ASX surges past 7000-point milestone

By AAP Newswire

The Australian share market's surge past the 7000-point milestone benefits everyone with a superannuation account, and not just shareholders.

The S&P/ASX200 was up 38.6 points, or 0.55 per cent, at 7033.4 at 10.15am on Thursday after briefly hitting 7041.4.

The gains surpassed Wednesday's record on the Australian stock exchange of 6996.8 points.

While plenty of Australians do not own shares, most super funds invest members' money in shares listed on the ASX.

The Association of Superannuation Funds of Australia (ASFA) CEO Martin Fahy said many Australians should be interested in the record.

"It's good news for more people than we think," he said.

"There are 28 million superannuation account holders who own Aussie-listed equities.

"The ASX going through the 7000 points mark means your super has had a good day."

However, Mr Fahy cautioned that good super performance should be measured in decades, rather than days.

Australian men on average have $111,853 in superannuation with about $24,000 of that invested in Australian-listed shares, according to ASFA's December statistics.

Australian women have an average $68,499 in superannuation, of which about $15,000 is invested in Australian-listed shares.

The ASX 200 started with a value of 3133.3 points when it was created in 2000.

The index is expressed in points, rather than dollars, because of complex calculations that provide a more consistent indicator of the overall market.