Market Wrap / crude catalyst

The Australian Sharemarket flipped the script this Tuesday, surging in the late afternoon off the back of a lackluster morning session. Renewed sentiment led the S&P/ASX200 up 0.6% to 8947.8 points by this afternoon's close.

Financials provided support as materials weakened, with markets responding to reports of US-Iran talks to end the conflict.

Energy stocks gained despite the declining oil prices, led by Viva Energy which expects first-half EBITDA to increase to between $770 and $780 million, up from $305 million a year earlier.

Whitehaven Coal bucked the trend, dipping 4.5% despite reporting full year production at the top end of guidance of 40.3 million tonnes.

In company news, Droneshield was the index's biggest loser, sliding over 13% after warning margins could come under pressure with first-half gross margin expected to decline from 65% to 60%.

Elsewhere, Genesis Minerals and Vault Resources have locked in their merger, with Genesis acquiring 100 percent of Vault shares.

While Web Travel Group will buy back up to $90 million of its shares after forecasting first-half underlying EBITDA of up to $86 million. The share price surged 17% following the announcement.

Tonight, the US Goods Trade Balance is set to be released along with earnings from Visa and Coca-Cola.