The local share market has forged a modest gain to start the week on a positive footing. -AAP Image
Australian shares have shaken off a weak start to forge a modest gain as oil prices retreated on hopes the US and Iran are looking to de-escalate their conflict.
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The S&P/ASX200 rose 42.5 points on Monday, up 0.47 per cent to 9,019.3, as the broader All Ordinaries advanced 41.4 points, or 0.45 per cent, to 9,178.4.
The local energy sector underperformed the broader market, dipping 1.2 per cent after oil prices fell on reports the US and Iran were returning to the negotiating table.
Eight of 11 local sectors made gains during the session, with strong performances from utilities, industrials and health care stocks.
The Australian dollar is buying 70.36 US cents, up from 70.33 US cents on Friday at 5pm.
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