Commodity prices boosted by the Ukraine war have helped energy and materials shares led the ASX to its longest winning streak this year.

The Australian market had a fourth consecutive day of gains on Wednesday as energy and materials shares rose by four and three per cent respectively.

Russia is a major oil producer and supply disruptions helped the price of Brent crude rise to $US110.09 per barrel.

The price of iron ore, the major earner of ASX giants BHP, Fortescue and Rio Tinto, was also higher.

The benchmark S&P/ASX200 index closed up 20.2 points, or 0.28 per cent, to 7116.7 points.

The index is about 500 points from its record high, set in August last year.

The All Ordinaries index closed higher by 21 points, or 0.28 per cent, to 7406.3 points.

The Australian dollar was buying 72.68 US cents at 1622 AEDT, more than the 72.59 US cents at Tuesday’s close.

 

Steven Deare
(Australian Associated Press)