SYDNEY, AAP – A Commonwealth Bank share buyback prompted investors to snap up bank stocks as they helped the ASX to its sixth consecutive record high.
The bank’s $6 billion windfall for investors was made possible by improving full-year cash profit by almost 20 per cent.
The biggest player on the ASX had its shares trade for a record $109.03.
Financial shares gained 0.9 per cent as investors bet on similar rewards elsewhere.
The major categories of energy and materials shares rose by a similar measure.
The benchmark S&P/ASX200 index closed higher by 21.7 points, or 0.29 per cent, to a record 7584.3.
The All Ordinaries closed up 24.2 points, or 0.31 per cent, to 7854.6.
The Australian dollar was buying 73.36 US cents at 1625 AEST on Tuesday, higher from 73.25 US cents at Tuesday’s close.