Bourse heartened by that cracker Woolies result

The stockmarket closed higher yesterday as investors were buoyed by a strong profit result from retailer Woolworths and shrugged off initial caution arising from a trading halt in the shares of NAB.
ABN Amro Morgans senior client adviser Tony Dennis said the market was generally responding to good results in the reporting season and many companies were yet to pay their dividends, which was attracting investors.
"NAB has kicked on, and the banks have risen in the afternoon to add that last little kick to the market, but the highlight today would be the outstanding result from Woolworths," Mr Dennis said.
The benchmark ASX200 was up 30.7 points to 4924.1 and the All Ordinaries 30.7 points to 4880.1.
On the Sydney Futures Exchange, the March share price index contract rose 35 points to 4929, on a volume of 16,389.
Woolworths rose 22c to a record close of $17.92 after the supermarket chain unveiled a 22.1 per cent lift in first-half net profit to $543.1 million and reaffirmed earnings guidance. Rival retailing major Coles Myer shed 3c to $9.70.
National Australia Bank gained 63c to $36.55 after emerging from a trading halt in the morning.
The bank identified an error in its 2005 annual report which overstated the reported level of lending to the real estate and construction sector.
NAB said later that the errors would not affect its net profit.
Among the other banks, the Commonwealth gained 34c to $44.50 and Westpac improved 18c to $23.73. ANZ retreated 4c to $25.66.
Suncorp-Metway dropped 65c to $20.35 after analysts expressed concerns about the quality of the bank and insurance company's half-yearly result.
Financial services firm Challenger dipped 8c to $3.96 despite posting a higher first-half net profit led by gains in its wealth management and wholesale finance divisions.
In the resources sector, BHP Billiton strengthened 11c to $24.66 and Rio Tinto firmed 80c to $73. Oil and gas producer Woodside gained 31c to $41.36, and Santos was 11c higher at $11.71.
Among goldminers, Newmont rose 16c to $7.80 and Newcrest was up 38c to $21.27.
The price of gold in Sydney was $US556.55 an ounce, up $US4.90 on Friday's close.
Among media stocks, News Corp sagged 5c to $23.27 while its non-voting stock reversed 11c to $21.98.
Telstra was 4c richer at $3.91.
Wheat exporter AWB fell 16c to $3.88 on fears its export monopoly had been damaged by the fresh agreement struck by the Federal Government with Iraq.
Building products firm James Hardie lifted 8c to $8.73 after it reported a big jump in third quarter profits.
Private hospitals operator Ramsay Health Care was 65c higher at $9.80 as it said Asia and the UK might provide growth opportunities. Mayne Pharma was down 7c at $2.77.
The top traded stock by volume was Gawler Craton explorer Peninsula Minerals, with 69.9 million shares worth $2.1 million changing hands.
Peninsula shares were 0.4c higher at 3c. National turnover was 1.28 billion shares worth $4.52 billion, with 613 stocks up, 431 down and 331 unchanged.