oil and gas producer Beach Energy rose 2c to $1.40 after it said it still expected to meet its full-year production targets despite a fall in the second quarter of the financial year.
Preliminary national turnover was 1.9 billion securities worth $5.07 billion, with 571 stocks up, 435 down and 367 unchanged.