Aussie shares advance as mining stocks hit record highs
By Adrian Black
Australia's stock market has started the week in positive territory despite some trading pressures. -AAP Image
Australia's share market has started the new week higher, as BHP and the materials sector hit record highs, while banks and insurers sold off.
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The S&P/ASX200 gained 44 points on Monday, up 0.49 per cent, to 9,102.9, as the broader All Ordinaries rose 46.8 points, or 0.5 per cent, to 9,316.5.
Money continued to rotate from banking stocks into miners as local economic concerns combined with rising commodity prices and outsized resource sector earnings.
Precious metals and Bitcoin have also appreciated, as record US government debt and bond buyback plans reignited the "sell America" trade.
The Australian dollar is buying 71.69 US cents, up from 71.46 US cents on Friday at 5pm AEST.
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