ASX 200 smashes record high to hit 9,213
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- The S&P/ASX 200 index reached a record high of 9,213 points in morning trading.
- The index surpassed its previous late February peak following broad-based market gains.
- Investor positioning ahead of major bank reporting season helped drive the market advance.
The S&P/ASX 200 index reached a record high of 9,213 points following broad market gains.
The milestone surpassed the previous peak of 9202.9 points recorded in late February after a 2.3% July gain.
"Money is moving across the market rather than one crowded trade," said eToro Lead Analyst for APAC Josh Gilbert.
Financial sector shares rose 5.84% in July while energy sector stocks gained nearly 10%.
Following the announcement, the S&P/ASX 200 share price was up at 9,213.
Investors await earnings from Commonwealth Bank (ASX:CBA) and BHP (ASX:BHP), which comprise over 20% of the index.
Global markets advanced overnight following reports of an agreement regarding the Strait of Hormuz, which lowered crude oil prices.
