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The Australian sharemarket has closed at a new record fuelled by strength in the banks, despite weakness among the big miners.
At the 1615 AEDT close, the benchmark S&P/ASX200 index was up 16.1 points to 5,591.50, breaking the previous record of 5,575.40 set on Friday, December 15.
It
also reached a new intraday high of 5,597.20, beating its earlier high of 5,587.40, set on Friday as well.
The all ordinaries gained 15.2 points to 5,572.20, likewise surpassing its previous closing high of 5,557 and touching a new high during the day of 5,577.30.
Both records were also set on December 15.
On the Sydney Futures Exchange, the December share price index contact rose 16 points to 5,594 on a volume of 64,453 contracts.
ABN Amro Morgans Ipswich manager Tony Russell said the banks had shown strength against a weaker resources sector, possibly caused by consolidation and profit taking after a fantastic performance by commodity prices over the past 12 months.
"It's probably been a market in two phases really, with strength in the major industrial companies - banks particularly being stronger - and weakness in the commodity markets," Mr Russell said.
"(But) I don't the volume is anything to write home about.
"(It's a) typical sort of trading pattern for this time of year."
Stocks rose in the US on Friday, pushing the Dow to a record as low consumer prices gave investors reassurance that inflation was under control and economic growth was strong enough to support profits.
The Dow Jones industrial average gained 28.76 points to 12,445.52, the Standard & Poor's 500 Index rose 1.60 points, to 1,427.09, and the Nasdaq Composite Index rose 3.35 points to close at 2,457.20.
Among the banks, Commonwealth Bank closed up 21 cents to $48.29, National Australia Bank jumped 40 cents to $40.00, Westpac was six cents higher at $23.86 and ANZ rose five cents to $28.40.
But Rio Tinto plummeted 87 cents to $76.62 and rival mining giant BHP Billiton fell 35 cents to $25.67.
BHP Billiton said today that a Federal Court ruling that found the company's Mt Newman and Goldsworthy iron ore rail lines were not part of its production process would work against the national interest.
On the oil front, Woodside Petroleum added two cents to $38.67, Santos edged up four cents to $9.92 and Oil Search firmed six cents at $3.25.
OneSteel and Smorgon Steel Group unveiled a new proposal for their merger that would involve OneSteel buying all of Smorgon's assets apart from its distribution business.
Shares in both companies, which are subject to a trading halt today, will resume trading tomorrow.
Also on the steel front, Toll Holdings said its Pacific National rail freight business had been awarded a $1 billion contract for seven years by OneSteel and BlueScope Steel.
Toll shares closed up 60 cents at $18.59. BlueScope Steel rose one cent to $8.19.
Macquarie Infrastructure Group rose eight cents to $3.51 after telling the market it would use up to half of the funds from its $1 billion partial sale of four US toll roads in the United States to increase its share buyback.
And shares in Multiplex Group dipped three cents to $4.03 amid news that the property developer was facing a $100 million class action from some of its shareholders over the delays in the redevelopment of London's Wembley Stadium.
- AAP