Australia’s share market has broken multiple records as it nears the end of a solid earnings season that delivered outsized returns for bigger miners, banks and consumer staples stocks.
The S&P/ASX200 gained 47 points on Thursday, up 0.51 per cent, to 9,175.3, as the broader All Ordinaries rose 49.7 points, or 0.53 per cent, to 9,408.7.
Both indices notched fresh intraday peaks during the session and ended the day at their highest-ever closing values, with an extra $85 billion added to the top-500’s combined value in February, taking it to $3.2 trillion.
“Financials are up nine per cent for the month and raw materials up almost eight per cent, so you’ve got those two big locomotives of the Australian stock market really chiming in,” IG market analyst Tony Sycamore told AAP.
The Australian dollar is buying 71.25 US cents, up from 71.09 US cents at 5pm on Thursday and creeping higher since January inflation came in higher-than-expected, raising the odds of more interest rate hikes.
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