Energy shares surge, ASX closes up
Investors have taken the Australian share market from losses to gains after Reserve Bank governor Philip Lowe renewed his argument that rates won't rise till 2024.
The market was doing little on Tuesday until Mr Lowe in a charity event outlined wages growth and inflation, saying he could not understand rate rises being priced for next year or 2023.
Energy shares were the standouts and rose more than four per cent, yet these shares were already helped by higher oil prices.
The benchmark S&P/ASX200 index closed higher by 12.1 points, or 0.16 per cent, to 7437.3.
The All Ordinaries closed up by 14.2 points, or 0.18 per cent, to 7740.3.
The Australian dollar was buying 73.36 US cents at 1628 AEST, lower than 73.45 US cents at Monday's close.
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