Australian shares hit 7,000 for first time in nearly 14 months

Thursday, April 08, 2021

The Australian share market is set to break through the coronavirus disease ceiling again today, after closing at a 13-month high yesterday, ABC News Australia reports.

As of 2:00pm local time, the ASX 200 was up by 0.9 percent to 6,992.

Earlier in trade, it even hit a high of 7,012 points.

That is the first time it has hit more than 7,000 since February 2020.

The benchmark also finished Wednesday at its highest level in almost 14 months, a time well before the pandemic crunched the market.

Robust iron ore prices further boosted heavyweight mining stocks.

Prices of Australia's biggest export have grown by 2 percent off the back of record prices in China.

Fortescue Metals is up by 2.2 percent while BHP is up by 1.9 percent.

Other strong performers on Thursday included EML Payments (+4.9 percent), which gained yesterday after announcing it was buying a European subsidiary.

The owner of Westfield shopping centers was also up 4.5 per cent, despite media reports that it was taking a hit in its dealing with retail tenants.