Market rises on deal hopes
Australia’s share market has started the week higher, as hopes for a deal to end the US-Iran conflict bolstered investor confidence and pushed oil prices below $US95 a barrel.
The S&P/ASX 200 rose 35 points on Monday, up 0.4 per cent, to 8,692, as the broader All Ordinaries gained 38.2 points, or 0.43 per cent, to 8,915.4.
Miners lead local gains
Miners led the charge as the gold sub-index rallied by almost five per cent, as six of 11 local sectors ended the session higher.
Energy stocks under pressure
Energy stocks were under pressure as Brent crude dropped below $US94.50 a barrel, weighing on Woodside, Santos, and refinery operators Ampol and Viva.
Aussie dollar edges higher
The Australian dollar is buying 71.65 US cents, up from 71.36 US cents on Friday at 5pm, as improving risk sentiment supported the local currency.