SYDNEY, April 8 (Xinhua) -- The Australian share market rose by 2.9 percent to a four-week high in early trading on Wednesday as global oil prices plunged in response to a two-week ceasefire in the Middle East.
The S&P/ASX 200 rose by 2.9 percent within the first five minutes of trading on Wednesday to 8,983 points, marking the highest point for the benchmark index since March 11.
The surge came after the United States and Iran confirmed a two-week ceasefire that caused oil prices to fall by about 15 percent.
As of 11 a.m, Australian Eastern Standard Time on Wednesday (0100 GMT), 171 of the companies included in the ASX 200 were trading higher than at the close on Tuesday.
The stock prices of energy giants Woodside and Santos and fuel distributor Ampol were all down by more than 4 percent.
Qantas was up 8.6 percent from the close on Tuesday, and Virgin Australia's price was up 13.5 percent. ■