Australian shares bounce on talk of Iran de-escalation
Australians stocks enjoyed a modest bounce after big falls due to the Middle East conflict. -AAP Image
Australian shares have rebounded to snap a deep, two-session losing streak, as dip-buying investors sought bargains after more than $60 billion was wiped from the bourse during the previous day's trading.
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The S&P/ASX200 gained 39.1 points on Thursday, up 0.44 per cent, to 8,940.3, as the broader All Ordinaries rose 47.8 points, or 0.52 per cent, to 9,164.9.
Despite the uptick, the top 200 is still down 2.8 per cent from its recent record high and oil prices have resumed their uptrend after Iran denied rumours officials had sought de-escalation via diplomatic backchannels and following reports of fresh Iranian air strikes on Israel.
The Australian dollar is buying 70.54 US cents, up from 69.99 US cents on Wednesday at 5pm, with the Aussie benefiting from the tentative recovery in risk sentiment.
