The local share market has started the new year by coming within a hair's breadth of setting an all-time high.
A few minutes before noon AEDT on Tuesday, the benchmark S&P/ASX200 index rose as high as 7,632.7 - just one-tenth of a point from its best-ever intraday level of 7,632.8, reached on August 13, 2021.
It finished just five points away from that peak, up 37 points, or 0.49 per cent, to 7,627.8.
The broader All Ordinaries gained 37.9 points, or 0.48 per cent, to 7,867.4.
Capital.com market analyst Kyle Rodda said that trading volumes were about half average, so the price action could be considered noisy and exaggerated.
"Nevertheless, there’s nothing more bullish than when a market hits all-time highs," he wrote.
"Despite the ever-present risk of a pullback, possibly caused by a retracement in rates markets, investors in Aussie equities are clearly welcoming the new year."
Every ASX sector finished higher except for property, which fell 0.7 per cent.
The energy sector was the biggest gainer, climbing 1.5 per cent, with coalminers in particular putting in a strong performance.
Whitehaven finished up 4.2 per cent to a two-month high of $7.75, while New Hope rose 2.9 per cent and Yancoal added 4.9 per cent.
All of the Big Four banks ended higher, with CBA up 1.6 per cent to a fresh all-time high of $113.61, Westpac adding 0.8 per cent to $23.08, ANZ rising 0.3 per cent to $25.99 and NAB advancing 0.5 per cent to $30.86.
But insurance companies - whose bottom lines would be dented by the falling interest rates expected later this year - finished in the red. IAG dropped 1.9 per cent, QBE declined 0.8 per cent and Suncorp dipped 0.9 per cent.
Goldminers were mixed as the yellow metal traded for $US2,076 an ounce, down about $12 from a peak reached last week.
Newmont dipped 0.4 per cent and Emerald Resources fell 2.0 per cent while Northern Star added 0.5 per cent.
Elsewhere in the sector, BHP added 0.3 per cent to $50.54, Fortescue gained 1.3 per cent to $29.39 and Rio Tinto grew 0.7 per cent to $136.57.
In small caps, PYC Therapeutics dipped 9.1 per cent to 10c as the Perth-based biotechnology company announced a $10 million collaboration with Google Cloud and its partners to use artificial intelligence to investigate new precision medicines.
The Australian dollar meanwhile was buying 68.34 US cents, from 68.43 US cents at Friday's ASX close.
Cryptocurrencies also had a strong start to the new year, collectively rising 5.9 per cent in the past 24 hours.
Bitcoin was trading for more than $US45,000 for the first time since April 2022, ahead of the potential US approval of a spot Bitcoin ETF in the next week and a half.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Monday up 37 points, or 0.49 per cent, at 7,627.8.
* The broader All Ordinaries rose 37.9 points, or 0.48 per cent, to 7,867.4.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 68.35 US cents, from 68.43 US cents at Friday's ASX close
* 96.66 Japanese yen, from 96.70 Japanese yen
* 61.95 Euro cents, from 61.82 Euro cents
* 53.67 British pence, from 53.61 pence
* 108.22 NZ cents, from 107.69 NZ cents
