Australian stocks take off

Photo: Dan Mullan/Getty Images

Australian stocks jumped in late afternoon trade.

The major banks led the charge higher. The Commonwealth was trading up 1.96% to $72.84.

Among energy stocks, Woodside Petroleum was up 2.4% to $29.70. But the big miners were either flat or sliding. BHP was up 0.4% to $23.03 and Rio Tinto 0.8% down to $48.53.

M2, subject of a merger with fellow telco Vocus, was up almost 14% to $9.59. However, Vocus lost more than 6% to $6.07.

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