Australia’s share market is narrowing in on its all-time high, as easing oil prices and rebounding tech stocks rekindle hopes for upward momentum.
The key S&P/ASX200 index rose 99.9 points by midday on Tuesday, up 1.11 per cent, to 9129.6, as the broader All Ordinaries gained 100.9 points, or 1.1 per cent, to 9264.3.
The upswing echoed a strong Wall Street session overnight, as hopes for a diplomatic solution to the Persian Gulf energy crisis and dip-buying in artificial intelligence stocks.
Brent crude has dropped below $US91 a barrel for the first time since late August, after US President Donald Trump told reporters imminent strikes against Iran were unlikely, calming weeks of grim speculation that led up to the US mid-term elections.
“Crude extended its decline since the start of the month to nearly 20 per cent as the geopolitical risk premium that drove prices higher in the first place is priced out,” Capital.com senior market analyst Kyle Rodda said.
“The tumble in oil prices is broadly helping market sentiment and – along with expectations of a more moderate US fiscal impulse – easing the upside risk to global interest rates.”
Interest rate-sensitive stocks charged higher, with Consumer cyclicals and real estate trusts up more than one and two per cent respectively, while the IT segment gained 0.8 per cent.
The heavyweight financials and raw materials sectors also rallied, each gaining around 1.2 per cent.
Gold miners continued their recent run as the precious metal traded near $US4124 ($A5963) an ounce, taking the local sub-index more than 14 per cent higher over the past week.
Rare earths producers have also been on the recovery path, with Lynas up more than 26 per cent from October lows to $13.55 a share, while downtrends in battery minerals miners Liontown and PLS remain intact.
Three of the big four banks were trading higher, while NAB fell for a second straight session after announcing veteran banker Philip Chronican will step down as chair in 2027.
Industrials stocks gained 1.8 per cent on the back of strong performances from Computershare, Worley, Reece and ALS, while Qantas shares soared almost four per cent to $9.66 following reports it will offshore 850 office jobs to Accenture.
Shares in engineering and construction firm Monadelphous rocketed by almost one-sixth to $32.60 after securing $830 million in new contracts this financial year.
In company news, shares in Life360 tumbled after the tracking app provider’s third-quarter results failed to impress investors, despite a 40 per cent surge in total revenue to $US174.1 million ($A251.5 million) on the equivalent 2025 quarter.
The Australian dollar was buying 69.23 US cents, up from 68.88 US cents on Monday at 5pm.
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