Best session in 10 years, ASX 200 up by 260 points

The stockmarket made its best one-day percentage gain in almost 10 years yesterday as global markets reacted to the US Federal Reserve's intervention last Friday to stabilise credit markets by cutting commercial interest rates.
CMC Markets senior dealer Josh Whiting said the local market had had a "crazy" day.
"It was up very strongly, with some investors in the market cheering the Fed's intervention," he said.
"The big blue-chip stocks led the index higher, as you would expect. BHP Billiton was up significantly."
The ASX 200 index closed 261.6 points, or 4.61 per cent, higher at 5932.6. The All Ordinaries was up 256.2 points, or 4.52 per cent, at 5926.5.
The gains were the biggest since October 29, 1997, when both indices rose 5.9 per cent.
On the Sydney Futures Exchange, the September share price index contract added 314 higher at 5902, some 30 points below the physical, on a volume of 55,088 contracts.
Global miner BHP Billiton gained $2.46, or 7.58 per cent, to $34.90. Rio Tinto rose $3.89 to $85.05.
Woodside Petroleum was $2.35 richer at $41.10, Santos was 45c heavier at $11.80 and Oil Search 20c better at $3.40.
Among companies reporting their financial results yesterday, QBE Insurance jumped by $3.02 to $30.52 after it posted a 56 per cent lift in first half earnings and said it had plenty of funds to cover any insurance claims in the US arising from damage caused by Hurricane Dean.
BlueScope Steel was up 52c at $10.75 as it has doubled annual earnings and said global demand for steel remained strong. Rival OneSteel was 43c higher at $6.04.
National Australia Bank was up $1.81 at $39.79, Westpac improved $1.15 to $26.35, the Commonwealth put on 86c to $53.36, and ANZ gained $1.04 to $28.58.
Investment bank Macquarie Bank surged $6.01 to $70.75 and Brown & Babcock was up $2.50 to $21.30.
Hedge fund manager HFA Holdings rose 8c to $1.88 as it raised its profit guidance again for 2006-07.
Among the telcos, Telstra fell 5c to $4.19 as it went ex dividend. Singapore Telecommunications put on 19c to $2.85.
Marketing company STW Communications rose 9c to $2.44 as it posted a 25 per cent lift in annual net profit to $19.52 million.
News Corp was 81c better off, while its non-voters firmed 67c to $25.67. Publishing & Broadcasting rose 59c to $16.99 and Fairfax lifted 17c to $4.71. APN was up 23c to $5.49.
The Ten Network picked up 10c to $2.61 after the Federal Treasurer Peter Costello said he had no objection to CanWest Global Communications Corp converting its 56.7 per cent economic stake in Ten into voting stock.
Among the retailers, Coles Group advanced 63c to $14.03 and Woolworths ascended 86c to $27.28. Metcash was up 19c at $4.53.
Toy shop Funtastic slipped 3.5c to $1.48 as it reported a 2.6 per cent decline in first half net profit.
In the golds, Newcrest rose 75c to $25.01, Newmont was up 12c at $5.05, and Lihir was 16c higher at $2.90.