Australian shares extend gains as miners and real estate lead rally

The Australian share market extended its winning streak to three consecutive sessions, buoyed by falling oil prices and optimism surrounding the US market. The S&P/ASX200 index rose by 49.3 points, or 0.57%, to close at 8,735.7, while the broader All Ordinaries index gained 44.3 points, or 0.5%, to reach 8,903.5.

Leading the rally were real estate stocks and miners, which helped nine out of 11 local sectors recover from recent selling pressure. Conversely, IT stocks suffered a decline of over three per cent, and consumer staples remained nearly flat.

The Australian dollar also saw a slight uptick, trading at 69.70 US cents, up from 69.41 US cents at the end of the previous week.