The local share market has had its best day in almost a year, after reports the US is seeking a ceasefire with Iran buoyed investor sentiment, and local inflation data was softer than expected.<\/p>\n
The S&P\/ASX 200 surged 1.85 per cent to 8,534.3, as the broader All Ordinaries gained 174 points, or 2.03 per cent, to 8,745.3.<\/p>\n
Today’s rebound clawed back more than $56 billion of an estimated $300 billion wiped out since the conflict began on February 28.<\/p>\n
Iran war live updates:<\/a> For all the latest news on the war in the Middle East, read our blog.<\/p>\n February’s inflation figures, which do not capture the sharp rise in energy prices since the start of the war, showed that the Consumer Price Index (CPI) rose 3.7 per cent<\/a> in the year to February, down 0.1 per cent from the previous month and lower than markets expected.<\/p>\n The ceasefire reports leaned heavily on claims made by US officials and have not been confirmed by Tehran. Associated Press quoted an unnamed US official who said that a 15-point plan had been sent to Iran for a possible ceasefire<\/a>.<\/p>\n “The market seemed to seize on the optimistic view expressed by the US president, and ignore all other news flow, and that is sort of supporting the markets,” Moomoo market strategist Michael McCarthy told AAP.<\/p>\n Beaten-down mining stocks were the biggest benefactors after three weeks of heavy losses, with the basic materials sector up more than 4 per cent and clambering out of bear market territory.<\/p>\n Mining giant BHP jumped 3.3 per cent to $50.12, while Rio Tinto advanced 1.6 per cent after securing $2 billion in government subsidies to keep its Boyne aluminium smelter online<\/a>.<\/p>\n Resurgent gold miners also lifted the segment, as the precious metal rose to $US4,559 ($6,538) an ounce, boosting names like Newmont, Evolution and Northern Star up to 8.9 per cent.<\/p>\n Loading<\/p>\n