Australian shares reverse early dip as miners soar
Miners and energy stocks propped up a shaky share market after a Reserve Bank rate rise. -AAP Image
Australia's share market has shrugged off a morning slump to charge higher by the close, buoyed by strength in large cap miners, banks and energy stocks.
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The S&P/ASX200 gained 70.7 points on Wednesday, up 0.8 per cent, to 8,927.8, as the broader All Ordinaries rose 55.3 points, or 0.6 per cent, to 9,024.6.
Basic materials and energy stocks each gained more than three per cent, while the heavyweight financials sector rose one per cent, with buying squarely focused on major companies.
The Aussie dollar is buying 70.24 US cents, up from 70.07 US cents on Tuesday at 5pm, the local currency supported by the interest rate hike and a positive global economic outlook.
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