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The Australian share market has risen by more than a percentage point to hit another 11-year high amid indications Chinese-US trade tensions could be easing.

The benchmark S&P/ASX200 index was up 66.2 points, or 1.01 per cent, to 6,636.2 points at 1200 AEST on Wednesday, while the broader All Ordinaries was up 67.3 points, also 1.01 per cent, to 6,715.62.

The ASX 200 has registered a series of new decade-high peaks over the past two months as it edges towards the all-time intraday record of 6,851.5 set in November 2007.

The latest surge in investor sentiment is underpinned by signs US President Donald Trump and Chinese President Xi Jinping could revive stalled trade talks.

Wall Street was also lifted overnight by bets that the US Federal Reserve will open the door to future rate cuts.

On the ASX, energy shares continued to lead gains, collectively rising 2.4 per cent, after oil prices rebounded overnight.

Santos, Woodside Petroleum, Oil Search, Origin Energy and Beach Energy were up between 1.82 per cent and 3.5 per cent.

Property trusts slumped 0.43 per cent but every other sector of the ASX was in positive territory at noon.

Charter Hall Group was down 2.3 per cent to $11.165 and Mirvac was down 0.9 per cent to $3.18.

News Corp shares rose by nearly five per cent to $19.38, lifting the telecommunications sector after it flagged the potential sale of its News America Marketing business.

Mining giant BHP was up 2.2 per cent to $41.05, Rio Tinto was up 2.7 per cent to $106.46 and Fortescue Metals was up 3.8 per cent to $8.84.

The big four banks all gained, with ANZ up 1.2 per cent to $28.62, Commonwealth up 0.7 per cent to $82.045, NAB up 0.4 per cent to $26.82, and Westpac up one per cent to $28.35.