Investors shrug off bad day on Wall St

The stockmarket closed slightly higher yesterday, shrugging off weakness in New York on Friday in what is traditionally a strong month for local shares.
Retailer Coles Myer was the standout in an otherwise quiet day of trading, brokers said.
The ASX 200 index was up 7.5 points at 5142.8 while the All Ordinaries gained 6.4 to 5102.9.
ABN Amro Morgans Ipswich manager Tony Russell said the market had held up admirably, considering the negative lead from Wall Street.
"The US market was dragged down on Friday night by some local issues so the local market has decided it won't affect global markets," he said.
"July tends to be a stronger month anyway with the influx of superannuation fund money into the market."
Coles Myer jumped 30c to a record close of $12.19 after completing a better-than-expected $837 million share buyback. Rival Woolworths eased 1c to $20.19.
Market leader BHP Billiton rose 4c to $29.09 while Rio Tinto shed 13c to $78.21.
Iron ore developer Fortescue Metals soared 90c to $10.50 after confirming negotiations for an equity placement worth more than $US270 million ($359.8 million) with Hong Kong commodities trader Noble Group.
Mutiny Gold had a bumpy start to public life. Shares in the junior explorer began trading on par with the issue price of 20c but ended the day down 4c at 16c.
The big banks were broadly higher. The Commonwealth put on 40c to $45.55 and NAB added 9c to $36.27 while Westpac eased 29c to $22.91.
ANZ edged up 2c to $26.84. The bank has completed the $US111.5 million ($148.6 million) acquisition of 20 per cent of China's Tianjin City Commercial Bank.
Shares in CFK Childcare fell almost 17 per cent in morning trade after the childcare service provider forecast a $3.1 million to $3.35 million operating loss for 2005-06.
The shares rebounded to close down 6c at 40c.
CFK had previously said it would report a full-year loss of $1.7 million.
Among media stocks, PBL rose 7c to $18.16 and John Fairfax gained 3c to $3.79.
Telstra put on 3c to $3.78.
Qantas rose 2c to $3.07 while Virgin Blue added 3.5c to $1.645.
Goldminer Newcrest fell 29c to $20.66 after warning that its net profit for 2006-07 would not be as high as some expected but more than the result of the previous year.