The ASX rose to its highest level in history in the first two hours of trade.
Camera IconThe ASX rose to its highest level in history in the first two hours of trade. Credit: AAP

All-time high for ASX, BHP shares record

Steven DeareAAP

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An all-time high for the Australian share market and record prices for some of its biggest companies proved major feats to start the trading week.

The ASX200 had only traded for five minutes on Monday when it rose to its all-time high, 7417.6 points.

The index had a good foundation, having had a record close on Friday.

A good lead from US markets last week helped momentum early.

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The initial ASX gains helped some giants notch records, too.

Miner BHP had its shares rise to a record $52.19.

Wesfarmers, which owns Bunnings and Officeworks, had a record trade of $62.69.

Sleep apnoea specialist Resmed had shares swap for an all-time high of $35.44.

Despite the records, investors did not continue their pursuit of shares.

The ASX closed flat while most Asian markets closed lower.

IG Markets analyst Kyle Rodda noted the effect of China's crackdown on private education.

Beijing on Friday barred for-profit tutoring in some school subjects in a bid to lower living costs.

The move has put at risk billions of dollars of public and private capital.

Mr Rodda said investors had dumped the Asian region's stocks as they re-calculated risk.

The benchmark S&P/ASX200 index closed lower by 0.1 point, or 0 per cent, to 7394.3.

The All Ordinaries closed down 0.4 points, or 0.01 per cent, to 7670.5.

Materials shares rose one per cent and were the only category to move higher.

Rio Tinto will give its first-half earnings on Wednesday and was best of the big miners.

Rio shares closed up 2.37 per cent to $130.11.

Financials closed little changed.

US markets will provide plenty of interest this week when some of their biggest companies report earnings.

Tech giants Alphabet, Amazon, Apple, Facebook and Microsoft will report and outline the economic challenges ahead.

US markets were at record closing highs due to upbeat earnings reports and low interest rates.

Coronavirus lockdowns continued but appear set to end this week in South Australia and Victoria.

NSW's lockdown is likely to be extended to August.

In company news, Best & Less made its market debut and shares proved popular.

Shares in the family-friendly clothing chain closed up 11.11 per cent to $2.40.

Property group GPT scrapped its distribution guidance due to the lockdowns.

GPT cited the uncertainty of when restrictions would ease.

The group is due to give first-half earnings on August 16.

Shares were down 2.74 per cent to $4.62.

Crown Resorts slipped 5.19 per cent to $9.50 after the Perth Casino Royal Commission was given more time to complete investigations.

The commission has until March 4 to examine whether the company is fit to hold the licence for the casino.

A similar inquiry is being held in Victoria.

Boral will sell its Australian timber business to the Pentarch Group for $64.5 million.

Boral said proceeds would help reduce debt and any surplus would be given to shareholders.

Shares closed even at $7.41.

In banking, the Commonwealth was best of the big four. Shares closed little changed to $99.14.

The others of the group closed lower by less than 0.4 per cent.

The Australian dollar was buying 73.53 US cents at 1726 AEST, lower from 73.70 US cents at Friday's close.

ON THE ASX

* The benchmark S&P/ASX200 index closed lower by 0.1 point, or 0 per cent, to 7394.3 on Monday.

* The All Ordinaries closed down 0.4 points, or 0.01 per cent, to 7670.5.

* At 1726 AEST, the SPI200 futures index was up by one point, or 0.01 per cent, at 7310 points.

CURRENCY SNAPSHOT

One Australian dollar buys:

* 73.53 US cents, from 73.70 cents on Friday

* 81.00 Japanese yen, from 81.27 yen

* 62.32 Euro cents, from 62.58 cents

* 53.43 British pence, from 53.62 pence

* 105.53 NZ cents, from 105.70 cents.