ASX Hits Record High Amid Wall Street Rally

The Australian sharemarket closed at a record high on August 5, following a rally on Wall Street. The S&P/ASX 200 finished 82 points higher at 9227.8, beating its previous record from early March.

Miners and tech stocks led the charge, with BHP up 3.3% and Rio Tinto 2.3%. Copper prices reached their highest level since mid-May, topping $US14,000 a tonne in London.

The energy sector was the biggest loser of the session, due to another drop in oil prices. Brent crude fell 5.4% to $US79.25 a barrel, as hope took over from fear in the oil market.