Miners up again, banks down

The sharemarket rallied as resources stocks benefited from gains in oil and metal prices.
The ASX 200 rose 12.6 points to 5076.2 and the All Ordinaries grew 13.7 to 5041.3.
Macquarie Equities client adviser David Halliday said a lift in commodity prices, particularly base metals, had offset falls on Wall Street.
"The US lead was undoubtedly weak but the US market has been strong recently and compounding that is the fact that commodity prices were very strong in Europe overnight.
"And we're seeing BHP gain ground ahead of its annual results announcement," he said.
BHP Billiton rose 40c to $28.75 while rival Rio Tinto climbed 73c to $75.40.
Mr Halliday said banks fell as investors moved into cyclical growth stocks.
"We've seen some rotations from the banking sector, which has been buoyant over the last three weeks, as investors move out of defensive stocks."
NAB lost 30c to $36.40, the Commonwealth 3c to $45.44, ANZ 16c to $26.81 and Westpac 6c to $22.83.
Oil stocks were mixed despite the price of crude oil jumping $US1.31 to $US72.45 a barrel.
Woodside rose 58c to $43.70, Santos added 7c to $11.78, but Oil Search closed 8c down at $3.52 after opening up 8c and flagging similar oil production levels in the second half of 2006 as the first half. High oil prices helped Oil Search to a record half-year profit of $US373.9 million ($491 million).
Beach was up 4.5c at $1.66 and Hardman Resources gained 6.5c to $1.54.
OneSteel gained 9c to $4.09 after it said the outlook for iron prices was positive. Net profit fell 7.5 per cent to $187.5 million.
Coles Myer fell 7c to $13.33. Rival Woolworths shed 3c to $19.90. Harvey Norman was down 5c to $3.35.
Billabong jumped 45c to $13.70 as annual net profit rose 16.5 per cent to $145.89 million.
The surfwear group expects to achieve 15 per cent growth in earnings per share this financial year amid robust sales in Europe and America.
PBL slipped 10c to $17.26 ahead of its annual results today.
PaperlinX rose 23c to $3.32 despite a 60.7 per cent drop in net profit to $65.4 million. The paper maker said capacity reductions and price rises in the US, Europe and Australia were signs of improving conditions.
Goldminers rallied, with Newcrest up 10c to $19.81 and Newmont up 15c at $6.85.