Sign in Subscribe
Petroleum

Australian Sharemarket Surges on Back of US-Led Iraq Bombing Raids

Strategic Insights

— 1 min read

The Australian sharemarket experienced a significant surge on December 17, 1998, after US-led bombing raids on Iraq sparked interest in oil, gold, and defensive stocks. The benchmark all ordinaries index rose 42.7 points to 2740.0, while the all resources index surged 25.4 points or 2.71 per cent to 961.8.

The oil and gas sector saw significant gains, with Woodside Petroleum increasing 15.8 cents to $7.35, Santos surging 18 to $4.37, and Novus Petroleum climbing nine to $1.40. Gold stocks were also buoyant, with Lihir climbing eight to $1.87, Normandy adding three to $1.58, and Newcrest steady at $2.30.

The banking sector saw mixed results, with the National Australia Bank the only "Big Four" player to lose ground, shedding one cent to $24.13. ANZ made the most ground, gaining 28 cents or 2.66 per cent to $10.81.

Key Takeaways:

  • The Australian sharemarket surged 1.5 per cent higher due to interest in oil, gold, and defensive stocks sparked by US-led bombing raids on Iraq.
  • The oil and gas sector saw significant gains, with Woodside Petroleum increasing 15.8 cents to $7.35 and Santos surging 18 to $4.37.
  • Gold stocks were buoyant, with Lihir climbing eight to $1.87 and Normandy adding three to $1.58.
  • The banking sector saw mixed results, with ANZ gaining 28 cents or 2.66 per cent to $10.81 and National Australia Bank shedding one cent to $24.13.
  • Preliminary national turnover was 332.21 million shares traded for A$955.96 million ($592 million).
  • The December share price index contract on the Sydney Futures Exchange jumped 51 to 2762 points, a 22 point premium on the cash market.

Statistics:

  • Benchmark all ordinaries index rose 42.7 points to 2740.0.
  • All resources index surged 25.4 points or 2.71 per cent to 961.8.
  • Oil and gas sector saw significant gains, with Woodside Petroleum increasing 15.8 cents to $7.35.
  • Gold stocks were buoyant, with Lihir climbing eight to $1.87 and Normandy adding three to $1.58.
  • Preliminary national turnover was 332.21 million shares traded for A$955.96 million ($592 million).
  • The December share price index contract on the Sydney Futures Exchange jumped 51 to 2762 points.

Sources:

  • Asia Pulse via COMTEX
  • Asia Pulse Pte Ltd (C) 1998

Read more