MELBOURNE - The Australian sharemarket went "gangbusters" yesterday, hitting record highs with solid performances across the board.
The S&P/ASX200 index soared 56.5 points or 1.24 per cent to 4618.9 at the 4.05pm close, eclipsing its previous record high of 4580.9 set last Tuesday.
The All Ords surged 51.3 points to
4565.3, beating its previous best close, also set last Tuesday, of 4527.2.
"This market is going gangbusters," said ABN Amro Morgan client adviser Margaret Morrissey.
"We keep saying the market has to hit a brick wall but it doesn't look like doing so just yet."
Macquarie Bank was the standout performer, shooting up A$3.97 or 5.7 per cent to a new high of A$74.04 after telling the market it was confident of at least matching last year's record profit.
"Macquarie was absolutely outstanding," Morrissey said.
"There is plenty of money out there waiting to find a home."
She said major companies like Telstra, AMP and Publishing & Broadcasting went ex-dividend yesterday, with all three holding up well.
Telstra, which paid a dividend total of 20Ac, lost 19Ac to A$4.11, AMP, which also handed out 20Ac in dividends, lost only 10Ac to A$7.36 and PBL, with a 25Ac dividend, reversed 13Ac to A$16.38.
Australian resource stocks were helped by a weaker Australian dollar with BHP Billiton rising 56Ac to A$21.86 and Rio Tinto adding A$1.99 to A$57.55.
The four major banks improved, led by ANZ - ABN Amro Morgan's top pick in the sector - with a 53Ac gain to A$23.74.
National Australia Bank climbed 55Ac to A$32.95.
The only sector to miss out was gold, as investors downgraded the impact of Hurricane Rita.
Newcrest Mining gave up 34Ac to A$20.10, and Newmont Mining lost 12Ac to A$5.93.
- AAP
