Shares bounce on peace deal hopes, rates expectations
The Australian stock market had its best day since early April as optimism about the Persian Gulf peace deal and a surprise rise in unemployment tempered the prospect of further interest rate hikes.
The S&P/ASX200 rose 125.1 points on Thursday, up 1.47 percent to 8,621.7 points, while the broader All Ordinaries rose 123.8 points, or 1.42 percent, to 8,840.8 points.
Strong gains in banks, miners and real estate trusts lifted the stock market, with eight out of 11 local sectors improving in the session.
Energy and utilities stocks underperformed on Wednesday, with Brent crude falling to $106 a barrel after rising above $111 a barrel.
The Australian dollar is buying 71.25 US cents at 71.02 US cents at 5pm on Wednesday.
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