Australia’s share market has surged to six-week highs, buoyed by Santa rally hopes and Reserve Bank minutes that were less hawkish than expected, which bolstered interest rate sensitive sectors.
The S&P/ASX200 jumped 100.7 points on Tuesday, up 1.16 per cent, to 8,800.6, as the broader All Ordinaries gained 99.4 points, or 1.1 per cent, to 9,100.1.
All 11 local sectors traded higher, led by real estate stocks, financials and energy stocks and, while raw materials only lifted 0.8 per cent, gold, silver and the segment traded at record highs.
The Australian dollar is buying 66.68 US cents, up from 66.26 US cents on Monday at 5pm, as narrowing bets on incoming US interest rate cuts weighed on the greenback against the major currencies.