By Oliver Gray
Investing.com - The S&P/ASX 200 added 122.3 points or 1.9% to 6,584.3 after the first hour of Thursday’s trade, reversing losses of 0.6% in the previous session and tracking a bounce-back among major U.S. indices overnight after the Bank of England stepped in to support its tumbling Pound by temporarily purchasing UK government issued bonds.
ASX 200 Futures were pointing 0.3% higher.
Among stocks, Energy surged 3.7% overall as crude oil prices traded higher, with Woodside Energy Ltd (ASX:WDS) up 3.5%, Santos Ltd (ASX:STO) adding 3.1%, Beach Energy Ltd (ASX:BPT) up 3.1% and Viva Energy Group Ltd (ASX:VEA) 2.4%.
Materials gained 2.7% amid higher commodity prices. with Rio Tinto Ltd (ASX:RIO) lifting 1.4%, BHP Group Ltd (ASX:BHP) up 2.5%, Fortescue Metals Group Ltd (ASX:FMG) adding 1.6% and Champion Iron Ltd (ASX:CIA) gaining 3.2%.
The rate-sensitive Real estate sector lifted 1.8% with Charter Hall Group (ASX:CHC) gaining 2.1%, Mirvac Group (ASX:MGR) up 1.6%, Goodman Group (ASX:GMG) lifting 1.6% and Stockland Corporation Ltd (ASX:SGP) up 1.7%.
Falling yields also supported Information Technology to gain 1.2% as Block Inc (ASX:SQ2) gained 6.5%, Appen Ltd (ASX:APX) lifted 2.2%, Xero Ltd (ASX:XRO) added 1.7%, Wisetech Global Ltd (ASX:WTC) added 2.3% and Novonix Ltd (ASX:NVX) gained 3.4%.
On the bond markets, Australia 10-Year yields eased to 3.926% while United States 10-Year yields fell to 3.737%.
In New Zealand, the NZX 50 added 1.3% to 11,262.3.