The Australian sharemarket closed in the green today amid uncertainty ahead of US President Donald Trump’s latest Iran deadline, as the oil price also moved higher.
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The S&P/ASX 200 rose 1.7 per cent, or 149.3 points, to 8728.8 in its first day of trading after the Easter long weekend, with all 11 industry sectors in the green. Trump has given Iran a deadline of 10am on Wednesday (AEST) to agree to a deal.
Adam Dawes, a senior investment adviser at Shaw and Partners, said the move higher in oil prices suggested markets were hedging that the conflict could take longer to resolve than Trump’s preferred timeline. “Higher prices mean that this issue is going to take longer,” Dawes said.
Mining stocks were sharply higher, with BHP rising 3.3 per cent, Rio Tinto gaining 3 per cent and Fortescue up 2.1 per cent. Gold players were mixed with Northern Star up 2 per cent and Evolution Mining down 1.6 per cent.
Oil and gas giant Woodside also rallied and rose 2.5 per cent, while Santos edged 0.1 per cent higher. Oil prices advanced. Brent, the international standard, rose 1.2 per cent to trade above $US111 a barrel in the afternoon.
Read the full market wrap here.