Market just keeps getting higher - here, everywhere
The stockmarket closed in record territory again yesterday, though only just.
The ASX 200 index finished up 7.9 points at a record 6245.6, while the All Ordinaries was 12.4 higher at 6236.9.
CMC Markets senior dealer James Foulsham said a strong lead from Wall Street had helped propel the Australian bourse to fresh highs.
"We saw another strong day out of the US. The Dow was up 75 points, so there was a little bit of momentum there," he said.
"The materials sector was relatively strong but finance was holding the market back a bit. BHP and Rio were strong and propping it up.
"We saw people being a bit reluctant to buy into the rallying and [today] we might see a little bit of selling and reducing of positions before the weekend."
The Dow Jones Industrial Average had risen 75.74 to 13,211.88 on Wednesday night and the Standard & Poor's 500 put on 9.62 to hit 1495.92, both record closes; and the Nasdaq was up 26.31 to 2557.84.
Locally, the big miners were stronger and BHP Billiton picked up 13c to $29.89 while rival Rio Tinto added 28c to $83.03.
The banks were mixed. The National Australia Bank gained 19c to $44.00, the Commonwealth picked up 21c to $53.85 and ANZ dipped 5c to $30.74.
Westpac dropped 34c to $27.20 despite delivering an 11.7 per cent lift in first-half profit to $1.641 billion.
St George Bank continues to power on, closing up 32c at $36.57. Bendigo seems to be settling about $16, finishing the day at $15.98, up 4c. Its erstwhile partner, Bank of Queensland, was down 4c to $18.45.
Another Queenslander, Suncorp, was hit, losing 37c to $21.50. It was a bad day for insurers, AMP falling 4c to $10.84 and IAG 7c to $6.13. Axa, though, was up 4c to $7.42.
Telecom New Zealand dipped 5c to $4.35 after it announced a $NZ1.1 billion ($987 million) share cancellation following the $NZ2.24 billion sale of its Yellow Pages group in March.
The telecom reported its net profit for the nine months to March was $NZ690 million compared with a loss of $NZ244 million in the same period a year ago.
The media sector was mixed. PBL gained 15c to $20.45, News Corp put on 19c to $28.76, its non-voting shares picked up 24c to $26.60 and Fairfax Media added 7c to $5.30. West Australian Newspaper Holdings added 4c to $16.69 after delivering an increase in earnings to $81.65 million in the first nine months of this financial year.
The retailers were mixed. David Jones rose 5c to $4.86, Coles shed 10c to $17.62 and Woolworths retreated 17c to $28.28. The women's wear chain, Noni B, has recovered from its warning of a poor second half, closing down 1c at $4.59.
The energy sector was mixed after a drop in the oil price overnight. Woodside gained 62c to $41.00, Santos rose 21c to $12.30 and Oil Search shed 5c to $3.57. Beach fell 1c to $1.255.
The goldminers were mixed. Newmont put on 3c to $5.08, Lihir Gold picked up 5c to $2.97 and Newcrest dipped 20c to $22.40.
Newcomer BC Iron, soared 48c to $1.55 on some good drill results from its Nullagine prospect in the Pilbara, comparable to, it said, Robe River.
Property trust Macquarie ProLogis was the most traded stock on the market with 63.1 million of its shares changing hands. They were worth $89.3 million.
Preliminary market turnover reached 1.7 billion, worth $5.55 billion, with 689 stocks moving up, 556 stocks down and 360 unchanged.

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