Australian shares soar on Middle East ceasefire hopes
Investors are eyeing Washington for any signs the Iran war will soon end. -AAP Image
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.
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The S&P/ASX200 surged 154.9 points on Wednesday, up 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.
It was the bourse's best day since April 10, 2025, helping it claw back more than $56 billion of an estimated $300 billion wiped from its combined value since the conflict began.
Beaten down mining stocks were the biggest benefactors after three weeks of heavy losses, the basic materials sector up more than four per cent and clambering out of bear market territory.
The Australian dollar is buying 69.76 US cents, up from 69.66 US cents on Tuesday at 5pm.
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