Aussie shares climb on steady oil price, rate outlook
The S&P/ASX200 index has posted a second straight session of gains as oil prices ease. -AAP Image
Australia's share market has logged a second session of gains on easing oil prices, and as the Reserve Bank's recent split interest rate decision softened the outlook for future hikes.
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The S&P/ASX200 rose 26.3 points on Wednesday, up 0.31 per cent, to 8,640.6, as the broader All Ordinaries gained 28.3 points, or 0.32 per cent, to 8,847.7.
Oil prices faded by 2.4 per cent during the session, after Iraqi and Kurdish authorities agreed to resume crude exports via Turkey's Ceyhan port, providing an alternative to the effectively halted Strait of Hormuz.
Ten of 11 local sectors ended the session higher, led by IT and real estate stocks as swap markets softened their bets on a May rate hike following a surprisingly close RBA board vote to lift the cash rate on Tuesday.
The Australian dollar is buying 71.15 US cents, up from 70.61 US cents on Tuesday afternoon.
