Official figures have confirmed that the Australian sharemarket, in today's early trade session, managed to post substantial gains, mainly on the back of optimistic and positive leads coming in from Wall Street, which led to benefits in all sectors.

While the benchmark S&P/ASX 200 index surged by 66.8 points, or 1.46%, to hit a trading high of 4634.6 points, the broader All Ordinaries, on the other hand, gained 64.3 points, or 1.4%, to hit 4656.1 points.

The March share price index contract on the Sydney Futures Exchange hiked by 72 points to 4607 on 6912 contracts.

Wall Street managed to rise literally overnight mainly on the back of upbeats profits reports and corporate deals.

"The gods are smiling at the moment. The miners have been a bit lackluster in the last week or so, but with the spark-up in commodity prices and a bit of positive news out of Europe, we have seen some good gains by the major resources today. The banks are all doing well too, in the backwash from the Westpac statement (on Tuesday)", said Austock Securities Senior Client Adviser Michael Heffernan.