Australian Shares Reach All-Time High, Ignoring US Market Drop

Strategic Insights -

The Australian stock market continued its upward trajectory, setting a new all-time high for the third consecutive trading day. The All Ordinaries index rose 28.2 points to close at 2,989.5 points, leaving it just 10.5 points away from the 3,000-point barrier. Market analysts attributed the surge to a strong reporting season for major stocks and confidence in the domestic economy's response to the Asian crisis.

Key Takeaways:

  • The All Ordinaries index rose 28.2 points to close at 2,989.5 points, its highest point for the day.
  • The benchmark index is now just 10.5 points away from the 3,000-point barrier.
  • Banks were the strongest performers, with the bank index surging 117.9 points, or 1.7 per cent, to 7022.3 points.
  • Commonwealth Bank, Westpac, and ANZ were among the top-performing banks, with gains of over 2 per cent.
  • The All Industrials index gained 55 points to 5383.3, while the All Resources index firmed 4.9 points to 1030.0 points.
  • Oil and gas stocks firmed on recent oil price gains, with Woodside Petroleum surging 16 to $9.01 and Santos gaining 11 to $4.69.
  • Newcrest retreated 11 to $2.74, while Normandy and Lihir eased two to $1.43 and $1.55 respectively, due to weaker precious metal prices.

Statistics:

  • Preliminary national turnover was 336.86 million stocks traded for $924.96 million.
  • Falling stocks outnumbered rising stocks 642 to 579, with 465 stocks remaining steady.
  • On the Sydney Futures Exchange, the March share price index contract jumped 22 to 2995.0 points, a 5.5-point premium on the cash market.
  • 7959 lots were traded on the Sydney Futures Exchange.

Sources:

  • "Australian shares close at all-time high." Brisbane Courier-Mail, 15 Mar 1999.
  • COMTEX (http://www.comtexnews.com)