Speaking at the same event, JP Morgan Asset Management global market strategist Kerry Craig said prior central bank policy easing was helping to support equity valuations.
“Over past year, 48 central banks around the world delivered close to 8,000 basis points of monetary policy easing,” Mr Craig said. “That’s pretty significant in the scheme of things.”
Along with supportive monetary policy and optimism the coronavirus outbreak will be contained, strong earnings results also helped to push the local market higher during the session.
Commonwealth Bank shares jumped 4.1 per cent to $88.18, closing at the highest level since May 2015.
CSL Limited went one better, climbing 0.8 per cent to $328.25 to close at the highest level on record.
Education services provider IDP Education also closed at a record high, soaring 28.4 per cent to $21.42 after delivering a strong profit update while confirming the coronavirus outbreak was yet to have a material impact on its operations.
It was the largest gainer on the benchmark index for the session.
Tassal Group, Carsales.com and Bapcor were also boosted by robust earnings reports, rising 11.9 per cent, 8.3 per cent and 6.1 per cent respectively to $4.61, $19.09 and $7.11.
While investors welcomed their results, the same could not be said for Blackmores shareholders with the vitamins supplier tumbling 12.8 per cent to $78.00 after announcing a profit downgrade due to the coronavirus outbreak.
Beach Energy shares slid 4.3 per cent to $2.21 after releasing its profit result a session earlier. Packaging firm Orora also disappointed investors with its shares falling 4.1 per cent to $3.01.
