Miners and energy lift stocks but Iran risks remain
By Adrian Black
Australian stocks have had a positive day despite continued uncertainty over the war in Iran. -AAP Image
Australia's share market has improved after higher commodity prices supported miners and energy stocks, but confidence is shaky as the Iran conflict reaches a new front.
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The S&P/ASX200 rose 29.7 points on Wednesday, up 0.34 per cent, to 8,823 as the broader All Ordinaries gained 28 points, or 0.31 per cent, to 9.004.9.
Gold stocks led the charge as the precious metal topped $US4,130 ($A5,904) an ounce, while BHP and Rio Tinto advanced as copper hit five-week highs, buoyed by strong demand from China and depleted global inventories.
Oil prices clung to recent gains as the US and Iran continued to trade strikes, and as two Asia-bound Saudi oil tankers turned back in the Red Sea over threats from Yemen's Iran-aligned Houthis, marking the disruption of a second major choke point for global energy supplies.
The Australian dollar is buying 69.98 US cents, down from 70.18 US cents, as investors look to Thursday's jobs data for hints on the Reserve Bank's path ahead.
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