Shares on the rise again, so what was all the fuss about?
Stocks rose sharply yesterday, the market taking an unusually positive view on the day's increase in the interest rate hike, with even banks pushing higher.
The ASX 200 index closed 115.8 points, or 1.9 per cent, higher, at 6100.8 while the All Ordinaries was up 111.1 to 6124.7.
Austock Securities senior client adviser Michael Heffernan said it had been a great day.
"If you get that every day (an almost 2 per cent rise), you're doing very well," he said.
"It was inspired by the decision of the Reserve Bank, ironically, when it raised rates."
Normally the stockmarket can take a hit when interest rates are increased, in this case by 25 basis points, but yesterday the market took the move as a signal of a healthy and bubbling economy.
"It gives a lot of confidence to the overall market," Mr Heffernan said. "Most of the banks are up, which is excellent."
The Commonwealth Bank rose 99c to $53.99, NAB climbed 64c to $39, ANZ swelled 50c to $28.60 and Westpac rose 35c to $26.17. St George was up 46c to $33.64.
"I can't recall any time in the last 10 years when interest rates have been changed and we've seen a reaction from the market in this order of magnitude," Mr Heffernan said.
Another standout performer was pallet and document storage company Brambles, whose share price rose by $1.39, or 12.3 per cent, to 12.73, as infrastructure firm Asciano and Asciano's one-time parent, transport group Toll Holdings, both were identified as holding Brambles shares.
Asciano rose 43c to $9.44 while Toll gained 10c to $14.
"Clearly without a doubt, going up over 11 per cent in one day is astronomic for a stock like Brambles," Mr Heffernan said.
"Some of the other major movers are the smaller miners."
Australian Worldwide Explorations, which is drilling for oil in not too deep waters off New Zealand, put on 16c, closing at $3.20 and Beach, which plugged one well and cased another as a producer, both in the Cooper Basin, during the week, rose 7c to $1.25.
Centennial Coal, which seems to be over its longwall problems, was up 19c to $3.34.
The world's biggest miner, BHP Billiton, put in a strong performance to lift 90c to $36.70, while rival Rio Tinto swelled $2 to $89.
Lihir Gold picked up 4c to $3.10, Newcrest advanced 38c to $25 and Newmont was up 7c to $4.81.
Retailers also took the interest rate rise in their stride, with Woolworths up 29c to $26.99 and Coles up 5c to $14.07.
David Jones was 10c richer after saying it was well placed to capitalise on the strong consumer sentiment in 2007-08, having increased annual sales by 9 per cent.
The local bourse had been given a positive lead by Wall Street after the US Federal Reserve said it still saw moderate economic growth ahead even though credit conditions had tightened for some consumers and businesses.
The Fed, which left interest rates unchanged at a policy meeting, buoyed the market by reassuring investors that problems in mortgage lending would not drag down the broader economy.
The Dow Jones industrial average had risen 35.52 points to end at 13,504.30.
Big energy plays also moved higher, Woodside soaring 94c to $42.73, while Santos rose a respectable 23c to $12.80. Oil Search recovered 12c to $3.68.
Airline carrier Qantas was one of the few losers, down a penny to $5.65, but telecommunication group Telstra climbed 5c to $4.71; its annual results are due today.
Media interests were also marching higher, PBL ahead 35c to $18.25, Fairfax lifting 10c to $4.77, and News Corp 35c stronger at $26.50, its non-voters 2c higher at $24.49.
The most traded stock of the day by volume was explorer Empire Oil and Gas, with 138.91 million shares worth 2.13 million, and its shares ended 0.4c higher at 1.7c each.
The group was forced to issue a statement clarifying that it had made a private placement of 287 million shares at 0.8c each, not 0.08c as previously announced.
Preliminary market turnover was 1.57 billion shares worth $6.67 billion.

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