|Published : 01 Dec 2016, 14:26:45|
Australian shares rally after OPEC deal
Australian shares rallied on Thursday, powered by financials, miners and energy stocks, after oil cartel OPEC agreed to cut crude output to clear a glut.
The Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday agreed to its first output cut since 2008.
The S&P/ASX 200 index snapped three sessions of losses to jump 59.73 points, or 1.1 per cent, to 5,500.2 by the close of trade.
The energy index soared as much as 7.4 per cent, recording its biggest intra-day percentage gain in eight years.
Oil major Santos ended up 11.7 per cent, while Beach Energy jumped as much as 14.4 per cent to touch a 15-month high.
Global miners BHP Billiton and Rio Tinto climbed 4.9 per cent and 1.7 per cent respectively.
The benchmark financial index extended its strong run, with the "Big Four" banks ending about 1.0 per cent firmer. The sector got a boost from a solid showing in US peers, according to a news agency report.