Sydney Sharemarket Surges on Strong Company Results

The Sydney sharemarket closed up nearly 1.5 per cent on February 19, 1999, following a 100-point rise on Wall Street overnight. This surge was driven by a week of strong company results, particularly from blue-chip stocks. Companies such as Commonwealth Bank, News Corp, Coles Myer, Qantas, Westfield Holdings, Lend Lease Corp, and John Fairfax Holdings reported solid earnings. This market sentiment was reflected in the All Ordinaries index, which rose 41.8 points to 2924.3 points, a 1.45 per cent increase.

Key Takeaways:

• The Sydney sharemarket closed up nearly 1.5 per cent on February 19, 1999, following a 100-point rise on Wall Street overnight.
• The All Ordinaries index rose 41.8 points to 2924.3 points, a 1.45 per cent increase.
• Blue-chip companies such as Qantas, Commonwealth Bank, and News Corp reported strong earnings, driving the market surge.
• Topping volume was Qantas Airways, which saw 18.37 million shares exchanged valued at $74.44 million.
• Qantas revealed a stunning interim net profit of $222.9 million, exceeding its previous corresponding half by 34.5 per cent.
• The transport sector was also boosted by a 90 cents rise in Brambles, a 31 cents increase in Qantas, and a 14 cents rise in Toll Holdings.

Statistics:

• 451.57 million shares were traded, valued at $1.23 billion.
• 722 shares rose, 533 fell, and 440 remained steady.
• The All Industrials index closed 76.2 points higher at 5304.4.
• The All Resources index ended up 13.4 points at 964.6 points.
• Qantas Airways' share price closed up 31 cents, or 7.91 per cent, to a record $4.23.
• Brambles rose 3.49 per cent, or 90 cents, to $42.00.
• Toll Holdings added 14 cents, or 3.49 per cent, to $4.15.

Sources:

• "The Australian" newspaper, February 19, 1999.
• Asia Pulse news feed, February 19, 1999.