SYDNEY: Australian shares have reached the psychological level of 6,000 points as the Dow and S&P500 closed at record highs after the finance ministers of Greek and euro zone reached a deal to extend Greece’s financial rescue plan by four months.
The S&P/ASX 200 index rose 0.5 percent, or 27.76 points, to 5,909.3 points by 0106 GMT. The benchmark fell 0.4 percent on Friday. The index rose last week to its highest since May 2008.
Analysts expect Australian shares to offer lower or modest returns over the next 12-18 months. The index, which is up over 9 percent so far this year, is trading at 14.2 times its 12-month forward earnings, higher than its 10-year average.
Financials led the gains on Monday with high dividend-yield stocks such as National Australia Bank and Westpac up about 0.6 percent. AMP rose 1.7 percent.
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