ASX erases pandemic losses to break historic ground: Aus shares close 1.3% higher

The Australian sharemarket went from strength to strength after lunchtime and broke historic ground in the afternoon session, wrapping up trade with the most points ever recorded in the history of the benchmark. The ASX200 completed its total rebound from pandemic challenges, as the market clawed back all losses sustained during coronavirus-induced lockdowns.

Mining-focused Australia’s record-breaking market wrap required record performances in materials, as mining heavyweights BHP (ASX:BHP) and Rio Tinto (ASX:RIO) notched record highs of their own.

All sectors except for utilities joined the party and entered bullish mode, as the market resumed pre-COVID levels and surpassed the previous record close set in late February last year.

At the closing bell, the S&P/ASX 200 was 1.30 per cent or 92.00 points higher at 7172.80.

Futures

The Dow Jones futures are pointing to a rise of 103.00 points.
The S&P 500 futures are pointing to a rise of 7.50 points.
The Nasdaq futures are pointing to a rise of 2.25 points.
The SPI futures are pointing to a rise of 92 points when the market next opens.

Best and worst performers

The best-performing sector was Materials, up 3.35 per cent. The worst-performing sector was Utilities, down 0.10 per cent.

The best-performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS), closing 10.59 per cent higher at $1.30. It was followed by shares in Omni Bridgeway (ASX:OBL) and Fortescue Metals Group (ASX:FMG).

The worst-performing stock in the S&P/ASX 200 was The A2 Milk Company (ASX:A2M), closing 13.11 per cent lower at $6.10. It was followed by shares in Incitec Pivot (ASX:IPL) and Nuix (ASX:NXL).

Asian markets

Japan's Nikkei has gained 0.55%.
Hong Kong's Hang Seng has lost 0.25%.
China's Shanghai Composite has lost 0.16%.

Commodities and the dollar

Gold is trading at US$1838.17 an ounce.
Iron ore is 5.10 per cent higher at US$212.25 a ton.
Iron ore futures are pointing to a rise of 9.90 per cent.
Light crude is trading $0.48 higher at US$63.55 a barrel.
One Australian dollar is buying 78.60 US cents.