Fairfax Media Ltd., the second-largest newspaper publisher in Australia, saw its stock price boost the most in its 16-year history in Sydney trading, after Credit Suisse Group AG affirmed its "outperform" rating, Bloomberg reported Wednesday.

Fairfax shares increased 8.7 percent to AU$1.50 at closing time Wednesday, the biggest advance since May 1992. The stock this year has dropped 68 percent, versus a 44 percent decline in the benchmark S&P/ASX 200 index.

Finola Burke, a Credit Suisse analyst in Sydney, kept her target price at $2.70, after the media group boosted ratings at radio 3AW, the talk station with highest listener numbers in Melbourne, Bloomberg reported.

Fairfax, publishes the Age newspaper in Melbourne, the Sydney Morning Herald and the Australian Financial Review, in August announced a workforce cut of about 5 percent in order to reduce costs by about $50 million a year.

One third of the job eliminations will be in editorial departments, Bloomberg reported.