The Australian sharemarket closed higher with gains in the resources sector despite a sell-off in metal prices after it was reported the Chinese economy grew by 9 per cent in 2008.
The benchmark S&P/ASX200 index was up 44 points at the 4.15pm close, or 1.28 per cent, to 3486.8, and the broader All Ordinaries index rose 37.1 points, or 1.09 per cent, to 3431.9.
On the Sydney Futures Exchange, the March share price index contract was 16 points higher at 3444, on a volume of 30,487 contracts.
Macquarie Equities adviser Helen Spencer said it was a disappointing day considering the strong lead from the United States. ''We're fairly flat in the banking sector,'' she said.
''Oil prices being up overnight helped push up the likes of Woodside, which has remained in positive territory for most of the day. The Chinese numbers that came out today were pretty much in line with expectation and that's helped support the major miners, despite the very heavy sell off in metal prices overnight.''
Among the major banks, National Australia Bank rose 50c to $18.11, Commonwealth Bank fell 1c to $25.60, ANZ dropped 17c to $13 and Westpac was up 50c at $15.52.
In the resources sector, BHP Billiton rose 48c to $29.14, while rival miner Rio Tinto increased $1.55, or 4.16 per cent, to $38.80.
In the energy sector, Santos fell 21c to $14, Oil Search dropped 6c to $4.24 but Woodside increased 35c to $34.76.
On Wall Street overnight, the Dow Jones industrial average settled up 279.01, or 3.51 per cent, at 8228.1. The Standard & Poor's 500 index advanced 35.02, or 4.35 per cent, to settle at 840.24, and the Nasdaq composite index rose 66.21, or 4.6 per cent, to 1507.07. Lihir rose 2c to $2.95 and Newmont increased 9c to $6.04.
The spot price of gold closed at $US852.90 an ounce, down US10c on Wednesday's local close of $US853.
Woolworths rose 30c to $26.09 and David Jones was 10c, or 4 per cent, lower at $2.40.
Industrial property investor Goodman Group was up 4c, or 5.37 per cent, to close at 78.5c after it said it would slash up to 175 positions worldwide.
Telstra is losing its chief operating officer, Greg Winn, who is returning to the US to pursue ''personal interests''.
Telstra shares were 2c lower at $3.58.
Among media stocks, Fairfax Media fell 4c to $1.35 and Consolidated Media Holdings was down 2c to end at $1.815.
News Corporation rose 47c, or 3.82 per cent, to $12.78 and its non-voting scrip was up 36c, or 3.18 per cent, to end at $11.68.
Qantas was steady at $2.45 while rival Virgin Blue fell half a cent to 34.5c.
Tanami Gold NL was the top traded stock by volume, with 55.21 million shares worth $2.14million changing hands. Tanami shares were half a cent, or 13.89 per cent higher, at 4.1c.
Market turnover reached 936.41 million shares, worth $3.05billion, with 392 stocks up, 476 stocks down and 238 were unchanged. AAP