Australian stock market sustains highest point since global financial crisis

And yes its real and happening, The Australian stock market has closed above 6,000 points for the second day since the global financial crisis (2008) . Analysts has warned that it was is too early to predict this trend in long run to match the kind of all-time highs being marked in New York, London and Tokyo this week.

The S&P/ASX200 reached its highest level since before the global financial crisis on Tuesday and remained above the benchmark level at the close on Wednesday at 6,016 points – a slight rise on the overnight close of 6,014.

The chief market analyst for CMC Markets, Ric Spooner, said the key drivers in Australia this week had been rising oil and iron ore prices last night, but it might not all plain sailing for the ASX.

Much of the gains are from the mining and energy sectors. These sectors were lifted by more than 2 per cent each ands were the beneficiaries of an overnight surge in commodity prices.  Iron ore (+5.8 per cent) and Brent crude were lifted by +5.8{4c121b525f261b6e9cd1def8a3985dbe850ad058af7b7776b0968f5bd69c65ba} and +3.5{4c121b525f261b6e9cd1def8a3985dbe850ad058af7b7776b0968f5bd69c65ba} respectively.

Oil giants Woodside Petroleum and Oil Search rose by 2.6 and 2.1 per cent respectively.

Apart from this BHP was lifted by 3.1 per cent . This was BHP’s max lift since June 2015 ,while Rio Tinto climbed 1.9 per cent.

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