ASX surges for second day as investors beat super deadline

ASX surges for second day as investors beat super deadline


The ASX blew back above the 5800 mark on Wednesday, in its second day of strong performances, which one senior trader is attributing to investors cramming funds into superannuation accounts in a bid to avoid regulatory changes coming into effect on July 1. The benchmark S&P/ASX200 index added 1.1 per cent to 5833.9, while the broader All Ordinaries rose 1.0 per cent to 5862.2. a It's the first solid leg up in some time for the ASX, which was heavily sold down beginning in May and had a less-than-auspicious start to June. Bell Potter senior trader Richard Coppleson attributed the market's robustness to the superannuation changes taking place on July 1, which will place caps on concessional contributions.



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