Market hits new high amid investor madness

The sharemarket closed at record highs, boosted by a strong lead from US markets, takeover activity and the central bank's decision not to lift interest rates.
ABN Amro Morgan senior client adviser Roger Chandler said yesterday the bourse was driven by "madness", albeit positive.
"We had a very positive lead from overseas and the Reserve Bank had the common sense not to increase rates until they have a look at the CPI [inflation] figures," Mr Chandler said.
However, he said the Reserve's decision to hold rates at 6.25 per cent yesterday was not the biggest influence on the market.
"If it were, you would have seen the banks have a huge day when they have not done as well as the rest of the market," Mr Chandler said.
He said retailer Coles Group and diversified industrial group Wesfarmers were among the biggest moving stocks after Wesfarmers proposed a $20 billion takeover of Coles on Tuesday night.
"That type of thing is good for the market because it puts other companies in play," Mr Chandler said.
At the close, the ASX 200 was 83.8 points, or 1.39 per cent, higher at a record 6097.2 - also a new intra-day high - surpassing the previous record finish of 6036.1 set on February 23, 2007.
The All Ordinaries also set new closing and intra-day highs, closing 81.4 points higher at 6079.0.
Coles Group rose 75c, or 4.66 per cent, to $16.86. Wesfarmers gained $1.69 to $38.60.
In the resources sector, BHP Billiton lifted 55c to $30.64 and Rio Tinto gained $2.09 to $80.99.
Woodside Petroleum was 47c weaker at $38.78 and Santos firmed 3c to $10.29.
Natural gas pipeline owner APA Group improved 8c to $4.34 after it said it would buy Origin Energy network assets for $556.5 million. Origin was was off 3c at $8.85.