Australian Stocks Set First Record High Since Pandemic Began

The S&P/ ASX 200 index lifted 1.3% to 7172.8 on Monday after another rise in iron-ore prices drove demand for shares in miners including BHP Group Ltd. and Rio Tinto PLC. The index beat its previous record of 7162.5 set on February 20, 2020, and continued a comeback that began on March 24 last year when the index had languished below 4550.

For investors, it hasn’t been a smooth ride. Early in the pandemic, Australia’s economy was exposed to athat threatened its exports of industrial commodities such as iron ore and coal. Investors had to navigate trade tensions with China, which followed Australian Prime Minister Scott Morrison’s call for an international investigation into the origins of Covid-19, and the impact of Australia’s border closure on tourism and education.

However, Australia’s success in crushing the coronavirus—it has recorded fewer than 30,000 cases since the pandemic began—and the central bank’s lowering of interest rates to record lows as part of its pandemic response made equities increasingly attractive. The economy has alsowith its fastest growth rebound in 70 years, helped by government stimulus programs.

Overseas moves have further helped to stoke demand for Australian equities. China’s investment in infrastructure to drive its own economic recovery has pushed prices of iron ore, Australia’s top export, to a record high above $200 a metric ton. Accelerating vaccine rollouts in the U.S. and Europe have fueled a greater appetite for risk.

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