How to beat the stock market frenzy
With interest rates expected to rise for the second time this year, investors are looking to buy and sell their stocks in a bid to boost returns.
As a result, the Australian stock market is on the rise again, with new record highs hitting in the latest 24 hours, according to a Bloomberg New Energy Finance study.
The market is the biggest since August 2009, when the Australian economy was in recession.
The index hit a record high of 5,828.30, up 0.1% from its record low of 4,892.20 in March.
While the Australian dollar has lost some value against the U.S. dollar, the benchmark has risen against all other currencies.
The Australian stock index hit new record levels on Thursday, according the data provider, which also calculated the monthly average of its three indices over the last 24 hours.
The new high was set by the FTSE 100 index, which has risen 0.3%.
The index has surged more than 50% since its record high in February and is expected to reach record levels in 2019.
Aussie shares, however, have been hit hard by the stock frenzy.
The biggest gainers are energy and mining stocks, which have lost nearly $2 billion on Thursday.
This includes mining giant Rio Tinto and mining equipment maker BHP Billiton.AAP/ReutersTopics:markets,markets-and-markets,wealth-and.energy,economy,wealth,financial-services,federal-government,corporate-governance,business-economics-and/or-finance,investment,energy-and_environment,coronavirus,australiaMore stories from New South Wales