The benchmark S&P/ASX200 index on Monday rose 23.8 points, or 0.28 per cent, to 8,417.6, its first close above 8,400, while the broader All Ordinaries gained 28.1 points, or 0.33 per cent, to 8,661.2.
In late-morning trading ASX200 climbed as high as 8,462.1, eclipsing its previous all-time intraday record of 8,446.4 set last Tuesday.
The index also set an all-time closing high on Friday.
Moomoo market analyst Jessica Amir said the global risk-on rally would probably persist until the end of 2024, provided economic readouts continued to come in better-than-expected.
Markets generally gained momentum ahead of Black Friday and Cyber Monday and investors were pleased US president-elect Trump has named a pro-Wall Street hedge fund executive as treasury secretary, Ms Amir said. Â
US small-cap stocks also outperformed last week, suggesting "investors are feeling bullish, aggressive and ready to take on risk," she said.
For 2024, the ASX200 has gained 10.9 per cent, with about five weeks of trading left.
Six of the ASX's 11 sectors finished higher, while mining, financials and utilities ended lower and energy and consumer staples were basically flat.
The property sector was the biggest mover, rising 1.6 per cent as Mirvac climbed 3.3 per cent and Westfield owner Scentre Group added 2.8 per cent.
In the financial sector, CBA rose 0.7 per cent to an all-time high of $160.14 - its first close of more than $160 - but the other big retail banks finished lower.
ANZ dropped 1.3 per cent to $31.83, while Westpac and NAB both dropped 1.2 per cent, to $33.41 and $39.61, respectively.
In tech, Novonix soared 30.4 per cent to a seven-month high of 96.5 cents after the Brisbane-based battery material company said it signed an offtake agreement for synthetic graphite with a Volkswagen subsidiary.
The pact builds on a similar agreement with Stellantis, the world's fourth-biggest automaker, which last week agreed to buy synthetic graphite from Novonix's under-construction facility in the US state of Tennessee.
In industrials, SG Fleet Group rose 18.4 per cent to a six-year high of $3.16 after the car-leasing company said it was engaging with Pacific Equity Partners having receied a tentative takeover offer from the Sydney-based private equity firm at $3.50 per share.
In the heavyweight mining sector, Fortescue rose 0.4 per cent to $18.38, BHP edged 0.1 per cent higher at $40.20 while Rio Tinto dipped 0.4 per cent to $116.71.
In health care, Pro Medicus rose 2.7 per cent to an all-time high of $227.64 after the medical imaging company told shareholders at its annual general meeting it was running ahead of its growth-oriented budget year-to-date and was strategically positioned to leverage AI on its platform used by radiologists and clinicians.
Elsewhere in the sector, Paradigm Biopharmaeuticals surged 41.5 per cent to an over one-year high of 46 cents.
The small-cap company, which is attempting to repurpose an established thrombosis drug as a treatment for knee osteoarthritis, told the ASX in response to price query that it had no explanation for the jump.
The Australian dollar was buying 65.15 US cents, from 64.89 US cents at Friday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Monday up 23.8 points, or 0.28 per cent, at 8,417.6
* The broader All Ordinaries rose 28.1 points, or 0.33 per cent, to 8,661.2
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.15 US cents, from 64.89 US cents at Friday's ASX close
* 100.63 Japanese yen, from 100.50 Japanese yen
* 62.20 euro cents, from 62.01 euro cents
* 51.75 British pence, from 51.64 pence
* 111.34 NZ cents, from 111.32 NZ cents.
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