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Australian stocks also found encouragement from strong U.S. futures markets and gains for Asian stocks.
"This is a very big rise...Adding a bit of lustre is the fact that the American futures market is looking very strong as well. That's probably fuelling the fires of the burning market," said Michael Heffernan, senior client adviser and strategist at Austock Group.
The benchmark S&P/ASX 200 index firmed 141.7 points to 3,631.6, based on the latest available data. The index had lost 6.8 percent last week.
Oil and gas producer Santos Ltd's rose 9 percent to A$13.25, having been up as much as 16 percent, following a media report that China National Petroleum Corp was considering teaming up with an unnamed foreign oil company to make a bid for the group.
Santos said the report was pure speculation, but also said it was considering potential initiatives, in a statement released after the close of trade.
Qantas Airways Ltd was another big gainer, rising 7.2 percent to A$2.38.
The group's chief executive Alan Joyce said there were key issues unresolved with regard to its potential merger with British Airways, and that there was a resonable chance a deal would not go ahead. For more see.
There has been talk among analysts that a tie up between the two would suit BA more than the Australian airline.
New Zealand's benchmark NZX-50 index closed up 0.3 percent at 2,699.8.
Australia's two largest banks outperformed the wider market, with No. 1 lender National Australia Bank up 5.8 percent at A$20.96, and No. 2 lender, Commonwealth Bank of Australia up 6.2 percent at A$32.80.
"They have been sold down heavily and, given where some of them have been in recent days, it's probably reasonably attractive to put your toe in the water," said Spry.
Mining group Ivanhoe Australia jumped 23.1 percent to A$0.32, after it announced exploration work had uncovered promising signs of a big molybdenum and rhenium find at its Cloncurry mine in Queensland state. ($1=A$1.54) ((mette.fraende@reuters.com; +612-9373-1815; Reuters Messaging mette.fraende.reuters.com@reuters.net))
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