Close Aussie shares rose for a fourth straight day, closing at their highest since January 14, as investors poured back into resource stocks.
The benchmark S&P/ASX200 index ended the day up 1%, or 37.3 points, at 3646.6, while the broader All Ordinaries index was up 1.1%, or 40.1 points, at 3586.3.
By market sector, the financials sub-index was up 0.7%, materials rose 1.5% and energy was up 2.3%.
The Australian dollar was trading recently at 69.92 US cents, 47.89 pence, 51.51 euro cents and 68.35 yen.
For market data by sector, click here.
For the latest currency movements, click here.
For share price information, click here.
The market is up 14% since then, he said. "Not only are we above that low point but we're above the November level''.
"It's really interesting,'' Mr Heffernan said. "The fuse that lit this bonfire of recovery was the Citigroup chief saying the company was profitable in the first two months of the year.''
Along with comments from Bank of America that it expects to be profitable in 2009, Mr Heffernan said. "And in the package from the US that has gone down remarkably well.''
"We've sort of moved on from the Armageddon and doomsayers stage. Now its more wait-and-see.''
Firing on euphoria
Mr Heffernan said, however, that there remained a risk that the market is "firing on euphoria and sentiment rather than substance''.
BHP Billiton was up 52 cents, or 1.6%, at $33.78 after the Reuters/Jefferies CRB index of commodity prices eased 1.1% overnight to 226.33.
Rio Tinto was up 77 cents, or 1.4%, at $54.70 and Fortescue Metals Group was up 20 cents, or 8.8%, at $2.47.
OZ Minerals was down 1.5 cents, or 2.6%, at 55.5 cents and Straits Resources was flat at $1.305. BlueScope Steel was up 18 cents, or 7%, at $2.77 on speculation of a new capital raising.
Banks mixed
The big banks were mixed. The Commonwealth Bank was down 40 cents, or 1.1%, at $34.98, but Westpac was up 10 cents, or 0.5%, at $19.72.
NAB was up 37 cents, or 1.8%, at $20.74 and ANZ was flat ato $16.20.
Suncorp Metway was up 7 cents, or 1.1%, at $6.45 and investment bank Macquarie Group was up 77 cents, or 3.2%, at $24.57.
AMP lost 2 cents, or 0.4%, to $4.79 and AXA Asia Pacific was down 11 cents, or 3%, at $3.57.
QBE Insurance lost 8 cents, or 0.4%, to $19.00 and IAG was up 1 cents, or 0.3%, at $3.48.
Spot gold was up 68 US cents at $US934.24 an ounce in recent trading.
The gold miners were higher, with Lihir Gold up 4 cents, or 1.1%, at $3.23, Newcrest up 50 cents, or 1.6%, at $32.61 and Newmont up 23 cents, or 3.7%, at $6.48.
Energy stocks rise
Energy stocks were mostly higher. Santos was up 66 cents, or 3.9%, at $17.59 and Woodside Petroleum was up 42 cents, or 1%, at $41.42. Oil Search was down 4 cents, or 0.7%, at $5.55.
