Aussie shares bounce as rate hike fears ease for now
Australian stocks ended the session higher after the nation's latest economic growth figures. -AAP Image
Australia's share market has snapped a two-session losing streak after weaker-than-expected economic growth softened the outlook for further interest rate hikes.
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The S&P/ASX200 gained 61.3 points on Wednesday, up 0.7 per cent, to 8,785.7, as the broader All Ordinaries improved by 51.2 points, or 0.57 per cent, to 9,017.2.
Seven of 11 local sectors ended the session higher, led by strong performances from energy stocks, miners, banks and consumer staples.
The energy sector rally came as Brent crude lifted towards $US98 a barrel, following reports Iran launched missiles towards Bahrain and Kuwait, which host US military bases.
The Australian dollar is buying 71.63 US cents, down from 71.78 US cents on Tuesday at 5pm.
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