Australia’s share market has climbed to a five-month high, supported by strong gains in major banking stocks and lower oil prices.
The benchmark S&P/ASX 200 index rose 114.7 points by midday to 9,134.8, while the broader All Ordinaries index gained 120.2 points, or 1.31 per cent, to 9,298.6.
Meanwhile, the Australian dollar slipped slightly to just above 70 US cents. Analysts say improving global market confidence and easing geopolitical concerns have helped lift Australian equities.
Financial stocks were among the strongest performers, helping lift investor confidence across the market.
Analysts say easing oil prices have also provided some relief for businesses and consumers facing ongoing cost pressures.
Investors are now watching upcoming economic data and company results for further signs about Australia’s economic outlook.
