S&P/ASX 200 hits record high as strong demand dynamics push oil price above US$70 per barrel

Gold prices rose 0.4% to US$1,906.80 per ounce on Wednesday, hovering below a near five-month peak achieved in the previous session.

Aldoro Resources Ltd - S&P/ASX 200
Global investors are awaiting U.S. payrolls data due on Friday to gauge cues on future monetary policy.

S&P/ASX 200 (INDEXASX:XJO) has hit another record high earlier today, with the index lifting 0.9% to 7281.8.

The Big 4 banks were the largest contributors to the market’s gains as Commonwealth Bank (ASX:CBA) hit a fresh record high of $101.85 this morning.

Energy stocks are also continuing to gain, with the sector lifting by 2.84% following a 1.4% rise in brent crude oil price to US$71.25 a barrel.

Commodities boom

The iron ore price has surged by 12% since last Friday after Chinese policymakers drafted a plan which could help increase steel production in a major steel making hub.

Galaxy Resources (ASX:GXY) shares rose after the company upgraded its production goals for the year.

The lithium miner expects to produce between 195,000 to 210,000 dry metric tonnes (dmt) of spodumene concentrate (previously 185,000 – 200,000 dmt).

Top gainers

Today’s top gainers on the ASX include Aldoro Resources Ltd (ASX:ARN)(+8.06%), Arrow Minerals Ltd (ASX:AMD) (+16.67%), Brookside Energy Ltd (ASX:BRK) (+8.70%), Creso Pharma Ltd (ASX:CPH) (+21.43%), FYI Resources Ltd (ASX:FYI) (+8.73%), Queensland Pacific Metals Ltd (ASX:QPM) (+8.57%) and Roots Sustainable Agricultural Techn Ltd (ASX:ROO) (+8.33%).

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