SYDNEY, AAP – Australia’s share market has notched a second consecutive all-time high, but mining shares plunged late and limited gains.

The ASX200 rose to a record 7406.2 points early, helped by energy and financial shares.

The market was higher by about 0.3 per cent after the first two hours of trading, but mining shares slumped later.

Big miners BHP, Fortescue and Rio Tinto fell after a media report that China ordered firms to limit their exposure to overseas commodities markets.

China has been trying to curb soaring commodity prices.

The big miners all closed lower.

The benchmark S&P/ASX200 index closed higher by 6.7 points, or 0.09 per cent, to 7386.2 on Wednesday.

The All Ordinaries was up by 0.4 points, or 0.01 per cent, to 7633.4.

The Australian dollar was buying 76.92 US cents at 1621 AEST, lower from 77.13 US cents at Tuesday’s close.