Australia: Market hit 3-1/2-month high

The Australian share market finished session higher on Tuesday, 19 April 2022, as Minutes of the Reserve Bank board's most recent meeting added more weight to market views that the first rate hike may not be too far off.

At closing bell, the benchmark S&P/ASX200 advanced 41.78 points, or 0.56%, to 7,565.21, its highest close since 5 January 2022. The broader All Ordinaries index added 45.65 points, or 0.58%, to 7,867.89.

Shares of miners gained after iron ore futures jumped overnight on hopes of additional stimulus to support China's economy. Iron ore giants Rio Tinto and BHP climbed more than 1% each.

Energy stocks climbed up on strong oil prices as investors fretted over tight global supply after Libya was forced to halt some exports and as factories in Shanghai prepared to reopen after a COVID-19 shutdown. Beach Energy rose 4.1%, while Woodside Petroleum advanced nearly 2%.

CURRENCY NEWS: The Australian dollar was at $0.7394, attempting to recover after falling from above $0.745 in the previous trading week.

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