US bounce, miners spur shares higher

The sharemarket resumed its rise to hit new highs yesterday after strong US markets and higher prices for some base metals boosted investor confidence.
CMC Markets market analyst David Land said the major banks and miners had done especially well.
He said the market had been expecting a good day in the materials sector after some good movements in prices for some metals, including copper and zinc, in London overnight.
The banks seemed to be riding on upward momentum after recent good profit results from ANZ Banking Group and St George.
"We also had a good bounce on the Dow," Mr Land said.
He said that the decision by the Reserve Bank of Australia to keep interest rates unchanged had not had a material effect on the market because the decision had largely been anticipated.
The Reserve had left the overnight cash rate target at 6.25 per cent, as high as it has been for a decade.
The ASX 200 index closed 91.9 points, or 1.5 per cent, higher at 6237.7, surpassing the record of 6236.9 set on April 18.
The All Ordinaries was up 84.3 at 6224.5, another record.
The interest rate announcement, which came as no surprise, will increase the focus on the Reserve's quarterly statement on monetary policy, due on Friday.
Among the major banks, the National Australia Bank was 86c higher at $43.81, Westpac 34c richer at $27.54, the Commonwealth up 88c at $53.64 and the ANZ 39c stronger at $30.79.
St George Bank was down 40c at $36.25.
In resources, BHP Billiton gained 61c to $29.76 and Rio Tinto rose $1.60 to $82.75.
Alumina advanced 11c to $7.31 after it said demand for aluminium remained robust and prices were expected to remain firm.
Oxiana was up 9c to $3.09 after it gave an upbeat outlook for commodity prices this year and said it expected to make more acquisitions.
Woodside Petroleum was up 88c to $40.38 and Santos rose 47c to $12.09. Oil Search was up 8c at $3.62.
News Corp fell 56c to $28.57 while its non-voters reversed 84c to $26.36 after Rupert Murdoch launched a takeover bid for Dow Jones, which owns The Wall Street Journal.
Publishing & Broadcasting fell 2c to $20.30 and Fairfax rose 11c to $5.23.
Telstra picked up 9c to $4.85 and Optus-owner Singapore Telecommunications nudged up a penny to $2.70.
Retailer Coles advanced 45c to $17.72 and Woolworths gained 19c to $28.45.
In goldmining, Newcrest was up 15c at $22.60 but both Lihir, at $2.92, and Newmont, at $5.05, were down 1c.
Takeover target Symbion Health was steady at $4.29 as investors considered the possibility of another predator emerging for the pathology, medical centres and drugs company.
The top-traded stock by volume was national carrier Qantas Airways, with 64.8 million shares, presumably from hedge funds baling, worth $345.1 million changing hands. Qantas was 4c higher at $5.34.
Double Bay utility price negotiator Imagine Un Ltd rose 4.5c to 15c on news it was looking to merge with or take over mortgage aggregator The Brokerage Pty Ltd.