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Australian stocks have closed at fresh highs with the retailers buoying the bourse, despite the big miners tumbling after yesterday's flurry of takeover talk.
At the 1615 AEST close, the benchmark S&P/ASX200 index was 14.5 points higher at a new closing record of 6355.5.
The all ordinaries rose 13.8 points to a new record of 6351.8.
On the Sydney Futures Exchange, the June share price index contract added 39 points to 6370 on a volume of 14,928 contracts.
ABN AMRO's private client adviser Bill Bishop said it was satisfactory day following yesterday's market 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 today, but that (yesterday) was a frantic extraordinary day.
"I think the market is calming down a bit.
"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 13 cents 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.
Stock Move Price AMP -0.100 10.620 ANZ Bank +0.150 30.800 BHPBilton -0.130 31.800 CBA -0.120 54.030 NAB -0.360 43.700 NewsCorp -0.360 28.230 Rio Tinto -3.620 91.880 TelstraCp -0.050 4.880 WestpacBk +0.120 27.240 Woolwrths +0.460 28.840
- AAP