Australian share market

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PHOTO: The Australian share market is only 3 per cent below an all-time high level reached in February 2020

  • The Australian share market is on the verge of hitting an all-new record high
  • Key S&P/ASX200 hit 7,000 mark on Thursday – first time since February 2020
  • CMC Markets is tipping previous peak of 7,197 will be surpassed in May 202

The Australian share market is on the verge of hitting a record high just a year after the Covid lockdowns.

The benchmark S&P/ASX200 briefly touched the 7,000 mark on Thursday – the highest since February 2020 before the World Health Organisation declared a Covid pandemic.

The level is still below the record high of 7,197 was reached on February 20 last year just before a 33 per cent plunge occurred in just one month.

But with the economy rebounding strongly from the coronavirus recession, the Australian Securities Exchange has surged 49 per cent during the past year and is set join the American stock market in also touching record highs.