SYDNEY, AAP – The ASX200 notched a record high close and the All Ordinaries a record high as investors make a mockery of the saying “sell in May and go away”.

A broad rally helped the ASX gain more than one per cent and beat both records which stood since May 10.

The benchmark S&P/ASX200 index closed up by 84.6 points, or 1.19 per cent, to 7179.5 on Friday.

The ASX200 came within 11 points of a record intra-day high.

The All Ordinaries closed higher by 80 points, or 1.09 per cent, to 7424.

The index had a record intra-day high of 7431.4.

Materials shares were best and rose 1.88 per cent.

The Australian dollar was buying 77.16 US cents at 1624 AEST, lower from 77.45 US cents at Thursday’s close.