A decade after the last high, the ASX 200 (INDEXASX: XJO)(^AXJO) has finally topped its previous all time high.
If it weren’t for the fact that Australia went through a mining bust phase three years ago we may have actually passed the all-time high earlier.
The ASX 200 Passes Its All Time High
The ASX 200 rose by 0.28% today to 6,845.10 points. This time it could be said that another mining boom has sent the ASX 200 to an all-time high.
For example, the BHP Group Ltd (ASX: BHP) share price is almost at an all time high without the divested South32 Ltd (ASX: S32) divisions. The Rio Tinto Limited (ASX: RIO) share price is at a post-GFC high. The Fortescue Metals Group Limited (ASX: FMG) share price is also close to a pre-GFC high.
After the end of the Royal Commission, the share prices of Commonwealth Bank of Australia (ASX: CBA), Australia and New Zealand Banking Group (ASX: ANZ), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) have recovered strongly.
The Telstra Corporation Ltd (ASX: TLS) share price has been a top performer over the past year, and the share prices of CSL Limited (ASX: CSL) and Macquarie Group Ltd (ASX: MQG) are close to their all-time highs.
Some might say that the Australian economy’s continuing performance is a core reason for the index’s performance. However, I think the recent RBA interest rate cuts are an even bigger reason – asset prices go up as interest rates go down.
Is Now A Good Time To Buy?
Share markets are naturally meant to break all-time high records over time, but it has taken the ASX a lot longer to recover to the pre-GFC highs than it did for the international share market and US share market.
But, I don’t think it’s a good idea to buy at the highest price. But I think there are plenty of individual share opportunities that could be options worth buying, such as the reliable businesses in the free report below.
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