Shares improve as banks bounce, oil dips on Iran hopes
By Adrian Black
Australian equities have enjoyed another day of gains after a tough trading period in recent weeks. -AAP Image
Australian shares have clocked a second straight session of gains, as solid earnings, a banking rebound and easing oil prices lifted investor confidence.
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The S&P/ASX200 rose 61.5 points on Tuesday, up 0.68 per cent, to 9,164.6, as the broader All Ordinaries gained 58.2 points, or 0.62 per cent, to 9,374.9.
The move was fuelled by a more than one per cent rebound in financials as dip-buyers picked up neglected banking stocks, while consumer staples rallied after Coles flagged strong results and a major network expansion.
Energy was the only sector to end the day lower, losing 0.5 per cent as oil prices dipped on reports Iran was working with Pakistani mediators to restore a memorandum of understanding with the US.
The Australian dollar is buying 71.50 US cents, down from 71.69 US cents on Monday at 5pm.
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