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Petroleum industry

Australian Sharemarket Enters Holiday Mode

Strategic Insights

— 2 min read

The Australian sharemarket began its holiday season on a somewhat subdued note, with thin volumes and softer commodity prices contributing to a decline in the benchmark all ordinaries index. Despite a positive close on Wall Street, the domestic market was unable to sustain its morning gains, with the all ordinaries index drifting down by 4.8 points to 2755.0.

Key Takeaways:

  • The Australian sharemarket's thin volumes and soft commodity prices led to a decline in the benchmark all ordinaries index, which drifted down by 4.8 points to 2755.0.
  • The all resources index dropped 8.7 points to 953.8, while the all industrials index shed 1.7 points to 4955.7.
  • The banking sector lost 26.9 points to 6300.6, with NAB dipping 3.29 cents to $24.381, ANZ sliding 10.2 to $10.578, and both CBA and Westpac gaining 2.9 and 3 cents to $22.32 and $10.50, respectively.
  • Shares in Macquarie Bank closed at a record level, up 15 cents at $15.95, following the bank's announcement to retain its PUMA mortgage funding arm.
  • News Corp was one of the gainers in the softer market, adding five cents to $10.50, while Publishing and Broadcasting dropped three to $6.90.
  • Ten Network was the top traded stock with 10.97 million shares worth $24.77 million, with shares in Ten rising one cent to $2.36.

Statistics:

  • National turnover was 259.96 million stocks changing hands for $657.54 million, with falling stocks outnumbering rising stocks 494 to 446 and 400 stocks remaining steady.
  • The indication of volumes being very light, contrasting with the numerous shares that traded will continue to have implications for Australian investors.
  • The December share price index contract lost four points to 2757.0, representing a 2.0 point premium on the cash market, with 10595 lots traded on the Sydney Futures Exchange.
  • The spot price of gold bullion in Sydney at 1720 AEDT was $US287.75 an ounce, compared to a close of $US288.70 yesterday.

Sources:

  • "Australian sharemarket dipped 4.8 points to 2755.0." (Asia Pulse, 23 Dec 1998)
  • "Thin volumes and soft commodity prices contribute to weaker Australian share market." (Asia Pulse, 23 Dec 1998)
  • "NAB dips 3.29 cents to $24.381, ANZ slides 10.2 to $10.578, and both CBA and Westpac gain 2.9 and 3 cents, respectively." (Asia Pulse, 23 Dec 1998)
  • "Macquarie Bank shares reach record high after announcement to retain PUMA mortgage funding arm." (Asia Pulse, 23 Dec 1998)
  • "News Corp adds 5 cents to $10.50, Publishing and Broadcasting drops 3 cents to $6.90." (Asia Pulse, 23 Dec 1998)
  • "Ten Network tops traded stock with 10.97 million shares worth $24.77 million." (Asia Pulse, 23 Dec 1998)
  • Sydney Futures Exchange data (23 Dec 1998)
  • Spot price of gold bullion (23 Dec 1998)

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