Resources boom: 5000 here we come

Mining and energy stocks propelled the sharemarket to yet another record yesterday as investors put their bets on the main indices breaching the landmark 5000-point barrier within the next few days.
In its second consecutive day of record highs, the benchmark ASX 200 index jumped 24.1 points to 4943.4 and the broader All Ordinaries gained 24.9 points to close at 4892.2.
ABN Amro's head of Sydney trading, Justin Gallagher, said the resource and energy stocks underpinned the rally yesterday and the bourse had a "very, very good chance" of reaching 5000 points within days.
"If you were a betting man, you would be fairly comfortable with the market hitting 5000 points," he said. "Whether it's to be sustained? There is where the real money is."
Market heavyweight BHP Billiton led the charge yesterday, soaring 53c to a record high of $26.58, while Rio Tinto rose $2.35 to a new high of $78.45 ahead of its full-year profit result on Thursday.
Oil and gas producer Woodside rose $1.79, or 4 per cent, to $46.51 after several analysts upgraded their oil forecasts and investors braced for the price of black gold as it neared $US70 a barrel. "If it breaks $US70, the sector will be off to the races," Mr Gallagher said.
Oil Search was up 13c to $3.92 and Santos 16c to $13.30.
The steel companies also had a good day after the world's biggest steel maker, Mittal, made a $US22.5 billion ($30 billion) bid for European giant Arcelor. Analysts interpreted it as meaning the outlook for steel is bright.
BHP spin-off BlueScope soared 30c to $7.90 and Smorgon Steel rose 2c to $1.62. OneSteel was steady at $3.68.
The miners may have been celebrating but the banks disappointed. Comments by National Australia Bank boss John Stewart at the annual meeting that it was on the road to recovery failed to inspire investors. The stock sunk 8c to $33.55.
Meanwhile, Victa lawnmower maker GUD Holdings kicked off the reporting season in style yesterday when it posted an 83 per cent rise in first-half profits to $20.2 million.
The stock was one of the biggest gainers among the top 200, rising 38c, or almost 5 per cent, to $8.05.
But Lihir Gold disappointed when it forecast lower-than-expected production this year and posted a lower annual net profit. The stock fell 5c to $2.39.
AWB's pain also continued as the stock slumped a further 5c to $5.05, making for a fall of almost 21 per cent since the inquiry into $300 million in slings to Saddam began on January 16.
Among media stocks, Fairfax fell 4c to $4.18 as investors continued to digest rumours a group of investors, including Macquarie Bank, have the newspaper publisher in their sights.