At the 1615 AEST official market close, the benchmark S&P/ASX 200 index gained 0.96 per cent to 4,068 points and the broader All Ordinaries Index rose 0.95 per cent to 4,120.2 points.
IG Markets analyst Stan Shamu said the resources sector stole the show on the local market today, with financials not far behind.
"The big banks have been impressive today," he said.
"As expected in a fairly risk-on day, the defensive sectors lagged with telecoms, healthcare, utilities and consumer staples all underperforming."
The resources sector led the market, with the major miners gaining ground.
BHP Billiton grew 1.39 per cent to $32.05, while rival Rio Tinto lifted 1.73 per cent to $56.90.
Fortescue Metals jumped 5.56 per cent to $4.55.
Among gold miners, Newcrest Mining gained 2.42 per cent to $25.35 and Eldorado Gold gained 6.02 per cent to $12.50.
In energy stocks, Woodside rose 2.06 per cent to $31.64, after the company pledged to return cash to shareholders in the event that it does not make a final investment decision on major sites including the Browse liquified natural gas (LNG) project.
Woodside says its recently-commissioned $15 billion Pluto project is operating at almost two thirds capacity, creating opportunities for spot sales to Japan.
Santos gained 1.86 per cent to $12.02 and Oil Search lifted 1.19 per cent to $6.78.
The financial sector finished stronger, with the big four banks recording modest gains.
ANZ Banking Group rose 0.98 per cent to $20.58, Commonwealth Bank of Australia grew 1.14 per cent to $49.28, and Westpac Banking Corp lifted 1.39 per cent to $20.40.
National Australia Bank gained 1.5 per cent to $23.60 following reports that the lender is reshuffling the board of its UK business.
Investment bank Macquarie Group increased 2.67 per cent to $26.52, after reports that the company will continue in its bid to overhaul the Coalworks board.
Among insurers, Insurance Australia Group closed flat at $3.28, Suncorp grew 0.39 per cent to $7.68 and QBE rose 1.61 per cent to $12.55.
In retail, Wesfarmers lost 1.17 per cent to $28.66, while rival Woolworths fell 1.61 per cent to $26.26.
David Jones grew 1.32 per cent to $2.30, while rival Myer gained 1.52 per cent to $2.
JB Hi-Fi expanded 0.66 per cent to $9.07, while Harvey Norman gained 1.02 per cent to $1.97.
Telstra sank 0.28 per cent to $3.52, while Singapore Telecommunications dropped 0.4 per cent to $2.45.
The competition watchdog is set to approve an $800 million deal in which SingTel-owned Optus will move some of it customers onto the national broadband network (NBN).
Blue chip Qantas gained 3.09 per cent to $1.50.
Qantas chief executive, Alan Joyce, has said he is already seeing the benefits of the group's split.
Qantas' arm Jetstar is being taken to court for allegedly allowing cabin crew recruited from Thailand to be paid about half the rate of the budget airline's Australian staff.
Elsewhere, Fairfax shares rose 3.2 per cent to 64.5 cents following reports that the company is considering scrapping weekday print editions.
Mining magnate Gina Rinehart is believed to have lifted her stake in Fairfax, and questioned the abilities of the company's chairman Roger Corbett in the process.
News Ltd slipped 0.45 per cent to $19.91, amid reports the group is set to announce a major restructure of its publishing business, in a move that will see up to 400 editorial jobs cut.
Lend Lease Group edged up 0.68 per cent to $7.36, after the group said it was in talks with resources groups about investing in infrastructure projects.
Brickworks slipped 0.79 per cent to $10.10, after Hunter Green said it was trying to gain support for a strategy to remove Brickworks Ltd’s 42 per cent stake in Washington HSP.
Washington HSP dropped 0.22 per cent to $13.22.
Hastie Group is still in trading halt, after last trading at 16 cents. Up to 2,700 jobs could be lost from the mechanical businesses operated by the troubled engineering company after it appointed administrators.
In economic news, Australians spent more than $11 billion buying goods online in the 12 months to April.
On Friday, the local stock market relinquished early gains to close around 0.6 per cent lower as relentless uncertainty over Greece's future and Chinese bank loan targets plagued investors.
At the close, the benchmark S&P/ASX200 index was down 26.6 points, or 0.66 per cent, at 4,029.2. The broader All Ordinaries index was down 25.0 points, or 0.61 per cent, at 4,081.2.
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