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Local stocks rack up record high for fifth straight session

The ASX extended its winning run on Monday, closing at a fresh record high for the fifth session in a row as the big miners and CSL shone while nib and Medibank Private endured a bruising.

The S&P/ASX 200 lifted 15.4 points, or 0.22 per cent, to 7079.50 points, a record closing high for the benchmark. This marks the third session in a row that its closed above the 7000-point level and  extends its year-to-date gains to nearly 6 per cent.

Andrew Forrest's Fortescue Metals reached fresh record highs on Monday, getting close to $12 per share.

Andrew Forrest’s Fortescue Metals reached fresh record highs on Monday, getting close to $12 per share. Credit:Trevor Collens

Iron ore miners enjoyed helped drive the gains, with Fortescue closing at a record high price of $11.83, a jump of 3.7 per cent. BHP lifted 1.6 per cent to $41.24, while Rio Tinto gained 0.9 per cent to $106.19.

The May 2020 iron ore futures on the Dalian Commodities Exchange increased to 673 yuan per tonne, up 1 per cent on Friday’s day session close. It currently sits at the highest level since January 9. Gold miner Silver Lake Resources booked the biggest gains of the day, up 6.7 per cent to $1.50, after reporting record production of 68,519 ounces of gold and 691 tonnes of copper. Silver Lake also increased its 2019-20 sales guidance with lower costs.

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