Ahead of the local open SPI futures were 28 points higher at 6900. Thursday The Australian share market hit a fresh intraday all-time high in early trading as fears about global growth and trade fade into the background. The benchmark S&P/ASX200 index traded as high as 6,869.5 points before closing on Thursday at 6,864, up 13.4 points, or 0.2 per cent, from Wednesday.
It broke through its previous record – of 6,875.5, set on July 30 – in the first few minutes of trading. The broader All Ordinaries was up 15 points, or 0.22 per cent, to 6,965.6 points – also a record. “It’s been a record year, it’s been a record month, and it’s only expected to get better,” said Bell Direct market analyst Jessica Amir, noting the Australian market historically rises 2.6 per cent from December to January.
So far this year the ASX200 is up 21.6 per cent, and is up 3 per cent in November, with the month on track to the be index’s best since June. Optimism about a US China-trade deal, record highs being set on Wall Street and speculation that the Reserve Bank may cut the cash rate further – and possibly even embrace the unconventional monetary policy known as quantitative easing – have all pushed sentiment higher. The telecom sector was by far the biggest gainer on Thursday, rising 2.9 per cent, as Telstra climbed 4.0 per cent to $3.86 to account for over 40 per cent of the day’s gains.Morning-Market-Note-Friday-29th-November