Share market hits record close as CBA reaches highest

Buoyed by a bumper session for Australia’s largest retail bank, the benchmark set a record close on Thursday.

Australian shares rallied to a record close on Thursday as the big four banks bolstered the benchmark, with the Commonwealth Bank hitting a high.

The S&P/ASX200 index added 0.4 per cent to reach 7763.7 points, eclipsing Friday’s record close, and earlier in the session, coming within two points of its intraday record of 7769.1 set on Monday.

Meanwhile, the broader All Ordinaries added 0.5 per cent to 8026.7.

The benchmark came within two points of its intraday record. Picture: NCA Newswire / Gaye Gerard

IG Australia market analyst Tony Sycamore said the benchmark was testing resistance coming from a multi-year trend line going back as far as 2007 and the high reached in January.

“A sustained break above 7780-ish would open up a move towards 7900-8000,” Mr Sycamore said.

“On the downside, a sustained break of uptrend support would damage the uptrend from the October 6751-low and warn that a deeper pullback is underway.”

Nine of 11 industry sectors finished in the green, with the benchmark supported by the financial sector which added 0.4 per cent as sector heavyweight CBA hit a new record of $119.37, up 0.8 per cent.

Rivals ANZ climbed 1 per cent to $29.30, NAB jumped 0.7 per cent to $34.32, and Westpac added 0.2 per cent to $27.

The materials sector endured a mixed session as heavyweight iron ore miner Rio Tinto slipped 2.4 per cent to $120.67 and BHP shed 1.2 per cent to $43.84 as they traded ex-dividend. Conversely, Fortescue added 1.1 per cent to $26.04.

Commonwealth Bank, the country’s top lender, touched a record high of $119.37 during Thursday’s session. Picture: NCA NewsWire / Morgan Sette

Elsewhere, in commodities gold miners pushed higher as the price for the precious metal reset its record at $US2168.10 an ounce.

Perseus Mining added 4.35 per cent to $2.04, Evolution Mining gained 2.03 per cent to $3.27, Northern Star Resources climbed 1.85 per cent to $14.29, and Regis Resources added 2.03 per cent to $2.01.

Tech stocks also finished higher, buoyed by a positive lead from Wall Street after Federal Reserve chair Jerome Powell told a congressional hearing that the central bank was likely to press ahead with rate cuts this year despite hotter-than-expected inflation and prices data.

Appen surged 15.9 per cent to 73c, Zip zipped 12.3 per cent higher to $1.32, and location monitoring firm Life360 climbed 4 per cent to $11.82.

In company news, bourse operator ASX climbed 0.8 per cent to $66.29 even as the corporate watchdog ASIC slapped the firm with a $1.05 million penalty over violating transparency rules.

Southern Cross Media added 1.6 per cent to 99c after it informed takeover bidders – rival radio network ARN and private equity firm Anchorage Capital – to bolster its bid.

Poultry producer Inghams added 1.4 per cent to $3.66 after it announced it would acquire New Zealand organic chicken business Bostock Brothers for a reported $NZ35.3 million ($AU21.7 million).

Originally published as Share market hits record close as CBA reaches highest