Retailers take over from top miners

Retailers buoyed the sharemarket yesterday as big miners tumbled after Wednesday's flurry of takeover talk.
The ASX200 closed 14.5 points higher at a record 6355.5 and the All Ords 13.8 points higher at a record of 6351.8.
The June share price index contract added 39 to 6370.
ABN Amro's private client adviser Bill Bishop said it had been a satisfactory day following the surge when rumours circulated that BHP Billion could make a bid for rival Rio Tinto.
"With [US Federal Reserve chairman] Ben Bernanke holding interest rates [steady] in the US overnight, we got off to a good start, but then things turned pale-faced during the day," Mr Bishop said.
"With the miners, you couldn't say it's off the table but as you can see they are dropped, but that [Wednesday] was a frantic, extraordinary day. I think the market is calming down a bit," he said. "It's back on the simmer plate rather than on the boil."
Rio Tinto ended down $3.62 at $91.88, while BHP Billiton lost 13c at $31.80.
Mr Bishop said the retailers did well, with this week's federal budget proposing tax cuts and family payments, which could make its way into spending at shopping centres.
"The market is saying, 'some of that may find its way into the shops'," he said.
David Jones rose 15c to $4.98 while Australia's biggest shopkeeper Woolworths rose 46c to $28.84.
Takeover target Coles Group gained 8c to $17.80 and Harvey Norman climbed 4c to $5.28.
The banks also provided some support, with ANZ up 15c to $30.80, Westpac 12c to $27.24 and St George 52c to $36.75.
Commonwealth Bank and National Australia Bank both fell. NAB lost 36c to $43.70 despite announcing a 7.1 per cent rise in first-half profit.
"National Australia Bank is back just a bit after a good result, but they are worried about increasing levels of default debts, although I don't think it's anything to worry about," Mr Bishop said.
CBA fell 12c to $54.03.
The goldminers fell, with Lihir dropping 5c to $3.05 and Newmont 8c to $5.04, while Newcrest Mining bucked the trend ending up 4c at $23.20.
The telcos were poorer, with Telstra losing 5c to $4.88 and SingTel 3c to $2.64.
In media, News Corp shed 36c to $28.23 and its non-voting stock 52c to $25.88. Fairfax lost 1c to $5.08 and PBL 3c to $21.72.
Specialty Fashion Group fell 28c to $1.575 after reporting a difficult start to the winter season.
Sims Group rose $1.44 to $26.60 and touched $26.84.
The top traded stock by volume was Metals Australia, with 160.7 million shares worth $14.1 million changing hands. The company has announced significant uranium mineralisation at its Mile 72 project in Namibia.
Its shares rose 2.1c to 9.5c.
Bondi Mining rose 16c to 61c ahead of a trading halt, pending an announcement.
Empire Resources rose 21c to as high as 53c, and closed at 37.5c, after Wednesday's late announcement of high-grade gold intersections at the company's wholly-owned Penny's Find project in Western Australia.