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The Australian share market soared to record heights today led by the big miners, buoyed by stronger commodity prices and a lot of surplus cash looking for a home.
Intersuisse equities manager Andrew Sekely said it was a leaders' market with all the top 20 stocks, outside of Telstra, Brambles and Foster's, gaining in value.
"The leaders have generally done well, which is a symptom of confidence in the market and a fair amount of money around," Mr Sekely said.
At the 1615 AEDT close, the benchmark S&P/ASX200 was up 53.5 points at 5726.6, after hitting a new intraday high of 5739.8, beating the records set early last week.
The all ordinaries index closed 51.8 points higher at a new height of 5703.9, beating last Friday's record.
It also reached a new intraday high of 5715.5, topping the previous record set last Tuesday.
At 1618 AEDT on the Sydney Futures Exchange, the March share price index contract was ahead 57 points at 5711, on a volume of 13,600 contracts.
BHP Billiton bounced back over the $25 mark with a 53 cents addition to $25.33 while Rio Tinto improved $1.27 to $72.92.
Zinc miner Zinifex strengthened 45 cents to $17.16.
"Everybody thinks BHP Billiton is good value but no one understands why it is at these lower levels," Mr Sekely said.
The banking sector put its weight behind the market lift with the Commonwealth Bank breaking the $50 barrier for the first time with a 30 cent gain to $50.10.
National Australia Bank, which as Australia's biggest agribank said its farmer clients were not lagging in loan repayments during the drought, gained 23 cents to $40.69.
Westpac lifted 35 cents to $24.60 while ANZ was 32 cents richer at $28.59.
The Seven Network led the media sector higher with a 39 cent jump to $11.69.
Mr Sekely said that with Seven putting pressure on rival Nine and owner Publishing and Broadcasting Ltd (PBL) as the top-rating channel, and promoting its new programs heavily, it would lead to an increase in advertising revenue for Seven.
"PBL is difficult to work out, it's more a gaming entity than a media group," Mr Sekely said.
PBL added eight cents to $20.10 while Fairfax edged three cents higher to $4.83.
However News Corp was 11 cents weaker at $30.52 and its non voting-scrip 21 cents down at $28.94.
Telstra lost four cents or almost one per cent to $4.33, while its instalment receipts dropped three cents to $2.91.
Airline Virgin Blue climbed five cents to $2.53. The Virgin Group today announced that new mortgagees with Virgin Money will be entitled to two economy class airfares on the airline.
Qantas fell one cent to $5.35.
The retail sector gained, led by Woolworths rising almost two per cent or 44 cents to $23.31, while supermarket rival Coles put on nine cents to $14.09.
Harvey Norman picked up five cents to $4.06 with David Jones steady at $4.35.
Elsewhere, building products company Rinker gained five cents to $18.30 as it acquired "bolt on" US construction materials firm Walling Sand & Gravel in a move to expand in the northwest American market.
The gold sector was mixed with Newmont 12 cents ahead at to $5.52, Newcrest down eight cents to $24.12, and Lihir three cents up at $2.92.
At 1655 AEDT, the price of gold in Sydney was US$635.60 per fine ounce, up US$6.40 on Friday's close.
The top traded stock by volume was Jervois Mining, with 116.12 million shares worth $1.66 million changing hands, according to preliminary calculations. Jervois was down 0.2 cents at 1.3 cents.
Preliminary national turnover was 1.64 billion shares worth $4.88 billion, with 684 stocks up, 549 down and 335 unchanged.
- AAP