Australian Stock Market Ends Higher Despite Weakening Confidence

Strategic Insights -

The Australian stock market finished higher on March 5, 1999, with a stronger gold sector contributing to the upward trend. However, the market failed to maintain momentum sparked by the overnight rise on Wall Street, brokers said. The all-ordinaries index closed at 2902.5, up 17.2 points from the previous day.

Key Takeaways:

  • The Australian stock market ended higher with a gain of 17.2 points to 2902.5, driven by a stronger gold sector.
  • Preliminary national turnover on the Australian Stock Exchange was 330.86 million shares traded for $870.02 million.
  • The all-resources index strengthened 13.8 points, or 1.45 percent, to 966.9, led by improved gold, oil, and base metal prices.
  • The gold index surged 31.3 points to 1020.1, with major gold stocks such as Sons of Gwalia, Newcrest, Delta, Lihir, and Normandy increasing by 16 cents to $4.95, 15.1 to $2.641, 15 to $2.60, nine to $1.34, and 11 cents to $1.34, respectively.
  • The spot price of gold bullion in Sydney was $US288.20 an ounce, up from $US286.75 an ounce.
  • Major Australian banks such as National Australia Bank, ANZ, Westpac, and Commonwealth Bank also performed well, with the bank index gaining 47 points to 6,732.2.
  • Other notable gainers include Macquarie, Suncorp-Metway, AMP, and Telstra, while James Hardie and Foodland Associates slipped.

Statistics:

  • Preliminary national turnover on the Australian Stock Exchange was 330.86 million shares traded for $870.02 million.
  • The all-ordinaries index closed at 2902.5, up 17.2 points from the previous day.
  • The all-resources index strengthened 13.8 points, or 1.45 percent, to 966.9.
  • The gold index surged 31.3 points to 1020.1.
  • The spot price of gold bullion in Sydney was $US288.20 an ounce, up from $US286.75 an ounce.
  • The Dow Jones Industrial Average in the United States surged 191.52 points to 9,467.40.

Sources:

  • The Australian stock market data from The Australian, March 6, 1999.
  • Quote from Simon Reed, Morgan Stockbroking adviser, in The Australian, March 6, 1999.
  • ASIA PULSE (C) 1999 Asia Pulse Pte Ltd News Provided by COMTEX (http://www.comtexnews.com).