Oil slips, shares surge as Persian Gulf conflict pauses
By Adrian Black
Oil prices are sharply lower, after the US and Iran paused attacks in the Persian Gulf. -AAP Image
The Australian stock market has had its best session since mid-June after oil prices retreated on reports Iran and the US have halted fighting after almost two weeks of air strikes.
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The S&P/ASX200 jumped 121.7 points on Monday, up 1.39 per cent to 8,894, as the broader All Ordinaries rose 122.3 points, or 1.37 per cent, to 9,063.8.
Materials stocks carved out a 2.4 per cent gain, tracking with mega miners BHP and Rio Tinto despite largely steady copper and iron ore futures, while gold producers also advanced.
The heavyweight financials sector jumped 1.1 per cent in a broad-based rally, while IT stocks, real estate trusts, industrials and health care stocks also posted solid gains.
The Australian dollar is buying 70.03 US cents, up from 69.83 US cents on Friday at 5pm AEST.
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