Market powers on but comes off highs

The sharemarket continued to set new records yesterday despite finishing slightly weaker, unsettled by a mixed performance among the banks and Telstra.
The ASX 200 was down 2.3 points at 5085.8 points, while the All Ordinaries slipped 0.3 of a point lower to 5044.8.
But both indices set new intraday highs: the ASX 200 hit 5104.5 and the All Ords 5061.4.
Austock Brokers senior client adviser Michael Heffernan said the market continued to perform well thanks to a strong economy.
"It is not a bad effort considering the fact that the market didn't get any real positive lead out of overseas overnight," he said.
"The market staged a pretty substantial recovery from about mid-morning."
The big miners were slightly stronger with BHP Billiton up 7c to $26.85 and Rio Tinto 8c firmer at $77.13.
Consolidated Minerals, up 7c to $2.79, has made a $29 million takeover bid for nickel explorer Titan to increase its exposure to nickel. Titan rose 1.6c to 7.4c.
The banks were mixed with Westpac down 8c to $23.75, the Commonwealth Bank 13c lower at $45.32, ANZ 6c softer at $26.09, while National Australia Bank moved against the trend, gaining 25c to $37.60.
St George Bank surged 69c to $30.16 after it said it was on track to increase earnings per share by 10 per cent in the next two years.
Telstra continued to slide, down 4c to $3.63.
Agricultural chemical manufacturer Nufarm gained 38c to $10.89 after it outlined a 10 per cent jump in forecast annual profit despite reporting a 15 per cent drop in first-half net profit of $34.18 million.
Uranium stocks continued to gain strength as the Prime Minister, John Howard, signalled a deal to sell yellowcake to China could be close.
Junior uranium explorer Encounter Resources was among the sector's best performers, jumping 40.5c to 88c.
Toro Energy slowed to close at $1.395, up 8.5c, after reaching $1.495. The 25c shares listed last Friday.