ASX firms 0.7pc, buoyed by BHP profit

The Australian sharemarket is narrowing the gap on its pre-pandemic record high as policy tailwinds and capital inflows support global equities and impressive earnings set an upbeat tone.

The S&P/ASX 200 Index closed 0.7 per cent higher, or 48.4 points, at 6917.3, leaving the benchmark within 250 points of the record close set on February 20 last year.