Bourse resumes its upward path

The sharemarket overcame an early hiccup to post its seventh consecutive weekly gain due largely to the stellar performance of mining and energy stocks.
As investors prepare for the start of the company reporting season next week, the bourse's landmark 5000-point mark appears likely to be surpassed earlier than even some of the more bullish market analysts had expected.
After falling almost 1 per cent on Monday because of negative sentiment from the US, the benchmark ASX 200 index rebounded to close up 57.9 points, or more than 1 per cent, at 4919.3 on Friday - up 64.9 points over the week.
The broader All Ordinaries index also jumped 55.3 points to 4867.3 on the day, up 61.2 points on the week.
Nomura Australia market strategist Eric Betts said a positive outlook for global markets had flowed through to the Australian bourse this week and overshadowed dull expectations for domestic-focused stocks.
"We have had a bit of volatility … but it's continued to make upward progress on a strong earnings outlook," Mr Betts said.
Market heavyweight BHP Billiton last week confirmed production delays at an oil and gas project in the Gulf of Mexico, but its shares soared almost 4 per cent on Friday due to better-than-expected coal price settlements.
They closed up 97c at a record high of $26.05 on Friday, up $1.39 over the week.
Rival miner Rio Tinto also hit record highs ahead of its full-year profit results next Thursday, rising $2.14 to $76.10 on Friday, and $2.10 over the week.
Ausbil Dexia equities director Paul Xiradis said the market had weathered the negative sentiment from the US early in the week and was pushed into record territory thanks to the strength of the mining and energy companies.
He expected the bullish sentiment for resource stocks to continue throughout the reporting season next month because prices for raw materials had been stronger than expected.
But it was a different story for some of the retailers. Shoe and clothing retailer Colorado was the biggest loser of the week after suffering the double blow of an earnings downgrade and the sudden departure of long-standing chief executive Rowan Webb. Its shares fell more than 15 per cent, or 59c, to $3.23 on Friday, and lost 70c over the week.
Woolworths lifted spirits in the sector on Wednesday when it boosted sales in the second quarter. The retailer rose 10c to $17.28 on Friday, up 45c over the week.
Elsewhere, Toll Holdings rebounded on Friday to close up 27c at $11.67 after suffering from its battle for Patrick.
Across the Tasman, New Zealand billionaire Graeme Hart fell just short of gaining total control of dual-listed Carter Holt Harvey after his $NZ3.3 billion ($3 billion) takeover offer for the forest products group closed on Friday.