Interdum stultus opportuna loquitur...

Tuesday, December 07, 2004

Metcash goes Bananas; Amcor gets the Buttered Carrot

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

Major Market Indices

The All Ordinaries had another "burst from the blocks" this morning, but again it didn't hold. The first half-hour looked great, but after that it was one-way traffic until the close (which was close to the low tick of the day) which left the index almost half a percent lower.

All Ordinaries 5-minute Intraday Chart

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 16.90 points (-0.80%), finishing at 2084.20 points.

The major winners in the "big guns" were -

  • QBE Insurance (QBE), +$0.20 (1.44%) to $14.07 on volume of 1.48 million shares;
  • Woolworths (WOW), +$0.08 (0.54%) to $14.83 on volume of 1.76 million shares;
  • Westfield Group (WDC), +$0.07 (0.44%) to $15.95 on volume of 2.55 million shares;
  • News Corpse A (NWSLV), +$0.07 (0.31%) to $22.71 on volume of 4.79 million shares; and
  • St George Bank (SGB), +$0.03 (0.12%) to $24.33 on volume of 844 thousand shares.

Meanwhile the following stocks brought up the rear:

  • Amcor (AMC), -$0.76 (10.08%) to $6.78 on volume of 21.06 million shares;
  • Wesfarmers (WES), -$0.91 (2.34%) to $37.93 on volume of 766 thousand shares;
  • BHP Billiton (BHP), -$0.28 (1.84%) to $14.95 on volume of 15.52 million shares;
  • AMP (AMP), -$0.12 (1.73%) to $6.80 on volume of 5.42 million shares; and
  • Coles Myer (CML), -$0.15 (1.5%) to $9.86 on volume of 2.69 million shares.

Turns out that Amcor's CEO was involved in attempting to manipulate box prices, and may have acted illegally in doing so. Of course everyone else on the board was shocked, dismayed, horrified and knew nothing of the whole thing. What utter bullshit, if you'll pardon my lapsing into the Saxon.

Too bad - the CEO gets to bend over and take the cuts, while the Board pretends like it was duped. The once-darling of the Board was sacked, and the stock got hammered. Or, as I like to say, "it copped the buttered carrot" ("bend over... this will hurt you at least as much as it hurts me...").

Amcor (AMC) 5-minute intraday chart... OUCH!

The "little Aussie Battler" end of the market (the ASX Small Ordinaries) was the beneficiary of some "sector rotation" and only fell about a quarter-percent), the leadership was provided by -

  • Metcash Trading (MTT), +$0.43 (14.63%) to $3.37 on volume of 25.08 million shares;
  • Kresta Holdings (KRS), +$0.04 (7.27%) to $0.59 on volume of 1.2 million shares;
  • Hardman Rsc (HDR), +$0.09 (5.7%) to $1.67 on volume of 7.52 million shares;
  • Tap Oil (TAP), +$0.07 (4.12%) to $1.77 on volume of 410 thousand shares; and
  • Austal Limited (ASB), +$0.07 (3.76%) to $1.93 on volume of 1.29 million shares.

Speaking of Metcash, everybody had ample opportunity (especially those who get RSS feeds) to take advantage of MTT's Share Purchase Plan which was announced here within minutes of its ASX announcement.

The plan - as always - was to purchase a number (say, "X") units of stock in MTT soon after the open (there's always an orgasm in the opening bid, so it's best to sit aside for ten minutes). Then, sell (X-1) units at some stage during the day - leaving a single unit holding, which keeps you on the register in case the SPP is worth participating in (i.e., the stock is trading at a premium to the SPP price.

As I said this morning, The Red Menace makes a habit of retaining a single unit of every small-cap stock he trades - solely to get access to SPPs. And MTT's look like it will have a decent premium. I might disagree with the way the market is pricing MTT's takeover of FOA's domestic operations, but that doesn't stop me from trying to get free money if it's just lying there.

Metcash (MTT) Intraday 5-minute Chart

XAOAll Ordinaries3940.7-19.2-0.48%577.56m
XTLS&P/ASX 202084.2-16.9-0.8%115.43m
XFLS&P/ASX 503849.4-24.6-0.64%195.42m
XTOS&P/ASX 1003188.3-18.9-0.59%331.16m
XJOS&P/ASX 2003928.7-21.8-0.55%445.14m
XKOS&P/ASX 3003936.9-22.1-0.56%513.3m
XMDS&P/ASX Mid-Cap 503924.8-11.7-0.3%135.74m
XSOS&P/ASX Small Ordinaries2305.6-5.5-0.24%182.14m

All Ordinaries Market Internals

Advancing Volume182.57m
Declining Volume327.24m

Broad Market Internals

Total Traded Value2273-389-14.61
New 52 Week Highs601122.45
New 52 Week Lows12-1-7.69
Equity Call Option Volume29067-4265-12.8
Equity Put Option Volume26714333814.28

S&P/ASX200 GICS Sector Indices

The top sector for the day was Consumer Staples which gained 0.41% to 5497.50 points. The sector was helped by

  • Metcash Trading (MTT), +$0.43 (14.63%) to $3.37 on volume of 25.08 million shares;
  • its M&A-talk spouse-to-be, Foodland (FOA), +$1.13 (4.84%) to $24.48 on volume of 3.53 million shares;
  • Southcorp (SRP), +$0.02 (0.55%) to $3.66 on volume of 1.77 million shares;
  • Woolworths (WOW), +$0.08 (0.54%) to $14.83 on volume of 1.76 million shares; and
  • AWB (AWB), +$0.02 (0.42%) to $4.80 on volume of 891 thousand shares.

Second in the sector leadership stakes was Property Trusts which gained 0.39% to 1797.50 points. The sector leaders were -

  • Valad Property (VPG), +$0.02 (1.57%) to $1.29 on volume of 1.69 million shares;
  • Thakral Holdings (THG), +$0.01 (1.37%) to $0.74 on volume of 34 thousand shares;
  • Galileo Shopping (GSACA), +$0.01 (1.22%) to $0.83 on volume of 1.77 million shares;
  • Centro Prop (CNP), +$0.04 (0.78%) to $5.15 on volume of 729 thousand shares; and
  • Stockland (SGP), +$0.04 (0.67%) to $5.98 on volume of 1.05 million shares.

The bronze today went to Consumer Discretionary which gained 0.08% to 2359.30 points. The sector was led by

  • Village Road Prefs (VRLPA), +$0.05 (2.94%) to $1.75 on volume of 52 thousand shares;
  • JB Hi-Fi (JBH), +$0.09 (2.39%) to $3.86 on volume of 277 thousand shares;
  • Just Group (JST), +$0.05 (1.7%) to $2.99 on volume of 736 thousand shares;
  • Publishing & Broadcasting (PBL), +$0.23 (1.45%) to $16.11 on volume of 1.63 million shares; and
  • APN News & Media (APN), +$0.06 (1.18%) to $5.14 on volume of 1.34 million shares.

The worst-performed sector today was Materials which lost 1.64% to 6444.80 points. The sector was dragged lower by

  • Amcor (AMC), -$0.76 (10.08%) to $6.78 on volume of 21.06 million shares;
  • Portman Mining (PMM), -$0.24 (7.97%) to $2.77 on volume of 2.83 million shares;
  • Kimberley Diamonds (KIM), -$0.04 (4.12%) to $0.93 on volume of 1.64 million shares;
  • Oxiana (OXR), -$0.04 (3.85%) to $1.00 on volume of 11.01 million shares; and
  • Lion Selection Group (LSG), -$0.08 (3.49%) to $2.21 on volume of 1.09 million shares.

Just in front of the last place on the sector table was Industrials which lost 1.28% to 4721.00 points. The sector was pulled down by

  • Henry Walker Eltin (HWE), -$0.06 (10.91%) to $0.49 on volume of 7.61 million shares;
  • United Group (UGL), -$0.23 (3.59%) to $6.18 on volume of 446 thousand shares;
  • Toll Holding (TOL), -$0.38 (3.04%) to $12.12 on volume of 705 thousand shares;
  • Patrick Corp (PRK), -$0.16 (2.47%) to $6.32 on volume of 2.95 million shares; and
  • Patrick 6% Covertible Prefs (PRKPA), -$0.16 (2.45%) to $6.37 on volume of 153 thousand shares.

Patrick Corp (PRK) was taken to the woodshed (ever so slightly) after Richard Branson said he had "no plans" to sell his stake in Virgin Blue (VBA +1.46% to $2.08) to Patrick.

Branson - the world's richest X-gen wannabe (and its most indebted, if Private Eye is to be believed) - is using weasel words here. It smacks too much of "the minister has my absolute confidence"... third time's a charm.

I can always honestly say that "I have no plans" to eat a whole packet of Tim Tams... but put a packet in the cupboard and the things just disappear (especially while Stargate is on).

Everybody knows that PRK has the finance already arranged, and is waiting for VBA's share price to soften 20c or so (from here) before it pulls the trigger. And Branson will sell, or he's an idiot.

CodeGICS SectorClose+/-%Volume
XSJConsumer Staples5497.522.50.41%56.76m
XPJProperty Trusts1797.56.90.39%47.72m
XDJConsumer Discretionary2359.320.08%36.04m
XIJInformation Technology364.5-1-0.27%4.98m
XXJASX200 ex Property Trusts4653.7-21-0.45%51.36m

All Ordinaries Volume Leaders

MTTMetcash Trading3.370.4314.63%25.08m
MAPMacquarie Airports3.090.010.32%25.07m
FCNFalcon Minerals0.87-0.18-17.14%24.46m
LIOLion Energy0.01200%22.34m

All Ordinaries Top Gainers

CMKCumnock Coal0.720.2244%179577
MTTMetcash Trading3.370.4314.63%25.08m
CLTCellnet Group1.650.138.55%109577
KRSKresta Holdings0.590.047.27%1.2m

All Ordinaries Top Losers

HWEHenry Walker Eltin0.49-0.06-10.91%7.61m
PSAPetsec Energy1.26-0.11-8.03%249440
PMMPortman Mining2.77-0.24-7.97%2.83m
CAGCape Range0.0350-7.89%1.02m

Elsewhere in the Region...

New ZealandNZSE503010.897-4.2-0.14%34.93m
JapanNikkei 22510889.71-92.25-0.84%43343
SingaporeStraits Times2024.9-7.48-0.37%52.47m
Hong KongHang Seng14211.57-45.29-0.32%195.06m
MalaysiaKLSE Comp911.01-5.35-0.58%23.12m

Main SFE Futures Contracts

SPI04ZSPI200 Index SFE3958-2-0.05%15975
IR04Z90-day Bank Bills SFE94.730.010.01%19441
YT04Z3-yr Bond SFE95.050.050.05%55016
XT04Z10-yr Bond SFE94.780.070.07%13748