SYDNEY, AAP – Australia’s share market recovered most of the losses of a day earlier despite economic sanctions being imposed on Russia for its invasion of Ukraine.

The market on Wednesday gained 0.62 per cent and most share categories were higher.

Brent crude oil prices were at a lofty $US97.10 per barrel as investors anticipated major oil producer Russia might struggle with supply.

The benchmark S&P/ASX200 index closed up 44.4 points, or 0.62 per cent, to 7205.7.

The index is 427 points below its record high in August, 7632.8 points.


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The All Ordinaries index closed higher by 51.7 points, or 0.7 per cent, to 7473.9 points.

The Australian dollar was buying 72.31 US cents at 1200 AEDT, higher than 72.01 US cents at Tuesday’s close.