Fortescue Ltd (FSUMF)

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Australian shares ended Sharply higher at a four-month high, with banks outperforming the broader market after the Reserve Bank of Australia said in its financial stability review that Aussie banks are in relatively good shape. ANZ, Commonwealth, NAB and Westpac all ended up around a percent each. Investment bank Macquarie Group gained 1.3 percent and insurer QBE ended 1.7 percent higher.

The benchmark S&P/ASX 200 ended the session up 1 percent at 4,343, its highest closing level since November 9, 2011, while the broader All Ordinaries index advanced 0.9 percent.

Miners also ended on a firm note, reversing early losses. BHP Billiton gained half a percent, Rio Tinto added 0.7 percent, Fortescue rallied 2.1 percent and gold miner Newcrest jumped 2.9 percent. Brambles rose 1.3 percent after the pallet supplier said that the sale of its Recall information management business is taking longer than initially expected. Telecom giant Telstra rose 1.6 percent amid reports that it plans to reduce the number of union agreements covering its 35,000 employees from 60 to only one.