Australia’s sharemarket is set to test its record high this week, punctuating a stunning rebound fuelled by an influx of foreign capital that has wrong-footed local fund managers and left investors scrambling to reposition for further gains.
Futures indicate the S&P/ASX 200 Index will add 29 points at the open on Tuesday after closing at 8515.7 on Friday and capped four consecutive weeks of gains. That leaves the benchmark just 0.8 per cent shy of its February record and on the cusp of a bull market – meaning a 20 per cent rally from the April low.
