New Zealand Supermarkets achieved sales of $1.07 billion for the quarter, an increase of 14.7 per cent, with comparable sales rising 9.9%.

BIG W sales grew by 16.6% in the first quarter, with comparable store sales increasing 9.6% as a result of its repositioning and higher level of discounting and store improvements.

A rally in global stocks gave investors the confidence to buy higher-yielding assets and propelled the Australian dollars to its biggest rise in a month. The Australian dollar rose 1.2% to $0.8890, from 0.8786.

Of the ASX 200 index shares, Fortescue led the gainers with a rise of 6.1% followed by increases in Minara Resources by 6%, in Futuris Corporation Limited by 5.8%, in Mount Gibson Iron by 5.3%, and in Pacific Brands by 5.1%.

Of the ASX 200 index stocks Sino Gold Mining led the decliners with a fall of 2.7% followed by losses in Lynas Corporation Limited of 2.8%, Iress Market Tec of 3.2%, Iluka Resources on 3.2% and Aristocrat Leisure of 7.2%.

Banks traded higher on the deal between China based Citic Securities and the U.S. based Bear Stearns. Macquarie Bank gained 2.6%, Westpac Banking increased 1.8%, National Australia Bank added 1.7%, Commonwealth Bank of Australia increased 0.8%, and Australia and New Zealand bank edged up 1.5%.

In the energy sector, Woodside Petroleum was unchanged, Santos added 1.4%, and Oil Search rose by 3.6% after it reiterated its production guidance for the full year.

Gold stocks rallied, with Newcrest adding 1.1% after reporting an 18% rise in first quarter production and Lihir Gold gained by 1.7%. Oxiana jumped 4.4% after the company said that it plans to expand its copper and gold mining operations at Prominent Hill location.

Pacific Brands added 5.1% after indicating it was well placed to deliver at least 10% profit growth this financial year.

In the media sector, News Corp was up 1.9% after its non-voting stock lifted 59 cents to $24.54 while Publishing and Broadcasting strengthened 0.3% and Fairfax firmed 0.4%.

Qantas added 3.9% after reports that its subsidiary, Jetstar, a low-cost airline, will introduce flights to Europe from Australia via a Southeast Asian airport in early 2009.

Among other stocks, Symbion Health edged higher 0.3% as it said it would pursue its revised merger proposal with Healthscope Ltd. Primary Health Care, one of the largest shareholder said that it will vote against the deal.

Futuris Corporation surged 5.8% after indicating that it would sell its 43% stake in beef producer Australian Agricultural Company.