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Australian Share Market Closes Slightly Higher on Christmas Eve 1998

Strategic Insights

— 1 min read

The Australian share market closed with a minor gain on Christmas Eve 1998, mirroring the stronger finish on Wall Street the previous night. Brokers attributed the lackluster trading to the holiday atmosphere, with expectations of more significant market movement tomorrow. The benchmark all ordinaries index rose 9 points to 2764.0, with various sectors experiencing mixed results.

Key Takeaways:

  • The benchmark all ordinaries index added 9 points to 2764.0, while the all industrials index rose 16.3 points to 4972.0.
  • Banking stocks firmed, with the industry sub-index increasing 11.9 points to 6313.5, despite National Australia Bank (NAB) shedding 8.6 points to $24.295.
  • Reinsurance Australia plunged 47 cents, or almost 14%, to $2.89 after forecasting a loss of between $40 million to $45 million for 1998.
  • Among telecommunications stocks, Telstra added two points to $7.57, and One.Tel jumped 15 points to $5.60.
  • Diversified miner BHP firmed four points to $11.90, while Rio Tinto slipped 13.7 points to $19.163.
  • The gold index rose 12.9 points to 1083.9, with Normandy adding 2.5 points to $1.485.
  • Australian Resources Ltd topped the turnover table with 6.35 million shares traded for $1.52 million.

Statistics:

  • The benchmark all ordinaries index rose 9 points to 2764.0.
  • The all industrials index increased 16.3 points to 4972.0.
  • Banking stocks firmed 11.9 points to 6313.5.
  • Reinsurance Australia's price dropped by 47 cents to $2.89.
  • Telstra's price rose by two points to $7.57.
  • One.Tel's price jumped 15 points to $5.60.
  • Diversified miner BHP's price firmed by four points to $11.90.
  • The gold index rose 12.9 points to 1083.9.
  • Normandy's price added 2.5 points to $1.485.
  • The gold price in Sydney at midday was $US287.40 an ounce.
  • The spot price of gold bullion in Sydney compared to yesterday's close of $US288.00.
  • National turnover was 153.48 million shares traded for $381.88 million.
  • Rising stocks outnumbered falling stocks 413 to 368, with 337 stocks steady.

Sources:

  • "The Australian" newspaper, December 24, 1998
  • ASIA PULSE (C) 1998 Asia Pulse Pte Ltd
  • COMTEX (http://www.comtexnews.com)

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