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How you can still find value in Australia’s share market as it edges close to all-time high after employment surge
- Australian Securities Exchange benchmark S&P/ASX200 near a record high
- The share market closed less than 2 per cent below February 2020 peak of 7,197
The Australian share market is very close to hitting an all-time high after a surge in employment.
The benchmark S&P/ASX200 was trading at 7,061.5 points in early Friday trade – less than 2 per cent below the record high of 7,197 points reached on February 20, 2020 shortly before the Covid lockdowns.
The market is only 1.4 per cent below the closing high of 7,162 points on that day, before shares plunged by 33 per cent in just one month.
The Australian share market is very close to hitting an all-time high after a surge in employment. The benchmark S&P/ASX200 was trading at 7,061.5 points in early Friday trade – less than 2 per cent below the record high of 7,197 points reached on February 20, 2020 shortly before the Covid lockdowns
The Australian Securities Exchange edged up 0.5 per cent after official data showed 70,700 were created in March even though JobKeeper wage subsidies were ending – double what economists were expecting.
Australia’s jobless rate fell to 5.6 per cent, from 5.8 per cent, putting it at the lowest level since the declaration of a coronavirus pandemic a year earlier.
Wall Street finished stronger overnight, with the benchmark Dow Jones Industrial Average rising by 0.9 per cent to close at another record-high of 34,035.99.
