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Big miners propel local market to fresh record high

The sharemarket continued its rollicking start to the year on Friday, lifting to a fresh record high for the fourth consecutive session, this time powered by big gains among the miners.

The benchmark S&P/ASX 200 rose 22.3 points, or 0.3 per cent, to close at 7064.1 points. For the week, it gained 1.9 per cent. Combined with last week’s 2.9 per cent surge, the index logged its largest two-week advance since July 2016. Year to date, it has now gained 5.7 per cent.

The big iron ore miners rallied hard to end the week, led by Fortescue Metals which stormed to record highs.

The big iron ore miners rallied hard to end the week, led by Fortescue Metals which stormed to record highs. Credit:Photo: Reuters

“The combination of ample monetary policy support, diminishing macroeconomic risks and an expected rebound in global growth is keeping risk firmly ‘on’,” said Kyle Rodda, market analyst at IG Markets.

Having been led higher by technology, healthcare and financial stocks in previous sessions, it was the materials sector’s turn to propel the local market higher on this occasion, largely reflecting big gains in the iron ore miners.

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