Market cheers as commodity and metal prices rise

The stockmarket returned to positive territory after an overnight rise in commodity prices boosted the resources sector.
The ASX 200 rose 23.9 points to 5037.7, while the All Ordinaries rose 28.7 points to 4995.
Macquarie Equities adviser Helen Spencer said commodity prices and resources held up the market.
"After a rally in the metals on the London Metals Exchange and stronger commodity prices overnight, we've seen a rebound in the recent sluggish performance of the resource sector," Ms Spencer said.
"The resource sector has surged hugely and while some gains are still there at the end, many are below their highs of earlier today.
"Without the resources, though, we'd certainly be in negative territory."
BHP Billiton led the way, rising 80c to $28.29, while Rio Tinto rose $2.59 to $77.24.
The big four banks were mixed. ANZ rose 42c to $26.65 and National Australia Bank rose 21c to $35.61, while Westpac fell 23c to $23.15.
Commonwealth Bank fell 34c to $44.21 after introducing two new banking accounts offering unlimited electronic and branch transactions.
Shares in embattled wheat exporter AWB rose 4c to $4.25 after it maintained its guidance despite reporting a half-year net profit of $45.97 million, which was less than half that of the same period last year.
Among retail stocks, David Jones fell 1c to $2.69 and Coles Myer fell 3c to $11.32, while Harvey Norman firmed 1c to $3.78. Woolworths rose 4c to $19.09 after announcing its former director of supermarkets, Michael Luscombe, will be appointed chief operating officer from June 1, ahead of succeeding incumbent chief executive Roger Corbett on October 1.
Shares in Australia's biggest grocery wholesaler, Metcash, fell 22c to $4.30 after it reported a 36 per cent fall in annual net profit to $81.18 million.
Drugs maker and distributor Sigma Pharmaceuticals said it was confident it was on track to achieve underlying profit growth of about 15 per cent this financial year. Its shares fell 5c to $2.51.
Telstra fell 1c to $3.82 while rival and Optus-parent Singapore Telecommunications fell 2c to $2.14.
ASX rose $2.13 to $31.38 and the SFE rose $1.06 to $15.90 after the Australian Competition and Consumer Commission said it would not oppose a merger of the two companies.
The media sector was mixed. News Corp fell 4c to $25.76, its non-voting scrip rose 5c to $24.64, Fairfax fell 6c to $3.86, while Publishing & Broadcasting rose 97c to $18.99.
The spot price of gold in Sydney closed up $US13 at $US669.00 per fine ounce.
Gold stocks rose in response to the price hike.
Newcrest rose 49c $20.59, Newmont 15c to $6.85 and Lihir 27c to $2.92.
The top traded stock by volume was copper and gold miner Oxiana, after 35.15 million shares worth $102.18 million changed hands. Its shares rose 26c to $2.93.
National market turnover was 1.32 billion shares worth $6.30 billion.
The market recorded 713 stocks rising, 431 falling and 280 unchanged.