Unstoppable sharemarket just keeps going up

The sharemarket closed seeking high ground at yet another record high. It was buoyed by BHP Billiton and a strong showing from banks and insurers.
At the close, the ASX 200 index was up 48.1 points at 5,607.8, breaking the previous record of 5,591.40 set on Monday.
The All Ordinaries gained 45.3 points to 5,586.90, surpassing Monday's closing high of 5,572.2 and beating the previous intra-day high of 5577.30.
CMC Markets senior dealer Phil Martin said the big miners led the market up, despite small falls in base metal prices overnight.
"BHP was the biggest one causing the market to head higher," Mr Martin said.
"Most of the metals were slightly lower but oil moved sharply higher, which would have helped BHP a little.
"But Rio's also up, so it looks like gains have come on the back of some positive general sentiment.
"The time of year always helps, and [on Tuesday] we had a few stocks down so people were seeing some cheaper stocks around the market."
Along with the banks, the insurers did well, with Suncorp and Promina the big winners after their $7.9 billion merger was approved by the Australian Competition and Consumer Commission yesterday.
BHP rose 45c to $25.77 and Rio Tinto was up 81c to $76.39.
Suncorp rose 45c to $20.25 and Promina jumped 22c to $6.92. Other insurers also rose with QBE firming 52c to $28.62, AMP growing 6c to $9.80 and Axa Asia Pacific advancing 24c to $7.09.
National Australia Bank made 31c to $40.11, the Commonwealth, which won't reach its half ton this year, rose 93c to $48.85, ANZ was steady at $48.85 and Westpac climbed 8c to $23.94.
St George Bank put on 22c to $32.70 after announcing that it remains on track to meet targets of 10 per cent cash earnings per share growth for 2007 and 2008.
Macquarie Bank gained 94c to $75.55 and the smaller banks resumed their upward movement, Adelaide closing 22c higher at $12.55 and Bank of Queensland up 22c at $12.55.
Shares in property trust Macquarie Goodman rose 11c to $7.08 after saying it would set up an unlisted fund to house its European industrial properties.
Westfield announced it had raised $1.3 billion, through the sale of 50 per cent of one of Britain's largest shopping centres. That money will be ploughed into the redevelopment of other centres. Its securities picked up 11c to close at $19.39.
Mayne Pharma fell 2c to $4.06 after the cancer drugmaker's shareholders voted in favour of a $2.6 billion takeover by US group Hospira Inc.
Smorgon Steel fell a ha'penny to $1.845 as the company said it would buy US-based Industrial Metal Recyclers.
Proving market doubt, Qantas edged ahead 1c to $5.24.
At 4.54pm, the spot price of gold was $US622.75, up $US4.
Oil producer Santos picked up 12c to $9.99 and Oil Search was up 8c at $3.30.
Sydney gold closed at $US622.75, up $US4. Newcrest rose 12c to $25.74 and unloved AngloGold Ashanti put on 22c to $11.77. Bendigo was up 1c to 77c.
Retailer Coles lifted 18c to $13.88 and rival Woolworths gained 37c to $22.97.
In media, PBL fell 55c to $21.30 and Ten Network was down 12c to $3.30.