Big miners lead the way higher again

The sharemarket made solid gains yesterday as the big miners rode booming metal prices to new highs and the rest of the market hitched a ride.
The ASX 200 was 41.2 points higher at 5233.5, while the All Ordinaries rose 39.9 to 5186.8.
"The biggest excitement was BHP made a new high and that is obviously dragging both indices up with it," ABN Amro Morgans analyst Lisa Sadgrove said. "There is also strength across the boards in the banks."
BHP Billiton reached a new closing high after putting on 93c to $30.24, while Rio Tinto closed at a record $84.68, up $2.43.
Meanwhile, oil prices reached record levels around $US70 a barrel overnight on speculation of military conflict between the US and major oil exporter Iran. TAPIS hit $US71.66 a barrel.
Woodside rose $1.84 to $47.10, after reporting three of its new developments would deliver oil earlier than expected. Santos rose 21c to $12.06 while Oil Search was up 20c to $4.24.
But the high oil price remains a concern for Qantas, which said it would need further restructuring if the price kept climbing.
The airline has scrapped its Australian Airlines brand in favour of pushing its low-cost domestic carrier, Jetstar, into international routes. Shares in Qantas fell 6c to $3.48.
NAB was off 8c to $37.14 but the Commonwealth rose 47c to $46, ANZ 33c to $26.94 and Westpac 27c to $24.34. Macquarie was up 23c to $69 and St George added 15c to $30.24.
The spot price of gold broke through $US600 an ounce for the first time since December 1980 to close at $US601.40, up $US6.925.
But the market was sceptical the new high could be sustained and sold goldminers. Newmont fell 1c to $7.33 and Newcrest slipped 19c to $23.19 but Lihir picked up 12c to $2.94.
ActivEx closed at 22c after the copper and gold explorer began trading on the stock exchange at 21c, up 1c on its 20c issue price.
Foster's Group rose 17c to $5.67 after it said it had sold its Foster's brand in Europe for $750 million to Scottish & Newcastle.