Banks, resources drag on market

Australian stocks finished on a mixed note yesterday, giving back some of Wednesday's gains, led down by the dominant banking and resources sectors.
The benchmark ASX 200 index ended 0.3 points lower at 5899.5, but the All Ordinaries gained two points to a new intra-day record of 5880.5 and closing record of 5872.9.
On the Sydney Futures Exchange, the June share price index contract was three points up at 5872, on a volume of 13,824 contracts.
Bell Potter analyst Stuart Smith said the banks and miners were the culprits.
"The seven leading stocks, the two miners and the four banks are all down and I think it's index-related more than anything else," Mr Smith said.
The world's biggest miner, BHP Billiton, lost 57c to $27.67, while rival Rio Tinto slid 77c to $75.88.
The gold price in Sydney fell $US2.60 to $US653.05 per fine ounce.
Gold miners were showing no clear direction, with Lihir losing 8c to $3.11 but Newcrest gaining 37c to $21.60.
In banking, Commonwealth gave up 38c to $50.90, ANZ shed 31c to $29.54 and NAB and Westpac both slipped 5c, to $41.02 and $25.50 respectively.
Risers included brick, tile and concrete maker Boral adding 36c to $8.80, shopping centre group Westfield climbing 62c to $23 and Adelaide Bank gaining 39c to $14.19.
MFS Investment Management chief investment officer Guy Hutchings said the market had taken a breather after Wednesday's record highs and optimistic reaction to BHP's interim results.
"My sense is that stocks did pretty well, given the uninspiring performance of overseas stock and commodity markets," Mr Hutchings said.
"But without any major themes, investors focused on stock-specific news, with the Qantas first-half result indicating good prospects for the takeover consortium and Boral powering ahead on upgraded analyst earnings," Mr Hutchings said.
Qantas lost 1c to $5.35, despite upgrading its annual profit forecast, predicting earnings will rise by as much as 40 per cent on the back of increased demand and lower fuel costs.
Singapore Telecommunications lost 13c to $2.85 after announcing that its Australian arm, Optus, suffered a 15 per cent decline in net profit for the third quarter as customers hung up on their fixed lines.
Telstra added 1c to $4.38.
The local bourse was given a positive lead from the US overnight, as tech stocks rose led by Cisco Systems.
The Dow Jones inched up just 0.56 of a point to 12,666.87, after earlier touching an intra-day record high at 12,700.28. The Standard & Poor's 500 Index gained 2.02 points to 1450.02, just shy of its six-year high at 1452.99 reached earlier in the day, while the Nasdaq climbed 19.01 points to 2490.50.
Australia's most traded stock of the day by volume was minerals explorer Jervois Mining, after announcing an agreement for possible development of its mine in Young, NSW.
Its shares added 0.2c to 1.5c, with 147.75 million worth $2.23 million changing hands.