Australian shares soar on Middle East ceasefire hopes
The local stock market had its best day in almost a year after news that the US is seeking a ceasefire with Iran boosted investor confidence.
The S&P/ASX200 index increased by 154.9 points on Wednesday, an increase of 1.85 percent, to 8,534.3 points, while the All Ordinaries index increased by 174 points, or 2.03 percent, to 8,745.3 points.
It was the stock market’s best day since April 10, 2025, and helped it recover more than $56 billion of the estimated $300 billion wiped from its total value since the conflict began.
After three weeks of heavy losses, the biggest beneficiaries were mining stocks; The basic materials sector is up more than four percent and is starting to break out of bear market territory.
The Australian dollar is buying 69.76 US cents at 69.66 US cents at 5pm on Tuesday.
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