AAP Finance

Aussie shares rise on renewed hope for rate cuts

An ASX indicator board (file image)
Eight of the ASX's 11 sectors finished higher, with industrials, staples and health care lower. -AAP Image

The Australian share market has gained ground after two poorer-than-expected US economic indicators reignited hopes interest rate cuts might come sooner rather than later. 

The benchmark S&P/ASX200 index on Monday rose by 53.4 points, or 0.7 per cent, to 7,682.4, while the broader All Ordinaries gained 54.8 points, or 0.69 per cent, to 7,952.3.

The Australian dollar was back above 66 US cent for the first time in nearly four weeks, buying 66.18 US cents, from 65.73 at Friday's ASX close.

Australian Associated Press