Market shies away from key 5000 level

The sharemarket struggled to gain ground on Friday after easing back from an earlier rush towards the critical 5000-point barrier.
The ASX 200 closed 6.2 points lower at 4971.7 after an intraday record of 4997.8. The index rose 83.6 points over the week.
The All Ordinaries also set an intraday record of 4955.7, but closed four points weaker at 4932.7 for a weekly rise of 83.3 points.
Austock Brokers analyst Michael Heffernan said: "The market is doing exceptionally well as one would anticipate given the pretty good economy underpinning it.
"While we might zigzag on our way up, the point is that the trend is certainly very strong in an upward direction."
CMC Markets senior dealer James Foulsham said the market would only push through if the big miners BHP Billiton and Rio Tinto carried the market upwards.
"With these two stocks now making up over 11 per cent of the index between them, if the market is going to break through 5000 then it will be these two stocks driving the move," he said.
BHP rose 24c to $24.70 and Rio Tinto gained 35c to $71.25.
A stronger oil price pushed Woodside Petroleum 9c higher to $42.44 while Oil Search rose 1c to $3.90 and Santos fell 5c to $11.15.
Banks fell, with Westpac down 16c to $23.85, NAB off 13c to $36.02 and the Commonwealth 12c weaker at $44.35.
ANZ dropped 20c to $25.82 after forming an alliance with supermarket group Woolworths to provide co-branded ATMs in Woolworths stores and pubs. Woolworths rose 1c to $19.20.
David Jones rose 7c to $3 ahead of its interim result next week.
Foster's shed 5c to $5.34 as the market speculated it would sell its overseas breweries.
An unconfirmed Reuters report from London said Foster's was seeking to sell the overseas breweries for up to $200 million.
Telstra fell to its lowest level in more than eight years amid rumours the telco might cut its annual dividend payouts. The group's shares fell 6c to $3.71.