Finance Finance News ASX 200 nears seven-year high

ASX 200 nears seven-year high

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The Australian share market is tantalisingly close to the 6000 mark, after a big boost from rallying iron ore prices and a strong performance by the big banks.

The ASX 200 closed at 5,982 on Monday, while the ASX All Ordinaries closed at 5,954.7.

The big story in the rise was the surge in the iron ore price to almost $58 a tonne. That saw the share price of mining giants BHP Billiton and Rio Tinto rise by 1.6 per cent and 3.4 per cent respectively.

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Any change in the share prices of these behemoths has a pronounced effect on the entire share market.

The share prices of all the big banks, bar ANZ, also lifted.

Merger and acquisition activity also boosted prices, with internet service provider iiNet surging by 13 per cent in response to a takeover bid by communications company M2.

Ten Network Holdings saw a 2.44 per cent rise following speculation that Foxtel is about to take a 14.9 per cent stake in the troubling free-to-air network.

If the ASX 200 breaks through the 6000 mark on Tuesday, it will have hit a post-GFC high.

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