Interdum stultus opportuna loquitur...

Wednesday, December 01, 2004

Bye Bye Ziggy...

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

I mentioned yesterday that it was about time to start looking for short entry positions in this market; today's little pullback is not yet a validation of that view.

Anyhow - I've been somewhat distracted by the discovery in our back yard of a fledgeling bird.

{Note for those in the cities, or the new tract developments such as Craigieburn or Caroline Springs - a "back yard" is an expanse of grass (or weeds) at the rear of the house... from your point of view, think of the point roughly where your rear neighbours' kitchen finishes, and that's where the little bird was found}.

Now folks may smirk, given my rather "Darwinian" view of the battle between domestic animals (such as cats) and "native" fauna - a battle in which Felis Domesticus is kicking some native butt.

While I don't care which species makes it through until tomorrow morning, an individual bird that's about to croak gets whatever attention I can provide: it is yet another time at which the general premise does not flow through to specific circumstances.

So smirk away; meanwhile I will have my index finger covered in waterlogged Vita-Brits, and bird saliva.

Major Market Indices

Economic growth slowing... no real shock there. It's now slowed to the point where it's not growing fast enough to generate enough employment to meet workforce growth.

Ziggy Stardust finally jumped ship - and Telstra shares blasted straight to $5 before slowly hissing air along with the rest of the market.

By the close, TLS had significantly outperformed all the indices of which it is a constituent, despite losing 2c to $4.91 a share. This helped the Telecommunications sector to be the best-performed of the "equity-like equities"... the only better sector today was the bond-like Property Trusts.

The All Ordinaries closed down just under 3/4 of a percent, right at its low tick of the day.

All Ordinaries intraday 1 minute Chart...

XAOAll Ordinaries3914.3-28.5-0.72%749.4m
XTLS&P/ASX 202080.9-21.4-1.02%173.05m
XFLS&P/ASX 503826.4-35.4-0.92%287.11m
XTOS&P/ASX 1003164.4-26.5-0.83%420.28m
XJOS&P/ASX 2003899.3-32-0.81%543.38m
XKOS&P/ASX 3003908.3-31.8-0.81%587.92m
XMDS&P/ASX Mid-Cap 503857.6-11.3-0.29%133.17m
XSOS&P/ASX Small Ordinaries2295.1-12.9-0.56%167.65m

All Ordinaries Market Internals

No huge surprise in the internals today; a heavy tilt towards decliners in the All Ords, with declining volume about 4 times as large as advancing volume. Interestingly, 69% of total All Ordinaries Volume was transacted in the 20 most active stocks.

Advancing Volume130297689
Declining Volume540557017

S&P/ASX200 GICS Sector Indices

The Energy sector was affected quite badly by several factors, not least of which is that BHP Billiton is involving itself in litigation ith Esso regarding the Longford plant explosion a few years back. Add that to the emerging consensus (and incorrect) view that oil prices have peaked for a prolonged period, and you have the recipe for a retrenchment in Energy equities. All 12 sector indices were weaker today.

CodeGICS SectorClose+/-%Volume
XDJConsumer Discretionary2334.2-4.3-0.18%47.1m
XSJConsumer Staples5298.9-98.5-1.82%36.08m
XIJInformation Technology368.8-2.5-0.67%6.17m
XPJProperty Trusts1770.6-2.9-0.16%58.54m
XXJASX200 ex Property Trusts4598.4-45.7-0.98%70.51m

All Ordinaries Volume Leaders

BBBB Digital0.445-0.02-3.26%120.54m
TLSTelstra Corp Fpo4.91-0.02-0.41%69.95m
MXAMaxe-Tec Aust0.022022.22%52.84m
FCNFalcon Minerals1.06-0.22-17.19%34.7m
BHPBhp Billiton15.27-0.18-1.17%24.64m

All Ordinaries Top Gainers

SPLStarpharma Hldgs0.80.056.67%189364
PMEPro Medicus1.380.086.15%159379

All Ordinaries Top Losers

CNTCentamin Egypt0.265-0.03-10.17%629298
HDRHardman Rsc1.61-0.18-10.06%24.58m
SRISipa Resources0.135-0.02-10%592004
IHGIntellect Hldgs0.0360-7.69%453400

Elsewhere in the Region...

New ZealandNZSE502998.8728.080.27%18.89m
JapanNikkei 22510779.98-119.27-1.09%52335
SingaporeStraits Times2028.721.060.05%72.02m
Hong KongHang Seng14005.53-54.52-0.39%179.38m
MalaysiaKLSE Comp911.99-5.2-0.57%35.7m

Main SFE Futures Contracts

SPI04ZSPI200 Index SFE3906-16-0.41%18103
IR04Z90-day Bank Bills SFE94.750.040.04%57458
YT04Z3-yr Bond SFE95.040.030.03%113272
XT04Z10-yr Bond SFE94.790.020.02%21321