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Petroleum industry

Australian Sharemarket Rises Amid Subdued Inflation Figures and Strong Advances in Blue Chip Stocks

Strategic Insights

— 1 min read

The Australian sharemarket experienced a significant increase on January 28, 1999, driven by strong advances in blue chip stocks and subdued inflation figures. The benchmark all ordinaries index rose 25.8 points to finish at 2877.2, with major market leaders such as NAB, News Corp, Telstra, BHP, and Commonwealth Bank contributing to the upward momentum.

Key Takeaways:

  • The Australian sharemarket rose 25.8 points, with the all ordinaries index finishing at 2877.2, driven by strong advances in blue chip stocks.
  • Major market leaders such as NAB, News Corp, Telstra, BHP, and Commonwealth Bank fueled the upward momentum.
  • The inflation numbers were "in the ballpark" of expectations, according to Shaw Stockbroking's Jamie Spiteri.
  • The all industrials index rose 49.9 points to 5212.8, while the all resources index improved 5.1 points to 955.6.
  • Media giant News Corp's preferred scrip added 30 for $10.55, PBL gained 16 for $7.86, and Lend Lease jumped 31.7 to $21.017.
  • Telstra reached another record close of $8.58, up 13.4 cents, while Cable & Wireless Optus slipped five to $3.72.
  • AAPT dropped 12 to $4.33 after 51.7 million shares were sold by New Zealand's Todd Corporation at $4.17 apiece, making it the top-traded stock.
  • The banking sector surged 1.6 per cent or 107.1 points to 6626.1, with NAB rising 47 cents to $26.58 and the Commonwealth rallying 51 cents to $23.55.
  • Regional Macquarie Bank jumped 31.6 cents to $17.45, while Adelaide Bank tumbled 15 to $6.35 despite announcing a 6.3 per cent rise in interim net profit.
  • Preliminary figures indicated a national turnover of 465.73 million, worth $1.53 billion, with rises just outpacing falls 685 to 665.

Statistics:

  • The Australian sharemarket rose 25.8 points to 2877.2.
  • The all industrials index rose 49.9 points to 5212.8.
  • The all resources index improved 5.1 points to 955.6.
  • Media giant News Corp's preferred scrip added 30 for $10.55.
  • NAB rose 47 cents to $26.58.
  • The Commonwealth rallied 51 cents to $23.55.
  • Regional Macquarie Bank jumped 31.6 cents to $17.45.
  • Adelaide Bank tumbled 15 to $6.35.
  • National turnover reached 465.73 million, worth $1.53 billion.

Sources:

  • "MELBOURNE, Jan 28, 1999" (Asia Pulse, 1999)
  • "Australian sharemarket Rises Amid Subdued Inflation Figures and Strong Advances in Blue Chip Stocks" (COMTEX, 1999)

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