Aussie shares reset records as earnings boon rolls on
The Australian share market has broken several records as it approaches the end of a solid earnings season that has delivered outsized returns for major miners, banks and consumer staples stocks.
The S&P/ASX200 gained 47 points on Thursday, up 0.51 percent to 9,175.3 points, while the broader All Ordinaries Index rose 49.7 points, or 0.53 percent, to 9,408.7 points.
Both indices recorded new intraday highs during the session and ended the day at their highest closing values ever; It added another $85 billion to the total value of the top 500 in February, reaching $3.2 trillion.
“Finances are up nine per cent this month, raw materials are up almost eight per cent, so the two big drivers of the Australian stock market are really coming into play,” IG market analyst Tony Sycamore told AAP.
The Australian dollar is buying 71.25 US cents from 71.09 US cents at 5pm on Thursday, rising further since January inflation came in higher than expected, raising the prospect of further rate hikes.
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