Super funds pour in $8b, keeping shares on the boil

The sharemarket closed at fresh highs yesterday despite falls among the big miners.
Aequs Securities institutional dealer Ric Klusman said the market had performed very well, thanks to money from superannuation funds pouring in.
"It's been stunning. Commodities are down across the board. Everything is sharply up except BHP Billiton and Rio Tinto," Mr Klusman said.
"October-November-December superannuation funds - $8 billion in cash - hit the market this week. It had to be invested before the end of the month."
Mr Klusman said investors were piling into the banks, property trusts and developers.
The ASX 200 was 52.1 points higher at 5812.5, surpassing the previous closing record of 5769.9 achieved last Thursday.
The All Ordinaries index added 47.5 points to 5791.5, beating its prior record of 5753.3.
On the Sydney Futures Exchange, the March share price index contract was up 57 points at 5793 on a volume of 11,846 contracts, a big turnaround from the past few days when the contract was closing at a big discount to the physical.
On Wall Street overnight, the Dow Jones industrial average had risen just 3.76 points to 12,490.78.
In the resources sector, BHP Billiton fell 25c to $25.99 and Rio Tinto lost $1.32 to $75.85.
Zinifex reversed 60c to $16.95 as it posted dips in second-quarter and first-half production and said the extreme highs in zinc prices in 2006 were unlikely in 2007.
Woodside Petroleum was 18c richer at $37.33 and Santos retreated 11c to $9.25.
Oil Search, though, firmed 9c to $3.47 despite posting a slide in annual production - it managed to limit losses in sales revenue thanks to strong oil prices.
Among gold stocks, Newmont advanced 3c to $5.74 but Newcrest lost 44c to $21.31.
Lihir Gold was up 8c at $3.12 as it said new production techniques and an independent leadership structure had allowed it to post a more than fourfold increase in annual profit.
The National Australia Bank rose 28c to $40.33, Westpac nudged up a penny to $24.94, the ANZ gained 32c to $29.28 and the Commonwealth firmed 50c to $50.35.
In the property sector, Westfield rose 31c to $22.46 and Macquarie Goodman gained 15c to $7.30.
Publishing & Broadcasting slipped 6c to $19.70 and Fairfax picked up 8c to $4.92. News Corp rose 14c to $31.30 and the non-voters rose 8c to $29.73.
Telstra was 4c better off at $4.29 and Optus owner SingTel dipped 8c to $2.91.
Retailer Coles rose 34c to $14.40 and Woolworths strengthened 57c to $23.64.
Preliminary national turnover was 1.7 billion shares worth $5.7 billion, with 647 stocks up, 583 down and 344 unchanged.