Good oil for banks, resources

The sharemarket was buoyant yesterday, spurred by positive signs from Wall Street and strong performances in the banking and resource sectors.
The ASX200 index rose 42 points to 4554.5 and the All Ordinaries 40.4 points to 4501.2.
At close of day trading on the Sydney Futures Exchange the December share price index contract had risen 37 points to 4560.
Reynolds & Co director Markus Mueller said a fall in oil prices and the stronger US market had been a fillip for the Australian market.
"We're following the lead from the US and the lower oil prices help - the momentum is coming back into the market," he said.
Rio Tinto surged $1.62 or almost 3 per cent to $59.80 while BHP Billiton gained 26c to $21.35.
Fortescue Metals, which said yesterday it is confident of meeting the financing deadline to develop its $2.3 billion Pilbara iron ore project, added 8c to $4.85.
Despite the lower oil price, oil and gas producer Woodside increased 42c to $33.28 and Santos rose 11c to $11.46.
"The falling Australian dollar has absorbed some of the impact of the weaker oil price - it helps our exporters," Mr Mueller said.
Commonwealth Bank shot up 66c to a record close of $40.39.
National Australia Bank, with it annual results out today, added 11c to $33.65 and Westpac 27c to $21.67. ANZ, which went ex-dividend yesterday on a 59c payout, lost 32c to $23.28.
Retailer Woolworths climbed 23c to $16.78 while Coles Myer added 8c to $10.08.
The company behind Gowings stores, G Retail, yesterday called in administrators after a proposed sale to Lowes fell through. G Retail last traded at 6c.
News Corp improved 50c to $20.95 and its non-voting scrip added 61c to $19.95.
Publishing & Broadcasting gained 23c to $16.75 as Fairfax firmed 2c to $4.28.
Telstra strengthened 5c to $4.19 and Optus parent Singapore Telecommunications rose 3.5c to $1.95.
Newcrest Mining gained 16c to $18.98, global gold company Newmont rose 7c to $5.83 and Lihir Gold added 3.5c to $1.84.
Rockeby Biomed, a biotech group that is involved in international tests for the potentially deadly bird flu virus, was the top traded stock by volume on the ASX with 199.94 million shares changing hands for $9.33 million. Its share price surged 267 per cent or 3.2c to 4.4c.
Wall Street firmed on Monday night as oil dipped below $US60 a barrel. The Dow Jones industrial average rose 55.47 points to 10,586.23, the Standard & Poor's 500 index 2.67 points to 1222.81.