Bourse's ho ho ho and up we go

The sharemarket soared to record highs yesterday, shrugging off a soft lead from Wall Street.
A decline in US stocks and lower commodities prices failed to dampen the late-year cheer of the bourse despite little local economic and company news.
The ASX 200 rose 46 points to a record close of 4718.2 after peaking at 4719.2. The All Ordinaries was up 43.2 points to 4659.9, also setting a new closing high. It reached a record intra-day high of 4660.6.
ABN Amro Morgans Ipswich manager Tony Russell said the activity had an element of end-of-year window-dressing.
"There's some sentiment and some expectation of stronger performances by the market in the first quarter of next year," he said. "We've got a large number of institutions that have probably ruled their book off for the end of the calendar year, and end of the quarter and end of the half.
"So I think that we have seen probably turnover a bit lighter than normal and that creates a bit more volatility, too."
Resources group Rio Tinto was a star performer, surging $1.68 to $67.18. BHP Billiton jumped 40c to $22.50 after announcing an oil discovery in the Gulf of Mexico.
Banks were in demand, with the Commonwealth up 52c to $42.40, National Australia Bank lifting 22c to $32.35, Westpac up 8c at $22.69 and ANZ 23c firmer at $24.14.
News Corp fell 23c to $22.35 and its non-voting stock lost 10c to $21.20. A US court has given shareholders the go-ahead to pursue claims that News's decision to extend a "poison pill" anti-takeover measure breached a binding agreement.
Elsewhere, Seven Network rose 5c to $8.20, John Fairfax was flat at $3.91 and Ten Network slid 16c to $3.10.
Multiplex fell 1c to $3.17 after admitting its troubled reconstruction of London's Wembley Stadium might not be ready in time for the FA Cup final in May.
Telstra rallied 5c to $3.93 as it reiterated its forecast for a decline in earnings by 15 to 20 per cent in 2005-06, excluding restructuring and redundancy costs.
Optus owner Singapore Telecom was steady at $2.13 amid speculation it is nearly ready to buy out British entrepreneur Sir Richard Branson's 75 per cent stake in his Australian mobile phone group Virgin Mobile for less than $100 million.
United Group rose 30c to $11.31. The industrial services company has won more than $200 million in power and infrastructure contracts in Australia, New Zealand and Thailand thanks to increased demand for water, power and other essential infrastructure services.
Hip replacement firm Portland Orthopaedics debuted on the bourse at a 3c premium to its 25c issue price in a $5 million float before closing at 26c.
Iron ore junior Cape Lambert fell 2c to 28c after resuming trading for the first time since August. Shares in the miner, formerly International Goldfields, closed at 30c on August 18 when the group was granted a trading halt.
Goldminers were softer, with Newcrest off 22c to $21.57, Newmont down 14c to $6.64 and Lihir Gold 7c weaker at $2.08.
The top traded stock by volume was Goodman Fielder with 49.55 million shares worth $100.395 million changing hands. They fell 1c to $2.02.