Australian shares rally as oil slips to 10-week low
By Adrian Black
The key S&P/ASX200 roared more than one per cent higher in a broad-based rally. -AAP Image
Australia's share market has ripped higher on the back of easing oil prices following signs the US conflict with Iran could be winding down, softening the global inflation outlook.
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The S&P/ASX200 gained 99.3 points on Tuesday, up 1.1 per cent, to 9129, as the broader All Ordinaries advanced 104.4 points , or 1.14 per cent, to 9267.8.
Interest rate-sensitive sectors led the gains, with strong gains from real estate, industrials and consumer cyclical stocks, while the heavyweight financial and basic materials segment also charged higher.
Brent crude has fallen to $US91.50 a barrel as fears of a US military escalation in its Iran conflict continue to soften, despite ongoing attacks between Saudi coalition forces and Houthi rebels.
The Australian dollar is buying 69.23 US cents, up from 68.88 US cents on Monday at 5pm AEDT.
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