SYDNEY, AAP – Australia’s share market has finally overcome a coronavirus-induced trough after the main index rose to record heights.

The ASX200 broke its intra-day record soon after trading began on Monday as low interest rates, financial stimulus and vaccines inspire traders.

The index set a new record of 7203.3, pipping the previous one set in February last year.

The index soon eased and closed lower by 17.9 points, or 0.25 per cent, to 7161.6.

The All Ordinaries closed down by 17.3 points, or 0.23 per cent, to 7406.7.

The market had its eighth consecutive month of gains and rose 1.93 per cent for May.

The Australian dollar was buying 77.26 US cents at 1626 AEST, higher from 77.16 US cents at Friday’s close.