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MELBOURNE - The Australian share market closed the week in record territory as the big miners cashed in on strong metal prices overnight.
At the 1615 AEST close, the benchmark S&P/ASX200 index had set a new record up 37.6 points to 6421.8, compared to its previous best two weeks ago of 6400.6.
The All Ordinaries was also at a new high, up 37.7 points to 6456.7, ahead of its previous record of 6429.5 two weeks ago.
On the Sydney Futures Exchange, the September share price index contract was 39 points higher at 6423 on a volume of 12,958 contracts.
CMC Markets analyst David Land said the market had improved consistently through the day after good commodity prices were set on the London Metal Exchange overnight.
"That helped a number of those key stocks, particularly BHP and Rio which have done very well today," he said.
But that was backed up by other movers on the market, including in the finance sector.
"There's been a decent spread but a lot of those sectors haven't been as consistent as those big miners where there's been a lot of interest," Mr Land said.
Overnight, three-month tin futures and lead futures hit record highs, while nickel futures rose to a two-week high.
The world's largest miner, BHP Billiton, climbed 72 cents to A$38.40 while rival Rio Tinto gained A$2.45 at A$99.90.
The big banks were mixed with the Commonwealth adding 55 cents to A$56.90 and the NAB firming 12 cents to A$40.82.
But the ANZ gave up eight cents to A$29.56 and Westpac retreated four cents to A$26.70.
At 1640 AEST, Sydney spot gold was trading at A$676.35 per fine ounce, A$3.85 higher than yesterday's close.
The gold miners followed suit, with Newmont Mining up 10 cents to A$4.98, Lihir four cents stronger A$3.17 and Newcrest two cents better at A$24.59.
Mr Land said many energy stocks gained impetus today after US crude oil futures hit an 11-month high at US$76 a barrel overnight.
Woodside Petroleum was 18 cents stronger A$46.60, and Santos added 36 cents to A$14.80 and Oil Search closed just one cent up to A$4.36.
In market news, the most traded stock of the day ING Industrial Fund, which surged 10.83 per cent, or 26 cents to A$2.66 after property firm Goodman Group has acquired 9.4 per cent of its stock for A$261 million.
The takeover tussle for Consolidated Minerals intensified with Pallinghurst Resources upgrading its bid to A$752 million all-cash offer to a rival offer from Territory Resources.
Territory shares closed 11.71 per cent, or 12 cents, heavier at A$1.145 while ConsMin finished four cents lighter at A$3.46.
Shares in QBE Insurance Group rose 12 cents to A$30.84 after it reported its first step into India's general insurance market with a joint-venture agreement with diversified conglomerate Rajan Raheja Group.
But the retailers fell into the red today with supermarket leader Woolworths losing 15 cents to A$27.80 and rival Coles Group down seven cents to A$15.17.
Coles suitor Wesfarmers continued to lose ground, dropping 31 cents to A$40.70.
Upmarket department store David Jones dipped one cent to A$5.62, despite reporting a fiscal 2007 profit upgrade yesterday.
Mr Land said the downshift may have happened as investors' attention was drawn to other sectors of the market, especially resources.
The telcos lifted with Telstra gaining seven cents to A$4.76, while its instalment receipts were six cents higher at A$3.27.
Rival Optus-owner Singapore Telecommunications five cents richer at A$2.64.
In the media sector there was bad news today, News Corp losing two cents to A$27.94 and its non-voting scrip cents down seven at A$25.89.
Publishing and Broadcasting gave up three cents to A$19.47 and Fairfax slipped seven cents to A$4.93.
The top-traded stock by volume was property fund ING Industrial Fund, with 75.68 million shares worth A$206.71 million changing hands.
Market turnover was 1.85 billion shares worth A$5.79 billion, with 739 stocks up, 526 down and 351 unchanged.
- AAP