Bourse's early storm peters out

The stockmarket closed higher yesterday, storming ahead early after a positive lead from US markets and higher prices for base metals overnight, but fading in later trading.
The major banks, big miners and energy stocks strengthened.
"It was an explosive start but it seems to have calmed down quite a bit in the afternoon session," CMC Markets market analyst David Land said.
However, the market had been unable to sustain the momentum as investors were still feeling tentative about moving money back into the market following recent "shaky" times.
The ASX 200 gained 34.2 points to 4999.2 while the All Ordinaries rose 31.8 to 4958.0.
On the Sydney Futures Exchange, the September share price index contract closed day trading 14 points higher at 4980, still 18 points behind the physical, on a volume of 11,232.
Among the major banks, the NAB climbed 3c to $34.39, the Commonwealth lifted 36c to $43.56, the ANZ firmed 15c to $26.20, and Westpac added 9c to $22.45.
In the resources sector, BHP Billiton rose 36c to $28.10.
Rio Tinto added 30c to $77.20 after it and a company owned by the Emirate of Abu Dhabi agreed to undertake studies on the construction of a major aluminium smelter in the United Arab Emirates.
Newcomer Gladiator Resources finished 5.5c lower than its issue price, at 14.5c, upon its debut on the ASX.
Oil and gas producer Woodside jumped 99c to $43, Santos was up 9c to $11.45, as was Oil Search at $3.98.
Roc Oil lifted 10c to $3.90 after it acquired 24.5 per cent of an offshore Chinese petroleum province for $354 million.
In the gold sector, Newcrest climbed 30c to $20.10, and Lihir added 8c to $2.82. AngloGold Ashanti was up 20c at $12.
The price of gold in Sydney was $US590.25 per fine ounce, up $US5.90 on Monday's close.
News Corp eased 3c to $26.85 while its non-voting stock gained 6c to $25.50.
Publishing and Broadcasting slipped 2c to $17.39.
Telstra inched up 1c to $3.67 and was the top traded stock by volume, with 35.02 million shares worth $128.7 million changing hands.
Telecom Corp of New Zealand sagged 2c to $3.39 as it said it would create separate, independent wholesale and retail operations.
Coles Myer improved 4c to $11.43, and supermarket rival Woolworths rose 1c to $19.60.
Gas pipeline operator GasNet fell 4c to $2.55 after directors rejected a $371.7 million takeover bid from Babcock & Brown Infrastructure and Australian Pipeline Trust.
Babcock & Brown Infrastructure was off 1c at $1.57 and Australian Pipeline Trust dipped 2c to $4.34.