AUSTRALIAN shares are one per cent higher as the military overthrow of Egyptian president Mohamed Morsi boosts the price of crude oil and shares in energy companies.
The strong gains continue the volatility on the market, with shares shifting between big losses and big gains each day this week.
CommSec market analyst Juliette Saly said energy companies were the standout performers today as crude oil prices stayed above $US100 a barrel, following Mr Morsi's detention.
"That's exactly why we saw the oil price hit that 14-month high overnight, but also due to the fact we saw an increase in US stockpiles," she said.
"Pretty much every sector was higher today, we did see a little bit of a switch out of info-tech, but generally you can put a lot of the good work down to the great gains we saw coming through from the energy sector."
