Miners and banks slump as world plays follow the leader

The sharemarket dropped sharply yesterday in the wake of weaker global equity markets, lower prices for base metals and oil, and higher interest rates.
Big miners such as BHP Billiton and Rio Tinto fell heavily, as did the major banks.
ABN Amro Morgans senior client adviser Roger Chandler said the market was due for a correction after a strong run upwards.
"It's also the fact that the interest rate rise [on Wednesday] has taken a considerable amount off the banks," Mr Chandler said.
"When banks and resources both go down, the market goes down," he said.
The ASX 200 fell 84.3 points to 5189.2 and the All Ordinaries fell 78.2 to 5146.7.
Westpac was down 65c at $24.37 despite a 16.5 per cent jump in half-year net profit to $1.47 billion.
Investors were disappointed with Westpac's performance in home and business lending and concerned about further softening across the industry.
NAB lost 66c to $36.58, ANZ fell 53c to $27.65 and CBA slid 75c to $45.80.
BHP slumped $1.10 to $29.65 and Rio Tinto dived $2.24 to $81.05 as it said economic growth in China would still drive strong commodity prices. Alumina fell 26c to $7.23.
Oil and gas producer Woodside Petroleum dropped $1.56 to $47.05. Santos shed 38c to $11.48 as it said it would spend $100 million on its Timor Bonaparte program.
Minerals explorer Straits Resources rose 7c to $4.41 after it said its 2006 earnings would be significantly above 2005's, due to strength in global markets.
Property manager GPT Group rose 4c to $4.22 after it said would deliver a distribution of 27.5c per security in 2006.
Lend Lease lifted 5c to $13.85 after it said it had formed a $124 million joint-venture with Bank of Scotland, giving it more opportunities in the UK's public sector infrastructure market.
Biodiesel producer Mission Biofuels closed its first day of trading at an impressive 39 per cent premium to its $1 issue price, ahead of beginning construction of a biodiesel production plant in Malaysia.
The stock opened at $1.29 and closed at $1.385.
Telstra eased 6c to $3.78 and was the top traded stock by volume, with 45.52 million shares worth $172.08 million changing hands.
Optus owner Singapore Telecom rose 3c to $2.29.
Optus said it would invest more than $1 billion in the new financial year, after posting an 8.5 per cent decline in annual net profit to $593 million.
Goldminer Newmont fell 35c to $7.30, Newcrest 52c to $22.63 and Lihir 20c to $3.16.