Bulls, Bears & Brokers: Martin Place Securities' executive chairman Barry Dawes speaks to Proactive Investors about the All Ordinaries recent high of 99 points and the forces driving the surge.
"The Reserve Bank cutting interst rates down to 1.25% basically means that holding cash is becoming less and less attractive," says Dawes.
He continues, "What we've seen is many stocks jumping 1-1.5% reflecting that - but we've seen the resources sector, particularly BHP, Rio and Fortescue jumping 3% yesterday as the iron price moved higher."
"So the Australian market has really lagged the rest of the world... our previous high was 12 years ago in November 2007 - we're still about 4% below that."
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