Australia market extends rally on rate cuts

The Australian share market advanced for ninth consecutive session, closing at a near seven-year high on Tuesday, 03 February 2015, after Australia's central bank cut its benchmark interest rate to a record low of 2.25%. The benchmark S&P/ASX 200 Index rose 1.46% to 5707.40, a highest level since June 2008. The broader All Ordinaries Index gained 1.43% to 5666.20.

The Reserve Bank of Australia has lowered the 2.5% cash rate by 25 basis points to a new record low of 2.25%, the first cut since August 2013.

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