Interdum stultus opportuna loquitur...

Thursday, December 09, 2004

OzRant: Early Blast Fails to Hold

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Major Market Indices

Yet again, the market attempted to open with a hiss and a roar - based on the leadership coming out of the US and nothing more. Yet again (in recent days) the thing couldn't hold water to save itself, and the morning rally was finished when the last nuffnuff had shot his intraday bolt. The chart is getting downright predictable (although the closing micro-rally was a little bit of a surprise).

XAO 5-min intraday chart

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 8.40 points (0.41%), finishing at 2063.50 points. The major winners in the "big guns" were -

  • Amcor (AMC), +$0.14 (2.05%) to $6.97 on volume of 11.92m shares;
  • Woodside Petrolm (WPL), +$0.27 (1.41%) to $19.41 on volume of 1.48m shares;
  • Foster'S Group (FGL), +$0.04 (0.74%) to $5.46 on volume of 4.25m shares;
  • Qbe Insurance (QBE), +$0.08 (0.57%) to $14.08 on volume of 1.3m shares; and
  • Westfield Group (WDC), +$0.06 (0.38%) to $15.81 on volume of 2.94m shares.

The damage to the worst-performed stocks was pretty mild -

  • Wesfarmers (WES), -$0.49 (1.33%) to $36.36 on volume of 1.31m shares;
  • Amp (AMP), -$0.09 (1.33%) to $6.70 on volume of 4.8m shares;
  • Bhp Billiton (BHP), -$0.18 (1.22%) to $14.57 on volume of 29.56m shares;
  • Rio Tinto (RIO), -$0.41 (1.07%) to $37.91 on volume of 2.79m shares; and
  • Anz Banking Grp (ANZ), -$0.20 (1.01%) to $19.70 on volume of 4.51m shares.

At the smaller end of the market's capitalisation scale,the ASX Small Ordinaries fell by 4.70 points (0.21%), finishing at 2263.10 points. The major winners in the "pop-guns" were -

  • Gasnet Australia (GAS), +$0.17 (6.72%) to $2.70 on volume of 738,000 shares;
  • Tower (TWR), +$0.10 (5.49%) to $1.92 on volume of 783,000 shares;
  • Henry Walker Elt (HWE), +$0.02 (4.88%) to $0.43 on volume of 5.08m shares;
  • Kimberley Diamonds (KIM), +$0.04 (4.55%) to $0.92 on volume of 687,000 shares; and
  • Vision Systems (VSL), +$0.04 (3.64%) to $1.14 on volume of 244,000 shares.

Meanwhile the following stocks brought up the rear of the small-cap brigade:

  • Lynas Corp (LYC), -$0.03 (8.2%) to $0.28 on volume of 276,000 shares;
  • Arc Energy (ARQ), -$0.09 (6.52%) to $1.29 on volume of 1.51m shares;
  • Progen Inds (PGL), -$0.30 (6.45%) to $4.35 on volume of 82,000 shares;
  • Multiemedia Com (MUL), -$0.00 (6.45%) to $0.03 on volume of 10.69m shares; and
  • SP Telemedia (SOT), -$0.10 (4.81%) to $1.98 on volume of 143,000 shares.
XAOAll Ordinaries3898.9-10.9-0.28%559.79m
XTLS&P/ASX 202063.5-8.4-0.41%116.45m
XFLS&P/ASX 503809.6-11.9-0.31%211.28m
XTOS&P/ASX 1003155.7-9.5-0.3%348.75m
XJOS&P/ASX 2003886.9-10.8-0.28%455.83m
XKOS&P/ASX 3003893.8-11.4-0.29%505.43m
XMDS&P/ASX Mid-Cap 503886.8-8.8-0.23%137.47m
XSOS&P/ASX Small Ordinaries2263.1-4.7-0.21%156.68m

Major Index Market Internals

All things considered, it's a pretty good outcome for the market to be down under a dozen points when the market breadth was so abominable; almost 2 stocks fell for each stock that rose, and likewise the negative tilt prevailed in the volume statistics.

Advancing Volume170.18m41.92m
Declining Volume315.88m90.26m

Broad Market Internals

Over the entire market, the advance/decline stats were slightly better than they were for the two "benchmark" indices above. this, I think, reflects some strength amongst small, highly speculative stocks which are not contained in the Small Caps index, but nonetheless are captured in the "whole of market" figures.

Those of you who were around in 1999 will remember the good old days, when stocks like Deepgreen Minerals (DGM) and Richfield Resources (RRN) were punted for millions of shares a day based on the idea that they were to be "shelled out" to technology companies. It happened (DGM became and RRN became, but it sure didn't give investors what they expected (it helped the bank account of the chatroom touts though!!)

The same sort of punter-mentality is surfacing again; the touts will always have a great story for the unwary.

Total Traded Value3110-427-12.07
New 52 Week Highs21-6-22.22
New 52 Week Lows21423.53
Equity Call Option Volume45224858123.42
Equity Put Option Volume39221-4342-9.97

S&P/ASX200 GICS Sector Indices

The top sector for the day was Healthcare which gained 0.63% to 4455.00 points. The sector was helped by

  • DCA Group (DVC), +$0.12 (3.55%) to $3.50 on volume of 2.59m shares;
  • CSL Limited (CSL), +$0.90 (3.44%) to $27.10 on volume of 671,000 shares;
  • Novogen (NRT), +$0.09 (1.57%) to $5.84 on volume of 230,000 shares;
  • Cochlear (COH), +$0.36 (1.56%) to $23.41 on volume of 186,000 shares; and
  • Sigma Company (SIG), +$0.05 (0.54%) to $9.25 on volume of 111,000 shares.

Second in the sector leadership stakes was Information Technology which gained 0.39% to 362.60 points. The sector leaders were -

  • Vision System (VSL), +$0.04 (3.64%) to $1.14 on volume of 244,000 shares;
  • Baycorp Advantag (BCA), +$0.07 (2.27%) to $3.16 on volume of 648,000 shares;
  • Iress Market (IRE), +$0.07 (1.88%) to $3.80 on volume of 118,000 shares;
  • Myob (MYO), +$0.01 (0.74%) to $1.37 on volume of 257,000 shares; and
  • Infomedia (IFM), -$0.00 (0%) to $0.77 on volume of 809,000 shares.

The bronze today went to Property Trusts which gained 0.39% to 1797.30 points. The sector was led by

  • Thakral Holdings (THG), +$0.02 (2.7%) to $0.76 on volume of 114,000 shares;
  • Bunnings Whse (BWP), +$0.03 (1.65%) to $1.85 on volume of 100,000 shares;
  • Multiplex Group (MXG), +$0.06 (1.07%) to $5.69 on volume of 948,000 shares;
  • Macq Goodman Ind (MGI), +$0.02 (0.93%) to $2.17 on volume of 1.36m shares; and
  • Ing Industrial (IIF), +$0.02 (0.92%) to $2.19 on volume of 551,000 shares.

The worst-performed sector today was Materials which lost 0.77% to 6298.30 points. The sector was dragged lower by

  • Portman (PMM), -$0.12 (4.23%) to $2.72 on volume of 1.35m shares;
  • Oxiana (OXR), -$0.03 (3.19%) to $0.91 on volume of 16.61m shares;
  • Lihir Gold (LHG), -$0.03 (2.61%) to $1.12 on volume of 22.73m shares;
  • Excel Coal (EXL), -$0.11 (2.39%) to $4.50 on volume of 1.26m shares; and
  • Zinifex (ZFX), -$0.05 (2.33%) to $2.10 on volume of 4.87m shares.

Just in front of the last place on the sector table was Consumer Discretionary which lost 0.61% to 2324.30 points. The sector was pulled down by

  • Housewares Intl (HWI), -$0.09 (3.4%) to $2.56 on volume of 96,000 shares;
  • Pacific Brands (PBG), -$0.10 (3.13%) to $3.09 on volume of 5.13m shares;
  • Austereo Group (AEO), -$0.05 (2.92%) to $1.66 on volume of 592,000 shares;
  • Macq Comm Infras (MCG), -$0.14 (2.53%) to $5.40 on volume of 3.39m shares; and
  • Jb Hi-Fi (JBH), -$0.08 (2.17%) to $3.60 on volume of 1.07m shares.
CodeGICS SectorClose+/-%Volume
XIJInformation Technology362.61.40.39%4.27m
XPJProperty Trusts1797.36.90.39%66.38m
XSJConsumer Staples5433.51.30.02%28.23m
XXJASX200 ex Property Trusts4637.9-10.4-0.22%48.77m
XDJConsumer Discretionary2324.3-14.3-0.61%45.98m

All Ordinaries Volume Leaders


JRVJervois Mining0.0160.0145.45%326.83m
BHPBhp Billiton14.57-0.18-1.22%29.56m
EGOEmpire Oil & Gas0.010-9.09%28.56m
FCNFalcon Minerals0.790.1116.18%27.23m

All Ordinaries Top Gainers

OTT Open Telecomms 0.3150.0516.67%50000
GASGasnet Australia2.70.176.72%738285
SST Steamships Trading
HWE Henry Walker Eltin 0.430.024.88%5.08m

All Ordinaries Top Losers

LYCLynas Corp0.28-0.03-8.2%275986
IGO Independence Group 1.15-0.09-7.26%256443
IHGIntellect Hldgs0.0280-6.67%1.27m

Elsewhere in the Region...

Japan down hard, and the rst of the region pretty much as tame as our market.

New ZealandNZSE502977.496-13.66-0.46%28.2m
JapanNikkei 22510766.96-174.41-1.59%57699
SingaporeStraits Times2016.03-4.63-0.23%69.64m
Hong KongHang Seng13992.38-29.94-0.21%276.42m
MalaysiaKLSE Comp898.5-3.8-0.42%29.7m

Main SFE Futures Contracts

SPI04ZSPI200 Index SFE389450.13%18435
IR04Z90-day Bank Bills SFE94.65-0.07-0.07%56833
YT04Z3-yr Bond SFE95.04-0.03-0.03%110822
XT04Z10-yr Bond SFE94.840.030.03%31690