The S&P/ASX200 on Tuesday rose as high as 8,150.5 in afternoon trading, a smidge over its old intraday record of 8,148.7 from August 1.
The benchmark index finished at 8,140.9, up 19.3 points, or 0.24 per cent, from Monday's close, while the broader All Ordinaries gained 20.1 points, or 0.24 per cent, to 8,361.2.
It was also a busy day for mergers and acquisitions, with confirmed and tentative transactions involving Xero, Platinum Asset Management and Regal Partners as well as Pacific Smiles Group.
IG market analyst Tony Sycamore said while Tuesday's gains weren't as convincing as anticipated, a new record was always noteworthy - especially for those who recalled the long, arduous 13-year journey for the ASX200 to reclaim its 2007 high.
"Celebrations back then, while enthusiastic, were cut short by the onset of the COVID pandemic just six weeks later," Mr Sycamore wrote.Â
"This time, there will be hopes that today's push to new highs will prove more sustainable."
The gains come ahead of this week's Federal Reserve meeting, with hopes rising that the US central bank's interest rate-setting committee will opt for an aggressive double-sized cut when it hands down its decision early Thursday AEST.
Every sector of the ASX finished at least marginally higher on Tuesday, with tech the biggest gainer, climbing 1.1 per cent on solid gains by Technology One and Xero.
The former rose 2.4 per cent to an all-time high of $23.71, while the latter climbed 2.6 per cent to a nearly three-year high of $148.10 after announcing an acquisition.
The Kiwi cloud accounting company said it was spending $US70 million ($A104 million) to acquire Syft Analytics, a Johannesburg-based cloud-based analytics platform for accountants and small businesses.
In the financial sector, Platinum Asset Management rose 12.6 per cent to a six-month high of $1.115 and Regal Partners dipped 3.0 per cent to $3.20 after Platinum confirmed it had received a non-binding takeover offer from Regal.
Regal said the two parties were constructively working together to firm up the merits of the combination.
As for the big four banks, Westpac was up 0.7 per cent to $33.03 and NAB added 0.2 per cent to $38.86 while CBA and ANZ were basically flat, at $143.04 and $31.21, respectively.
In the energy sector, New Hope gained 1.7 per cent to $4.32 as the coalminer reported it made a $476 million profit in the year to July 31, down 56 per cent from last year.
In the heavyweight mining sector, Fortescue rose 1.8 per cent to $17.49, while Rio Tinto edged 0.1 per cent lower at $110.75 and BHP was flat at $39.55.
Goldminers were mostly lower even as the precious metal changed hands at $US2,585 an ounce. Evolution was down 2.0 per cent, Newmont fell 1.8 per cent and Northern Star dipped 0.3 per cent.
Elsewhere, Pacific Smiles Group was up 6.3 per cent to a five-week high of $1.865 after the dental clinic chain was also the subject of a takeover offer.
An associate of Sydney-based private equity firm Genesis Capital is offering $1.90 per share in an off-market bid.
The Australian dollar was at a two-week high against its weakening US counterpart, buying 67.59 US cents, from 67.22 US cents at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday up 19.3 points, or 0.24 per cent, at 8,140.9
* The All Ordinaries gained 20.1 points, or 0.24 per cent, at 8,361.2
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.59 US cents, from 67.22 US cents at Monday's ASX close
* 95.07 Japanese yen, from 93.99 Japanese yen
* 60.76 euro cents, from 60.49 euro cents
* 51.18 British pence, from 51.07 pence
* 109.10 NZ cents, from 108.83 NZ cents
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