China's cenbank announces deep cut to bank reserves AXJO index...

	  China's cenbank announces deep cut to bank reserves 

	  AXJO index marks five-day winning streak 

	  Mineral Resources posts best day in nearly 5 months 

(Updates to close)

Australian shares ended higher on Thursday, led by heavyweight miners, after the country's top trading partner China's central bank intervened to help inject liquidity to boost a fragile economy and prop up tumbling share markets.

The S&P/ASX 200 index (xjo) was up 0.5% at 7,555.40 points, its highest closing level since Jan. 3.

The People's Bank of China (PBOC) announced a deep cut to bank reserves on Wednesday, with Governor Pan Gongsheng's pledge to unveil policies on improving commercial property loans extending bounce in risk assets globally.

"PBOC's rare heads-up on its decision to unleash long-term liquidity into the market is set to fortify its commitment to bolstering the struggling economy and potentially brighten the sky for Australian miners," said Hebe Chen, a market analyst at IG Markets.

Australia is heavily reliant on China for two-way trades in not only commodities exchanged in the mining sector, but also for products and services, making up close to one-third of international trade, as per the Australian Department of Foreign Affairs and Trade.

The Australian mining sub-index .AXMM jumped 1.5%, its third consecutive daily gain, to end at its highest level in over a week.

Shares of Fortescue (FMG) firmed 2% after the iron ore giant posted near-record iron ore shipments for the first half.

Mineral Resources (MIN) surged 7.1%, its biggest gain since Aug. 29, 2023, as the lithium miner's quarterly production volumes beat analysts' expectations.

Energy companies .AXEJ gained 0.9%, with Santos (STO) adding 0.8% after the oil and gas company's second-quarter revenue came in line with the estimate.

Financials .AXFJ ended 0.2% higher, while healthcare .AXHJ jumped 0.8%.

Among individual stocks, Domino's Pizza Enterprises (DMP) posted a record intraday loss and slumped 31.1% as the retail food outlet operator withdrew its fiscal 2024 outlook.

New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.3% to finish the session at 11,889.63 points.