Market drops; media marches the other way

The sharemarket closed lower yesterday, deflated by the miners and a mixed banking sector.
But most of the media sector advanced after the Federal Government revealed plans to relax ownership laws and energy producers rose as oil prices surged.
The ASX 200 was down 19.1 points to 4932.2 while the All Ordinaries fell 16.9 to 4893.7.
"The energy sector probably benefited most," ABN Amro Morgans private client adviser Kylie Macdonald said. "With the huge rise on Monday, there was probably a bit of profit-taking coming through."
Woodside gained 89c to $41.64 after world oil prices rose to almost $US62 - traders were reacting to tensions in major crude producers Iran and Nigeria.
Oil and gas producer Santos rose 7c to $11.35 and Oil Search edged up 3c to $3.73.
Heavyweight miners fell after China, the world's biggest buyer of iron ore, restricted imports of the steel-making ingredient. China had imposed a ceiling on iron ore prices at about $US54 a tonne for imports, traders said.
BHP Billiton fell 29c to $23.64 and Rio Tinto slumped 91c to $69.45.
In media, Seven Network rose 14c to $9.45, Ten Network added 10c to $3.20 and John Fairfax firmed 11c to $4.07 as the Government said rules limiting foreign ownership of television, radio and newspapers should be scrapped.
Shares in PBL fell 6c to $17.59 and APN lost 2c to $4.88 while Rural Press jumped 12c to $11.65. Regional broadcaster Prime was up 9c at $3.70 and regional subscription broadcaster Austar gained 1.5c to close at $1.14.
"Anything becomes possible if you've got a big enough cheque," said Greg Fraser, a media analyst at Shaw Stockbroking. "It's hard to predict who might take over who and why."
The proposed changes would allow a single company to own three forms of media - newspapers, television and radio - in each major city, from the current limit of one.
Babcock & Brown Infrastructure fell 1c to $1.575 as it posted a half-year net profit of $68.3 million, up from $4.7 million in the same period a year ago.
BBI also said it was not looking at buying the half of rail firm Pacific National that will be up for sale if Toll Holdings takes over Patrick Corp.
Toll, down 53c to $13.57, is preparing a new offer for Patrick, whose shares fell 3c to $7.83.
Among the banks, the Commonwealth fell 2c to $44.12, NAB dipped 37c to $36.80 and ANZ eased 15c to $26.16. Westpac added 27c at $23.77.
Coles Myer fell 21c to $10.28 as two international ratings agencies reaffirmed the retailer's stable rating after the $1.4 billion sale on Monday of the Myer department store chain.
Woolworths eased 15c to $18.98 and David Jones was off 7c to $2.88.
Lend Lease rose 21c to $13.63. Its US subsidiary, Bovis Lend Lease, had been chosen to construct a $US360 million ($490 million) memorial and museum at Ground Zero in New York.
Goldminers fell, with Newcrest off 40c to $20.90, Newmont down 3c to $6.69, Lihir Gold dipping 1c to $2.31 and Bendigo down 6c to $2.31.