Australia: Stock market reaches all-time high

[SYDNEY] The Australian stock market hit a new record high on Tuesday, with its benchmark share index climbing to 6,874 points on Tuesday morning.

The ASX200, Australia's blue chip share index, soared to levels not seen since it reached 6,851.5 points in 2007, before the global financial crisis wiped values off shares internationally.

It closed 0.5 per cent higher at 6,825.8 points on Monday, a level not seen in more than a decade, though still three points down on its closing record set on November 1, 2007.

The broader All Ordinaries index also closed at a record high last week, reaching nine points higher than its November 2007 record at 6,862.4 points. It has continued to climb since then, hitting 6,958.1 points on Tuesday.

Australian shares have been steadily climbing since January, receiving a boost from lower interest rates and the re-election of the country's ruling conservative government.

AFP