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Petroleum

Australian Sharemarket Rises on Wall Street Gains and Strength in Resources Stocks

Strategic Insights

— 2 min read

The Australian sharemarket posted gains today, driven by strengths in the resources sector and positive sentiments from Wall Street. The benchmark all ordinaries closed 9.4 points higher, or 0.35 per cent, at 2697.3. The all industrials index ended 6.5 points firmer, or 0.13 per cent, at 4849.4. Peter Struk from Reynolds & Co attributed the positive sentiment to strengths in commodities, Asia, and the dollar, as well as good buying around various stocks.

Key Takeaways:

  • The Australian sharemarket rose 9.4 points, or 0.35 per cent, with the benchmark all ordinaries closing at 2697.3.
  • The all industrials index ended 6.5 points, or 0.13 per cent, firmer at 4849.4.
  • The resources sector was a key driver of the market's gains, with the all resources index finishing up 14.0 points, or 1.52 per cent, at 936.4.
  • Gold stocks supported the resources sector, with the sub-index gaining 33.3 points, or 3.12 per cent, to 1101.1 points.
  • BHP continued its positive run, adding four cents to $11.30, while Rio Tinto jumped 11 cents to $18.30, and WMC jumped 18.4 cents, or 4.05 per cent, to $4.73.
  • Santos added 6.6 cents, or 1.60 per cent, to $4.19, and Woodside Petroleum rose 36 cents, or 5.29 per cent, to $7.16.
  • Investment house Macquarie Bank reached a new all-time high of $15.80 during trading and closed at an all-time closing high of $15.70, up 32 cents.
  • Business Review Weekly reported that Swiss commercial bank UBS might be interested in acquiring Macquarie Bank.

Statistics:

  • 9.4: the number of points the benchmark all ordinaries rose today.
  • 0.35 per cent: the percentage gain of the benchmark all ordinaries.
  • 6.5: the number of points the all industrials index rose today.
  • 0.13 per cent: the percentage gain of the all industrials index.
  • 14.0 points: the number of points the all resources index rose.
  • 1.52 per cent: the percentage gain of the all resources index.
  • 33.3 points: the gain of the gold stocks sub-index.
  • 3.12 per cent: the percentage gain of the gold stocks sub-index.
  • 2697.3: the closing value of the benchmark all ordinaries.
  • 4849.4: the closing value of the all industrials index.
  • 936.4: the closing value of the all resources index.
  • 1101.1 points: the closing value of the gold stocks sub-index.
  • $11.30: the closing value of BHP.
  • $18.30: the closing value of Rio Tinto.
  • $4.73: the closing value of WMC.
  • $4.19: the closing value of Santos.
  • $7.16: the closing value of Woodside Petroleum.
  • $15.80: the new all-time high of Macquarie Bank.
  • $15.70: the closing value of Macquarie Bank.

Sources:

  • Asia Pulse via COMTEX
  • Reynolds & Co
  • Business Review Weekly
  • ASIA PULSE -0- (C) 1998 Asia Pulse Pte Ltd

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