Miners, banks carry sharemarket higher

The sharemarket edged close to a new trading high yesterday with the big banking and mining stocks leading the charge.
Macquarie Equities private client adviser Helen Spencer said the market had shrugged off a negative lead from the US, with rising base metal prices driving up mining stocks and share buybacks boosting the banks.
The ASX 200 was up 11.4 points to 4655.4 while the All Ordinaries had risen 9.9 points to 4600.8. During the day the ASX 200 climbed as high as 4678.4 and the All Ords touched 4621.7.
The $2.1 billion float of Goodman Fielder hit the market yesterday, with shares in the spreads and bakery group closing 4c above the issue price at $2.04.
Goodman Fielder was the top traded stock by a country mile with 160.16 million shares worth $328.73 million changing hands.
Higher copper, aluminium and zinc prices helped boost mining stocks, with the world's biggest miner, BHP Billiton, climbing 27c to $21.87 and Rio Tinto rising $1.18 to $63.81.
Valhalla Uranium listed at a strong premium as investors sought to benefit from a rising uranium price fuelled by growing demand.
Valhalla began trading on the ASX at a 50 per cent premium, hitting the boards at 60c - 20c above the initial public offer price of 40c. By the end of trading the shares had receded to 55c, up 37.5 per cent.
The banks ended in positive territory, with ANZ rising 34c to $23.60, National Australia Bank climbing 10c to $31.96 and the Commonwealth Bank firming 1c to $41.61. Westpac advanced 30c to $22.70 after announcing it had bought back nearly 3 per cent of its stock in an offmarket share buyback.
Builder and property developer Multiplex Group sank 29c to $3.16 after it said it expected its profit for 2005-06 to be hit by the cost blowouts at its Wembley Stadium project.
Fellow developer Mirvac rose 3c to $4.24 on news it planned to move into the Victorian housing market with a 600-dwelling housing estate 25 kilometres north of Melbourne.
Babcock & Brown rose 2c to $17 after announcing it had bought a European renewable energy company for nearly $800 million.
Retailer Coles Myer rose 4c to $10.08 while Woolworths fell 4c to $16.65.
Telstra fell 2c to $3.82.
The spot price of gold was $US505.75 an ounce, up $US11.45 on Friday's close. Gold stocks responded, with Australia's largest producer, Newcrest Mining, closing up 17c at $21.41, global giant Newmont rising 15c to $6.77 and Lihir Gold up 2c to $2.11.