Resource shares offset rate rise

The Australian sharemarket ended marginally higher yesterday, with falls in interest-rate sensitive stocks offset by a run-up in the resources sector.
The market initially fell after the Reserve Bank of Australia lifted the official cash rate for the first time in more than a year, by a quarter of a percentage point, to 5.75 per cent.
But it clawed back lost ground to end slightly higher.
At the close the ASX 200 was just 0.4 of a point higher at 5273.5 while the All Ordinaries was up 2.5 points at 5224.9.
Nomura Australia equity markets strategist Eric Betts said the interest rate decision would dampen consumer spending.
"We have seen some of the discretionary retailers down," he said.
David Jones lost 3c to $2.62, Coles Myer slipped 12c to $10.71 and Woolworths fell 30c to $18.40.
Banks were also lower as brokers worried the hike would hurt bank lending books.
"It's good for margins but bad for volumes going forward," Mr Betts said.
"It will slow credit growth."
National Australia Bank shed 13c to $37.24, Commonwealth Bank lost 8c to $46.55 and Westpac , which releases its first-half result today, fell 13c to $25.02. ANZ bucked the trend, gaining 6c to $28.18.
Financial services company AMP added 5c to $9.12 and investment bank Macquarie Bank gained 29c to $70.00.
Resource stocks gained on still buoyant commodities markets, particularly metals and oil prices.
The spot price of gold in Sydney closed at $US673.80 per ounce, $US17.85 higher than yesterday's close.
BHP Billiton lifted by 37c to $30.75, Rio Tinto gained $1.74 to $83.29 and energy company Woodside strengthened 21c to $48.61.
Lihir Gold powered ahead 13c or 4 per cent to $3.36, with Newcrest Mining jumping 54c to $23.15 but Newmont edging back 2c to $7.65.
Meanwhile, shares in Telecom Corp of New Zealand suffered in late trading, dropping 33c or nearly 7 per cent to $4.43, after the New Zealand Government outlined plans to regulate the telco in a major shake-up of the country's telecommunications sector.
Telstra, which is facing its own regulatory battles, closed 8c or 2 per cent lower at $3.84.
In the media sector, News Corp fell 9c to $23.99 and its non-voting shares were down 9c to $22.52, as Seven Network dipped 3c to $9.27.
Shares in John Fairfax, which announced a plan to buy The Border Mail publishing assets for $155 million after the market closed, were unchanged at $3.89.
Publishing and Broadcasting Ltd gained 20c to $18.53.
The top traded stock was Empire Oil and Gas with 51.93 million shares traded for a total value of $417,000. The stock gained 0.2c to 0.9c.
National market turnover was 1.43 billion shares worth $4.14 billion, with 568 stocks rising, 581 falling and 325 unchanged.
On the Sydney Futures Exchange the June share price index futures contract had lifted three points to 5274 on a volume of 13,471 contracts at the end of day trading.