ASX Soars 1.8 Percent to Post-COVID High

A man looks at an electronic board displaying stock information at the Australian Securities Exchange, operated by ASX Ltd. in Sydney, Australia, on March 16, 2020. Brendon Thorne/Getty Images

The Australian share market has rallied 1.8 percent to close at its highest level since March 6, with the gains driven by retail investors, an economist says.

The S&P/ASX200 benchmark index finished Wednesday close to the highs of the day, up 106.5 points, or 1.83 percent, at 5941.6 points, while the All Ordinaries index gained 104.8 points, or 1.76 percent, at 6064.9.