Finance Finance News Australian share market exceeds milestone figure set in 2007

Australian share market exceeds milestone figure set in 2007

The ASX is in record territory. Photo: AAP
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The Australian share market has exceeded its previous record closing figure, which it reached back on November 1, 2007.

But the All Ordinaries index has not yet regained its intra-day record of 6,873.2 points — the highest level it ever touched (briefly) that same day.

By 12:30pm (AEST), the All Ords index had lifted 0.8 per cent to 6,868, which is 14 points above its former closing record.

Meanwhile, the benchmark ASX 200 had also lifted by a similar amount to 6,781 — but is still about 70 points below its record high, set on the same day nearly 12 years ago.

The local market has followed a strong lead from Wall Street, which rose on the back of strong corporate earnings and optimism ahead of next week’s US-China trade negotiations.

Every sector is trading higher on the benchmark index, with telecommunications (+1.3pc) and consumer cyclicals (+1.2pc) being the strongest sectors.

The best performing stocks include Domain (+4.2pc), Cooper Energy (+3.6pc) and AMP (+2.9pc).

On the flipside, gold miners are among the weakest performers, after a sharp fall in the price of the precious metal.