The Australian stock market has hit its third all-time high in the last six days and one expert says the rally could be just beginning.
At midday AEDT on Monday, the benchmark S&P/ASX200 index was up 58.2 points, or 0.69 per cent, at 8,452, while the broader All Ordinaries was up 62.6 points, or 0.73 per cent , to 8,695.7.
Previously, the ASX200 had reached a high of 8,462.1, eclipsing its previous all-time intraday high of 8,446.4 set last Tuesday. The index also set an all-time closing high on Friday, which it is expected to surpass on Monday.
Moomoo market analyst Jessica Amir said the global risk rally would likely persist through the end of the year, as long as economic readings remain better than expected.
Markets overall gain momentum ahead of Black Friday and Cyber Monday, and investors rejoiced that US President-elect Trump appointed a pro-Wall Street hedge fund executive as Treasury Secretary Amir said.
US small-cap stocks also outperformed last week, suggesting that “investors are feeling optimistic, aggressive and willing to take risks,” Ms Amir added.
So far this year, the ASX200 has already gained 11.4 per cent so far, with about five weeks of trading left.
All 11 ASX sectors were up at midday except financials, which held steady amid losses for all four big banks.
The ASX rose 58.2 points, or 0.69 per cent, to 8,452 at midday AEDT on Monday.
ANZ was down 1.0 per cent, Westpac was down 0.4 per cent, NAB was down 0.5 per cent and CBA was down 0.2 per cent.
Real estate was the biggest gainer, up 2.1 per cent, while Mirvac rose 4.0 per cent and Westfield owner Scentre Group added 3.5 per cent.
SG Fleet Group soared 20.6 percent to a six-year high of $3.22 after the car leasing company said it was collaborating with Pacific Equity Partners after receiving a tentative takeover offer from the firm Sydney-based private equity firm at $3.50 per share.
Novonix rose 20.3 per cent to 89 cents after the Brisbane-based battery materials company said it signed a synthetic graphite purchase deal with a Volkswagen subsidiary.
In the heavy mining sector, Fortescue rose 2.3 per cent, BHP rose 0.7 per cent and Rio Tinto added 0.8 per cent.
The Australian dollar hit a two-week high against its weakened US counterpart, buying 65.44 US cents, from 64.89 US cents at the ASX close on Friday.