At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 107.80 points or 2.12 percent at 5,184.60, while the broader All Ordinaries index was up 106.10 points or 2.08 percent at 5,216.70.
All sectors were solidly improved in early trade with industrials up over 3 percent and all others lifting in the order of 1-2 percent.
However energy stocks were a standout, surging 7 percent, having been hammered along with the rest of the market over the past month.
"Global oil prices steadied on Tuesday. Investors were heartened by news that the U.S. and Russian leaders had agreed to hold talks with the aim of stabilising energy markets," Commsec market analyst Craig James said.
All up Aussie oil miners have fallen the furthest in the past month of extreme volatility, shedding over 33 percent of their combined value.
In the financial space, Australia's big banks jumped with the Commonwealth Bank up (0.87 percent), ANZ up (0.35 percent), National Australia Bank up (0.36 percent) and Westpac Bank up (0.91 percent).
Mining stocks lifted with Rio Tinto up (3.80 percent), BHP up (2.93 percent), goldminer
Newcrest up (0.56 percent) and Fortescue Metals up (2.20 percent).
The country's oil and gas producers surged with Oil Search up (7.98 percent), Santos up (7.09 percent) and Woodside Petroleum up (5.66 percent).
Australia's largest supermarkets lifted with Coles up (1.45 percent), and Woolworths up (1.88 percent).
Meanwhile telecommunications giant Telstra jumped (2.61 percent), the national carrier Qantas lifted (0.31 percent) and biomedical firm CSL bounced (2.30 percent).
Latest comments