Sharemarket recovers ground

The Australian sharemarket yesterday brushed aside a weak performance by Wall Street overnight to march into positive territory on the back of the resource, energy and banking sectors.
The gains were posted in the midst of profit reporting season, with some of Australia's biggest companies, including BHP Billiton, Commonwealth Bank and Woodside Petroleum, to report today.
The ASX 200 closed 47.1 points stronger at 4864.2 while the All Ordinaries climbed 43.1 points to 4808.2.
On the Sydney Futures Exchange the March share price index contract closed up 26 points at 4826 on a volume of 16,538 contracts.
Macquarie Equities associate director Lucinda Chan said gains in the banking, energy and resource sectors had wiped out most of yesterday's losses.
"To a great extent it's the banks and the big guys in resources - they've really been the mainstay power," she said.
BHP Billiton gained 28c to $24.16 on the eve of announcing Australia's biggest ever interim profit of around $US4 billion ($5.43 billion).
Rio Tinto jumped $1.42 to $72.37 and Woodside Petroleum surged $1.05 to $41.30.
NAB led the big four banks, gaining 70c to $35.36, while ANZ put on 32c to $24.92.
Commonwealth Bank found 56c to $43.82 ahead of its first-half result, which could break the $2 billion mark, and Westpac closed 6c higher at $23.61.
Around the media sector, News Corp climbed 19c to $22.70 while its non-voting shares found 24c to $21.55.
PBL strengthened 19c to $16.20 ahead of its half-year results announcement next week.
But global beverages firm Foster's and diversified industrial company Wesfarmers both finished in the red after announcing profit results.
Wesfarmers dropped 55c to $36.70 despite posting a 37 per cent rise in half-yearly net profit to $447.48 million while Foster's sank 12c to $5.48 after it booked a 62 per cent fall in first-half net profit to $291.1 million.
But Crane Group closed 75c higher at $10.45 after posting a 3 per cent lift in interim net profit to $50.74 million, while bionic ear marker Cochlear lifted $2.55 to $50.90 after reporting an improved half-yearly net profit of $43.76 million.
In the telecommunications sector, Telstra improved 2c to $4.06 while Optus-owner Singapore Telecommunications was up 4c to $2.20.
Global goldminer Newmont dipped 8c to $7.30 but Newcrest Mining rose 21c to $24.72.
The gains on the local market came despite a fall in the US overnight.