SYDNEY, AAP – Australia’s share market dived late but still closed higher for the fifth consecutive session, and inched towards a record.

The benchmark S&P/ASX200 index closed higher by 2.1 points, or 0.03 per cent, to 7065.6 on Monday.

The index rose as high as 7094.8 earlier.

The ASX200 is within 100 points of its record close, 7162.49.

The All Ordinaries reached a record 7358.8 points in the first two hours of trading, extending a milestone set last week.

The broader index closed up by 2.2 points, or 0.03 per cent, to 7328 points.

The Australian dollar was buying 77.43 US cents at 1623 AEST, higher from 77.39 US cents at Friday’s close.