Have you given it a good soaking in a freeing agent and left it to rest for a while.
Plusgas is highly recommended, but I use a 50/50 mix of ATF and Acetone.
Obviously the acetone evaporates off quite quickly, but keep dribbling it into the thread over a day or three, whilst regularly tapping the end of the bolt/stud. Think about which way it was loaded before it sheared; tapping it "end on" might help loosen it. Similarly tightening slightly before trying to release it might assist too.
I'm with John on the things you screw into a hole in the stud; as he says, they're prone to expanding it, the if they get enough grip, when they finally break in the hole, you're left with a hardened plug to try and extract.
The Bolt Extractors on this page from Irwin are well thought of by the bike and Landrover fraternity, if you have enough of the bolt sticking out..
Also, you mention Adjustable Spanner, do you mean small stilsons, or are you using an adjustable on the end of a stud extractor?