Profit-taking ends bourse's record run

The sharemarket failed to maintain its record run yesterday as investors took profits in resource and gold stocks.
The benchmark ASX 200 index fell 6.6 points to 4813.7 and the All Ordinaries fell 7.2 to close at 4757.9 in thin trading.
The dip into the red did not surprise analysts, given that the day before the bourse rose almost 1 per cent to a record high thanks to strong demand for resources.
Nomura Australia market strategist Eric Betts said the fall was predictable after consecutive days of record highs, with investors retreating to more defensive stocks such as the banks.
"There were no real fresh incentives to drive the market higher even though global markets have been strong," he said.
"[It's] just a bit of profit-taking after a strong run … [but] the early portents for 2006 are pretty good in terms of global markets being fairly positive."
BHP Billiton fell 25c to $23.60 and Rio Tinto dropped $1.26 to $69.80, while goldminer Newcrest fell 53c to $25.41.
The free-to-air TV broadcasters took centre stage yesterday when the Ten and Seven networks won the race to secure the rights to the AFL after they matched a $780 million bid from Publishing & Broadcasting Ltd's Nine Network.
Shaw Stockbroking's head dealer, Jamie Spiteri, said Seven came in for the most attention because of concerns over the premium paid for the rights and the fact it had not broadcast any AFL matches over the last four years, unlike Ten. Seven fell 8c to $8.35, Ten lost 2c to $3.13 and PBL fell 4c to $16.70.
Chris Corrigan's Patrick Corp continued its upward trajectory - rising 4c to $7.48 - as investors bet on Toll Holdings having to increase its hostile takeover bid for the transport giant. Toll fell 18c to $14.72.
Among the biggest losers yesterday was Super Cheap Autos, which plummeted 29c to $2.55 after it talked of disappointing sales over the Christmas period. The retailer's share price also suffered from its managing director, Bob Thorn, announcing his resignation after 13 years in the job.
"All eyes are on what has happened with the Christmas period sales, so [investors] will be very sensitive to that sort of news," Mr Betts said.
Concerns about the tough retail environment also sent shares in Repco tumbling 13c to $2.21.
Among the biggest winners yesterday was John Fairfax, which jumped 12c to $4.14 after chairman Ron Walker said the newspaper publisher was not for sale, despite rumours Macquarie Media Group was eyeing the company.
Mr Betts said investors were keenly watching for any potential corporate action in the sector as possible media law changes loomed later this year.
AMP Capital Markets chief economist Dr Shane Oliver said Australian shares would continue to outperform mainstream global stocks because of higher dividend yields, slightly stronger earnings growth and franking credits.
The market was on track to surpass the 5000-point mark by the end of the year, although an upside risk for Australian shares was "that a bubble forms on the back of enthusiasm for China and resources stocks".