The S&P/ASX 200 index closed 0.3% higher at a record 7,562.6 points. The benchmark has closed at a record high in five of the seven sessions this month.
The market is being hit by the New South Wales coronavirus case numbers, said Henry Jennings, senior analyst at the Marcustoday Financial Newsletter.
New South Wales state reported 356 locally acquired cases of COVID-19, its biggest daily rise in the pandemic, as officials scramble to contain the virus that has now spread to the northern parts of the state.
Investor focus is now on companies’ results as the earnings season kicked off this week.
Commonwealth Bank of Australia rose 1.5%, extending a four-day winning streak, ahead of its annual results on Wednesday, when it is expected to announce a large share buyback.
Its peer Westpac Banking Corp also gained nearly 1%.
The world’s largest fibre cement maker, James Hardie Industries, rose 5.8% to hit a record high after raising its annual profit forecast range, supported by a booming U.S. housing market.
Tech stocks were among the top gainers, with buy now, pay later pioneer Afterpay leading gains and ending the session with a 3.2% rise.
Gold stocks were the biggest drags on the index, falling 1.5%, after the precious metal slumped to a more than four-month low overnight.
Lithium miners Pilbara Minerals and Orocobre Ltd were among the biggest percentage gainers on the benchmark index, rising about 11% and 8.7%, respectively.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.5% to 12,764.2 points.
