Australia’s stock market has had its best day since early April on optimism for a Persian Gulf peace deal and after a surprise uptick in unemployment softened the odds of further interest rate hikes.
The S&P/ASX200 surged 125.1 points on Thursday, up 1.47 per cent, to 8,621.7, as the broader All Ordinaries gained 123.8 points, or 1.42 per cent, to 8,840.8.
Strong rallies in banks, miners and real estate trusts led the exchange higher, with eight of 11 local sectors improving over the session.
Energy and utilities stocks underperformed, as the Brent crude benchmark eased to $US106 a barrel from above $US111 on Wednesday.
The Australian dollar is buying 71.25 US cents, up from 71.02 US cents on Wednesday at 5pm.
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