By Lucy Battersby
Australia’s stock market set a new high and topped 7400 for the first time thanks to a three-year high for oil prices and persistent interest in blue chip stocks.
The S&P/ASX 200 burst through the 7400 points just before midday on Wednesday, but drifted down in afternoon trade to close just 0.1 per cent higher at 7386.2 points. That’s still a fourth straight record high.
Oil stocks out-performed all day as the price per barrel reached levels not seen since late 2018. Global supplies were running thin amid recovery uncertainty.
The ASX 200 finished the session 0.1 per cent higher at a fresh record.