Investors lap up good results

The Australian sharemarket closed higher yesterday as investors lapped up healthy profit results and higher commodity prices.
ABN Amro Morgan's private client adviser, Kylie Macdonald, said high flyers such as Macquarie Bank and Australian Gas Light Company helped the bourse to a strong performance.
"There were a couple of absolute stand-outs but the general strength across the board has helped kick the market up," Ms Macdonald said.
"So far [it has been] a very good reporting season."
The ASX200 rose 43.6 points to 4879.1 while the All Ordinaries climbed 42.1 points to 4830.2.
On the Sydney Futures Exchange, the March share price index contract rose 53 to 4873 on a volume of 16,887 contracts.
US markets were closed for George Washington's birthday.
Macquarie Bank jumped $2.70 to $62.37 after deciding to let a $3.5 billion bid for the London Stock Exchange lapse.
AGL surged $1.16 to $19.46 as Alinta, the West Australian gas supplier, made a fresh move on the energy supplier.
Trading in Alinta was halted, having last traded at $10.97.
Among other energy stocks, Woodside climbed 47c to $42.75, Santos rose 12c to $12.30 and Oil Search firmed 17c to $3.76.
Oil Search said it expected to increase production in 2007 as its annual earnings rose to a record $US200 million ($270.16 million).
BHP Billiton gained 44c to $24.98 and Rio Tinto lifted 60c to $75.50.
Commonwealth Bank rose 29c to $43.83, Westpac gained 16c to $23.23, and ANZ lifted 30c to $25.21. NAB bucked the trend, dipping 3c to $35.69.
AXA Asia Pacific firmed 13c to $5.53 as the insurer announced it had paid $575 million for businesses in Hong Kong and Indonesia.
Among the airlines, Qantas was steady at $4.04 while Virgin Blue slipped 2.5c to $1.665.
After the market closed, the Federal Government said it would refuse Singapore Airlines access to the lucrative Australia-US Pacific air route.
Telstra found 2c, at $3.83, and was the top traded stock by volume, with 37.2 million shares worth $147.97 million changing hands. Singapore Telecom, the owner of rival telco Optus, added 1c at $2.21.
The big goldminers were mostly lower, with Newmont down 2c to $7.60 and Newcrest falling 44c to $24.36. Lihir Gold was steady at $2.11. The spot price of gold in Sydney was $US552.375 per fine ounce, down $US1 from Monday's closing price.