Aussie dollar, shares soar on Iran peace deal hopes
The S&P/ASX200 had its best session in nearly a month on Wednesday. -AAP Image
Australia's share market has rebounded on signs the US is seeking a way out of the Persian Gulf conflict with Iran.
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The S&P/ASX200 rose 113.1 points on Wednesday, up 1.3 per cent, to 8,793.6, as the broader All Ordinaries gained 112.8 points, or 1.27 per cent, to 9,016.1.
Investors rejoiced after US President Donald Trump paused his plan to escort ships stranded in the Hormuz Strait, claiming the US and Iran were progressing towards a peace deal.
Local blue chip stocks led the push higher, hinting at an institutional rotation of funds into Australia's exchange, which has underperformed many of its global counterparts since the US-Iran conflict began on February 28.
The Australian dollar is trading at nearly four-year highs against the greenback, buying 72.48 US cents and up from 71.57 US cents on Tuesday at 5pm.
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