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Aust shares have best day in six weeks

Banks and biotechnology giant CSL have propelled the Australian share market to its biggest gain in six weeks.

A broad-based rally on Monday helped the market improve by more than one per cent, despite elevated commodity prices due to the war in Ukraine.

The ASX outperformed most Asian markets and the US lead from Friday.

The benchmark S&P/ASX200 index closed up 85.8 points, or 1.21 per cent, to 7149.4 points on Monday .

The index is still down about 500 points from its record high in August last year.

The All Ordinaries index closed higher by 82.9 points, or 1.13 per cent, to 7422.2 points.

The Australian dollar was buying 72.55 US cents at 1617 AEDT, lower than 73.32 US cents at Friday’s close.

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