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ASX 200 Closes Financial Year with Best Performance Since 1987
The ASX 200, Australia's stock market index tracking the performance of the largest 200 companies listed on the Australian Securities Exchange (ASX), has ended the financial year up 23. 8%, its best performance since 1987. On Monday, the index finished 0. 59% higher, just ahead of the Reserve Bank of Australia's interest rate decision on Tuesday.
Contributing factors to this growth include the rapid recovery of the Australian economy, strong corporate earnings growth, record-low interest rates, a surge in investor confidence, and the diversification and resilience of the Australian market.
The economy has rebounded with gross domestic product (GDP) hitting pre-pandemic levels in the March quarter, earnings grew by 38% in the first half of 2021 driven by higher commodity prices, cost-cutting measures, and government stimulus.
The Reserve Bank of Australia's quantitative easing program and record-low interest rates have aided businesses and households.
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Additionally, investor confidence grew among retail investors, institutional investors, and foreign buyers, all flocking towards the share market.
The ASX 200's exceptional performance reflects the robustness of the Australian equity market in a challenging global environment.
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