Australian sharemarket sets record, just shy of 7300

Australia’s sharemarket ended the week at record high, despite a hit to commodities caused by a rising US dollar.

Australia’s sharemarket closed at record high on Friday, despite a hit to commodities caused by a rising US dollar.

The S&P/ASX 200 index jumping 35 points, or 0.5 per cent, to 7295.4, while the All Ordinaries rose 32.5 points, or 0.4 per cent, to 7543.3.

At the close of the local session, the Australian dollars was fetching 76.6 US cents and gold was selling at a spot price of $US1869 an ounce.

“The ASX 200 has had a strong week and has broken through the psychological 7200 level to reach new all-time highs, and is now trading just shy of 7300,” Openmarkets chief executive Ivan Tchourilov said.

The S&P/ASX 200 index closed at a record high, jumping 35 points. Picture: NCA NewsWire/Gaye Gerard

Mining stocks held the market back, with CommSec analyst Steve Daghlian saying an appreciation in the US dollar Thursday night hit commodity prices, including gold, aluminium, lead, copper and nickel.

“The reason that the market is not up more significantly is down to the mining sector (and) that is partly because commodity prices took quite a hit last night,” Mr Daghlian said.

“This is partly due to a lift in the US dollar, which tends to push commodity prices back into the red.”

ARB took out top spot on the ASX200 jumping 6.3 per cent, while the pull on commodities dented Silver Lake Resources and it plummeted 8.2 per cent to $1.73.

Ramelius Resources tumbled 7.7 per cent to $1.80 and Perseus Mining slipped 5.6 per cent to $1.35.

An appreciation in the US dollar hurt mining stocks.

Major miner BHP ended the session down 1.7 per cent to $48.75, while Fortescue Metals finished 2 per cent lower to $22.97.

Rio Tinto appointed former WA treasurer Ben Wyatt to its board marking him the first Indigenous director to sit in a leadership position within the major company.

Its stock however took a tumble and fell 1.9 per cent to $124.62.

Banks surged after figures from the Australian Bureau of Statistics revealed mortgage commitments jumped 3.7 per cent compared to March.

Commonwealth Bank jumped 1.3 per cent to $102.52 and Westpac rose 1.4 per cent to $26.87.

ANZ inched 1.5 per cent higher to $29.20 and NAB edged 1.4 per cent higher to $27.51, while regional incumbent Bendigo Bank was one of the ASX’s top performers surging 5.1 per cent to $10.89.

Discount retailer The Reject Shop slumped 6.3 per cent to $5.92 after it warned Covid-19 lockdowns were still challenging its operations.

The Reject Shop said COVID-19 is still hurting its business. Picture: Matthew Vasilescu/ AAP

“It should be noted that trading conditions remain unpredictable during June, particularly in light of the current Covid-19 lockdown in Melbourne and Covid-19 related restrictions in regional Victoria,” The Reject Shop said in a statement.

Travel stocks were still bruised from the ongoing Melbourne lockdown, with Qantas slipping 0.8 per cent to $4.87 and Flight Centre 1.4 per cent lower to $15.98.

Origin Energy surged 5.4 per cent to $4.72 and rival AGL saw its stock value rise 1.85 per cent to $8.82.

Telstra jumped 1.7 per cent to $3.88, while Afterpay closed 0.8 per cent lower to $94.48.

Wesfarmers rose 0.2 per cent to $55.24 and Woolworths ended the session up 1 per cent to $43.35.

Originally published as Australian sharemarket sets record, just shy of 7300