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Australian shares close at record highs on resources - UPDATE

(Updating to include prices, dealers' comments)
SYDNEY (AFX) - Share prices closed up at record highs, propelled by demand
for leading resources stocks, dealers said.
They said volumes were light with many market participants still on holiday
after the Christmas to New Year break.
The S&P/ASX 200 closed up 12.6 points or 0.26 pct at an all time high of
4,776.0, above Thursday's record close of 4,772.5.
The key indicator closed off a record intra-day high of 4,782.7 while its low
for the day was 4,751.1.
The All Ordinaries Index rose 12.3 points to end at a record 4,721.1, ahead
of the previous all-time high of 4,715.2, also reached last Thursday.
Dealers said the market retains the capacity for another year of solid gains
although the prospect of higher interest rates could cut investor appetite for
equities.
Nevertheless, they said, further strong earnings growth by leading resources
stocks, including BHP Billiton, Rio Tinto and Woodside Petroleum, supported by
strong commodity prices, will underpin the market.
Market commentators are forecasting the S&P/ASX 200 could add 10 pct over
the year after rising 17.6 pct in 2005 and 23 pct in 2004.
BHP Billiton closed up 0.43 aud at 23.18, its peak for the day and a record
high. Rio Tinto jumped 0.90 to 69.90 after touching a record 70.06 during the
session.