Metal prices help market to a fresh set of highs

The stockmarket galloped to another record high yesterday after a strong boost from the major resources stocks.
At the 4.15pm close, the ASX200 index was up 47.5 points to 5491.6, beating its previous record close set yesterday. It also hit a high of 5496.3 during trading.
The All Ordinaries reached a closing record of 5456.7, up 46.6, with a day's high of 5460.4.
CMC Markets senior dealer James Foulsham said the market had started off with a flurry of activity before easing off ahead of the Melbourne Cup.
"Obviously the Dow was very strong so we got a lot of mileage out of that and Rio Tinto and BHP were also looking pretty good," Mr Foulsham said.
"The market has looked very strong over the last few days."
Rio Tinto was up $2.80 to $82.00 while rival BHP Billiton gained 59c to $28.23.
The banks also finished stronger, with National Australia Bank up 49c to $40.20, ANZ up 40c to $29.80, the Commonwealth was 27c stronger at $48.50 and Westpac rose 16c to $24.36.
Among the other major financials, Macquarie Bank gained $1.34 to $74.89.
Adelaide Bank hit a new high of $14.10, up 9c, Bank of Queensland was up a cent to $16.45 but Bendigo Bank fell 43c to $14.75.
A lift in base metal and oil prices helped to boost energy stocks with Woodside Petroleum up 14c to $37.44 while Santos gained 14c to $10.80 and Oil Search improved 3c to $3.39.
In retail, Coles Myer dipped 2c to $13.90, supermarket rival Woolworths lost 7c to $21.02 and David Jones slipped 1c to $3.45.
Rebel Sport remained in a trading halt as it considered a proposal concerning the company's future. Majority owner Harvey Norman was up 2c at $3.77. Rebel shares last traded at $4.35 on Friday.
In other news, tug boat operator Adsteam Marine's shares were unmoved at $2.34 after the company said the current drought would have a negative effect on its business as grain shipments out of Australian ports declined.
Adsteam, which is awaiting UK regulatory approval for a $700 million friendly takeover by Danish shipping giant SvitzerWijsmuller, also said it expected a booming resource sector to offset the drought.
Media stocks were mixed with News Corp 25c stronger at $28.10 and its non-voting scrip ahead 27c to $26.93.
Publishing & Broadcasting Ltd firmed 3c to $19.20 while Fairfax dipped 1c to $4.87 and Seven eased 4c to $9.86. Ten was down 3c to $3.28.

Telstra went against the trend, falling 2c to $3.91, and Qantas gained 11c to $4.31.
The gold price was at $US624.60 at 1644 AEDT, down $US4.05 on Monday's close.
Lihir Gold gained 2c to $2.85, Newcrest was up 21c to $24.25 and Newmont was down 7c to $5.95.
The most actively traded stock was African uranium explorer Deep Yellow with 74.47 million shares worth $32.95 million changing hands. The shares jumped 4.5c, or 11.8 per cent, to finish at 42.5c, having gone as high as 48.5c.
Deep Yellow goes ex a 1-for-5 entitlement at 12c a share today.
Another explorer recently granted permits in Namibia, Extract Resources, was up 0.6c to 9.5c on good volume. Aim Resources, which hopes to have its Burkina Faso zinc mine up and going next year, jumped 3c to 18.5c on trade of 21.2 million.
Acupuncture and "wellness" monitoring company Medec shares doubled to 35.5c after announcing revenue for the September quarter of $4.4 million.
Preliminary national market turnover was 1.24 billion shares worth $3.69 billion, with 623 stocks rising, 486 falling and 344 unchanged.