Sharemarket returns to record-breaking form

The Australian stockmarket returned to its record-breaking ways yesterday, carried along on the backs of the big miners and the financial sector.
The market lost ground on Tuesday as profit takers pounced, but with a strong lead from Wall Street yesterday investors piled back in.
The ASX200 closed up 44.5 points at 5207, beating Monday's previous record of 5180.5
The All Ordinaries closed 42.7 points ahead at a new high of 5159, improving on Monday's record of 5133.1.
On the Sydney Futures Exchange, the June share price contract gained 68 points to 5231.
Among mining stocks, BHP Billiton strengthened 24c to $29.49 while Rio Tinto jumped $1.80 to $81.51.
BHP Billiton said construction work on a $US5 billion ($6.95 billion) expansion of its massive Olympic Dam copper and uranium mine could begin as soon as 2009.
Nomura Australia equity market strategist Eric Betts said mining-related stocks were also benefiting from the boom.
"Orica is strong due to the demand for Dyno Nobel," Mr Betts said.
Dyno Nobel, which is expected to list on the ASX on Friday with a market value of about $1.7 billion, supplies explosives and related services to mining and building companies.
It is the second biggest explosives maker - after Orica, which gained 29c to $24.14 yesterday.
Transfield gained 31c to $7.90 while Worley Parsons rose 44c to $18.71.
Mr Betts said the banks were benefiting from the decision by the Reserve Bank to keep interest rates on hold for the 13th consecutive month.
"We weren't expecting a rate rise - but if there had been one it would have been a negative [for the banks' shares]," Mr Betts said.
The Commonwealth Bank of Australia surged 70c to $45.50, National Australia Bank gained 49c to $37.57, ANZ improved 39c to $26.78 and Westpac added 20c to $24.35.
Wealth management group Axa advanced 20c to $6.10 while insurer QBE strengthened 35c to $22.52.
Media stocks were mixed, with Publishing & Broadcasting adding 28c to $17.86.
Fairfax weakened 3c to $3.92, while News Corp lost 25c to $24.66 and its non-voting stock reversed 23c to $23.16.
Telstra gave up 5c to $3.69 while Optus parent Singapore Telecommunications was steady at $2.30.
In retail, Woolworths gave up 9c to $18.70 but supermarket rival Coles Myer added 9c to $10.83.
Department store David Jones was up 5c to $2.85.
The price of gold in Sydney was down $US1.70 to $US584.75 on Tuesday's close.
Gold stocks suffered yesterday, with Newmont dropping 7c to $7.21, Newcrest dipping 50c to $23.30 and Lihir Gold 9c poorer at $2.67.
The top traded stock by volume was Lion Energy with 33.66 million shares worth $135,659 changing hands as shares in the oil and gas producer held steady at 0.4c.
Market turnover was 1.4 billion shares worth $5.02 billion with 577 stocks rising, 537 falling and 331 unchanged.
The Dow Jones industrial average was up 58.91 points to 11,203.85.
The Standard & Poor's 500 Index was up 8.12 points at 1305.93.