Australian stock market lifts again

Investors swooped on a depleted commodities stocks to boost the Australian share market for a second day at the close on Thursday.

Energy stocks rebounded from a rise in prices and mining stocks firmed following the release of Chinese economic data.

At the official market close, the benchmark S&P/ASX200 index was up 26.5 points, or 0.49 percent, at 5,419.9 points, while the broader All Ordinaries index rose 23.1 points, or 0.43 percent, to 5,390.5 points.

A statement by a Saudi oil executive at the World Economic Forum in Switzerland that he expected oil prices to rebound spurred a rally in energy stocks, which took the market higher.

The mining sector was also boosted by economic data from China which exceeded forecasts.

Santos was 1.23 percent higher, and Woodside Petroleum lifted 3. 13 percent. Oil Search was up 3.64 percent, while Beach Energy gained 3.89 percent.

The big miners continued gains made on Wednesday.

The materials sector added 1.27 percent, with BHP Billiton growing by 2.85 percent and Rio Tinto by 2.56 percent.

But Fortescue Metals fell 6.47 percent and Atlas Iron dropped 5. 71 percent.

And consumer staples were up 0.53 percent, with Woolworths rising by 0.68 percent, and Wesfarmers was up 0.3 percent higher.

Financial stocks were solid, adding 0.43 percent. ANZ gained 0. 44 percent, while the Commonwealth Bank was up 0.66 percent.

The National Australia Bank lifted 0.73 percent, and Westpac was 1.44 percent higher.

Telstra was flat, and Qantas slipped 0.43 percent. Endi