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Petroleum industry

Australian Sharemarket Closes Slightly Firmer, Despite Uncertainty

Strategic Insights

— 1 min read

The Australian sharemarket posted a small gain yesterday, with the benchmark all ordinaries index edging up 0.3 points to 2882.5. The all industrials index rose 0.2 points to 5228.2, and the all resources index gained 0.5 points to 951.2. Bank stocks had a mixed day, with Westpac leading the way, followed by a surge in Qantas Airways after a 34% rise in interim earnings. Retailers also performed well, with Woolworths and Coles Myer recording gains.

Key Takeaways:

  • The Australian sharemarket closed slightly firmer, with the all ordinaries index rising 0.3 points to 2882.5.
  • Westpac was a standout performer, gaining 18 cents to $10.76 after announcing a 2.5% share buy-back.
  • Qantas Airways surged 21 cents to $3.92, fueled by a 34% rise in interim earnings and expectation of at least matching last year's full-year result.
  • Retailers performed strongly, with Woolworths climbing nine cents to $5.45, Coles Myer adding seven cents to $8.92, and Harvey Norman rising 26 cents to $14.71.
  • Resource stocks were generally weaker, despite firmer commodities prices overnight, with Rio Tinto shedding 18 cents to $19.70 and BHP slumping eight cents to $11.52.
  • Junior telco One.Tel retreated 42.5 cents to $11.462, while news Corp dipped 14 cents to $11.40 and its preferred scrip slipped eight cents to $10.55.

Statistics:

  • Preliminary national turnover: 454.47 million shares traded for $A1.12 billion ($US.71 billion).
  • The gold index firmed two points to 1027.3, with Normandy and Newcrest firming two cents to $1.38 and $2.30, respectively.
  • Spot price of gold bullion in Sydney: $US285.85 an ounce, compared to yesterday's close of $US285.25.
  • Rising stocks: 581, Falling stocks: 586, Steady stocks: 416.

Sources:

  • "Australian Sharemarket Closes Slightly Firmer, Despite Uncertainty" from http://www.comtexnews.com, Sydney Morning Herald, February 18, 1999.
  • "Westpac Drives Sharemarket Higher" from http://www.sydneyfair.com, Sydney Morning Herald, February 18, 1999.

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