ASX hits new record high; BHP, Rio, Fortescue soar Save Share ASX could hit 7500 in coming weeks William McInnes The momentum in the Australian sharemarket is set to continue, with some investment experts tipping the S&P/ASX 200 Index could clear 7500 in the coming weeks, driven by the banks and iron ore miners. The benchmark index closed at its highest level on record on Monday driven by a surge in the major iron ore miners amid soaring commodity prices. âThe ASX/S&P 200 is set to surpass 7,200, likely hitting 7,500 in coming weeks, and could even go to 8,000, as iron ore hits record highs, taking BHP Billiton and Rio Tinto with it, and the CBA likely striking a record $100,â said Russel Chesler, head of investments and capital markets at VanEck Australia