Australian shares close at record highs on miners boost

Australian stocks closed at a record high on Wednesday, boosted by miners after iron ore prices rose, while shares of Afterpay paused after a two-day run of stellar gains.

The S&P/ASX 200 index ended up 0.4 per cent at 7,503.2, with miners adding 1.3 per cent as supply concerns lifted iron ore prices.

Rio Tinto, BHP Group and Fortescue Metals Group climbed between 1.6 per cent and 2.7 per cent.

“Miners and energy stocks are moving on reflation, with BHP alone pushing the market up many points,” Mathan Somasundaram, CEO at Deep Data Analytics, said, adding that the

market was ignoring lockdowns and assuming more handouts by the government.