The ASX Hit Another Post-GFC High Today, But Still Couldn't Break 5600

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The Australian market hit another post-GFC high today but couldn’t quite hit the 5600 mark.

After the seventh positive trading day, the S&P/ASX 200 was up 8.46 points or 0.15% to 5,585.20

Betty Lam, Sales Trader at CMC Markets, said investors took a breather following yesterday’s excitable trading activities.

“Local equities spent the session suspended in single digit green as the largest capped stocks returned mixed fortunes,” she says.

“Major miners bowed down to a third consecutive retreat in iron ore prices overnight while insurers made solid gains after Insurance Australia Group upgraded its full year profits to record levels.”

IAG was up 2.32% to $6.18.

Newcrest, Australia’s biggest Gold miner was down 6.14% to $10.785 at the close after it said it is expecting future impairments of $2.5 billion.

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