The ASX Finally Pushes Through 5600 On Low Volumes

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The ASX S&P 200 broke through the 5600 mark, closing up 34.46 points or 0.62% to 5,622.90, a post-GFC high.

Michael McCarth, Chief Market Strategist at CMC Markets, says the index milestone was reached quietly.

“Buyers concerned about missing out on the month’s 4% gain so far dominated the action,” he says.

“However, low volumes, rising option prices, and market leadership from defensive sectors, point to a cautious overall approach from local investors.”

Mining contractor NRW Holdings was up 2.3% to $1.11 and iron ore miner Fortescue Metals Group was up 2.16% to $4.965 a share.

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