The sharemarket has closed higher, boosted by a 10 per cent rise in the shares of Woodside Petroleum, which announced a $520 million return to shareholders.
The benchmark S&P/ASX200 index was up 49.6 points, or 1 per cent, at 5016.2 points.
The broader All Ordinaries index was up 47.2 points, or 0.95 per cent, at 5002.6 points.
The rush to buy Woodside shares pushed aside a worse than expected HSBC flash purchasing managers index out of China.
The index showed that the pace of China's manufacturing growth eased this month, raising more questions about the strength of its economy.
IG Markets market strategist Evan Lucas said the Australian bourse was up "quite nicely" today.
"It's a one-stock story today: Woodside," Mr Lucas said.
He said investors were switching out of big miners BHP Billiton and Rio Tinto and into Woodside.
