Interdum stultus opportuna loquitur...

Friday, December 10, 2004

OzRant: A Typical Friday...

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Major Market Indices

Sometimes markets do the same thing, over and over and over.

Like the Australian market; sure, it's overbought... - but it's still not overpriced (and will be even better value once News Corpse buggers off for good). It has a decent aggregate divvie (ex News Corpse) and economic prospects for this region (and this country) are pretty solid - better than for the US, anyhow.

Even with those good fundamentals, the market could do with a 3-week, 5-10% breather just to shake out some nuffnuffs, get some fund mis-managers fired, and generally clear out the cobwebs.

But no.

This thing has to start every day as if it's just finished listening to the entire 30-set Tony Robbins "Unlimited Power" CDs while chewing Ephedrine tablets by the dozen and drinking a litre of short blacks with buku sugar.

And then, reality.

Today was the same template as the whole week: an orgasm at the open, and then an ooze which lasted pretty much all day. The Friday Fade is a well-documented fact of market life - all markets go a bit limp on Friday arvo - but today you could actually sense when everybody went down the pub just by watching volume, which dried up completely at 11:30.

The All Ords leapt out of the blocks like Ben Johnson on speed (the sprinter, not the playwright), but by lunchtime it was behaving like Elliott Goblet on Valium. The chart tells the story; burst, fade...

XAO intraday 5-minute chart

The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by 8.50 points (0.41%), finishing at 2072.00 points. The major winners in the "big guns" were -

  • News Corpse A (NWSLV), +$0.55 (2.44%) to $23.12 on volume of 5.96m shares;
  • News Corpse B (NWS), +$0.50 (2.17%) to $23.50 on volume of 7.61m shares;
  • AMP (AMP), +$0.10 (1.49%) to $6.80 on volume of 6.08m shares;
  • Rio Tinto (RIO), +$0.53 (1.4%) to $38.44 on volume of 1.64m shares; and
  • ANZ Bank (ANZ), +$0.15 (0.76%) to $19.85 on volume of 3.28m shares

Meanwhile the following stocks brought up the rear:

  • Woolworths (WOW), -$0.23 (1.56%) to $14.55 on volume of 1.35m shares;
  • QBE Insurance (QBE), -$0.18 (1.28%) to $13.90 on volume of 898k shares;
  • Coles Myer (CML), -$0.05 (0.52%) to $9.56 on volume of 2.19m shares;
  • Natl Aust Bank (NAB), -$0.12 (0.43%) to $27.90 on volume of 5.41m shares; and
  • St George Bank (SGB), -$0.09 (0.37%) to $24.20 on volume of 784k shares.

Meanwhile, the smaller end of the market's capitalisation scale - the ASX Small Ordinaries - fell by -6.20 points (-0.27%), finishing at 2256.90 points. The major winners in the Clash of the non-Titans (well, Titan Resources is a "Titan" I guess) were -

  • Western Areas (WSA), +$0.08 (5.71%) to $1.48 on volume of 120k shares;
  • Virotec Intl (VTI), +$0.03 (5.15%) to $0.51 on volume of 102k shares;
  • Progen Inds (PGL), +$0.21 (4.83%) to $4.56 on volume of 107k shares;
  • Beach Petroleum (BPT), +$0.02 (4.76%) to $0.44 on volume of 925k shares; and
  • Technology One (TNE), +$0.03 (4.76%) to $0.66 on volume of 93k shares.

Meanwhile the following stocks brought up the rear of the mini-me brigade:

  • Schaffer Corp (SFC), -$0.99 (7.33%) to $12.51 on volume of 53k shares;
  • Cellestis (CST), -$0.19 (5.29%) to $3.40 on volume of 428k shares;
  • Croesus Min (CRS), -$0.03 (5.26%) to $0.54 on volume of 1.95m shares;
  • Austral Coal (AUO), -$0.03 (4.17%) to $0.69 on volume of 1.88m shares; and
  • Equigold (EQI), -$0.05 (3.57%) to $1.35 on volume of 551k shares.
XAOAll Ordinaries3911.412.50.32%724.77m
XTLS&P/ASX 2020728.50.41%96.59m
XFLS&P/ASX 503825.315.70.41%161.24m
XTOS&P/ASX 1003166.610.90.35%560.18m
XJOS&P/ASX 2003898.511.60.3%633.78m
XKOS&P/ASX 3003905.211.40.29%688.07m
XMDS&P/ASX Mid-Cap 503884.3-2.5-0.06%398.94m
XSOS&P/ASX Small Ordinaries2256.9-6.2-0.27%127.89m

All Ordinaries Market Internals

Advances 170 65
Declines 194 97
Advancing Volume 301.78m 51.01m
Declining Volume 355.71m 60.51m

Broad Market Internals

Total Traded Value2956-209-6.6
New 52 Week Highs2100
New 52 Week Lows11-10-47.62
Equity Call Option Volume28424-16800-37.15
Equity Put Option Volume21278-17943-45.75

S&P/ASX200 GICS Sector Indices

The top sector for the day was Consumer Discretionary which gained 1.51% to 2359.50 points. The sector was helped by

  • Millers Retail (MRL), +$0.03 (3%) to $1.03 on volume of 979k shares;
  • Aristocrat Leis (ALL), +$0.22 (2.59%) to $8.72 on volume of 1.17m shares;
  • News Corp A-Cdi (NWSLV), +$0.55 (2.44%) to $23.12 on volume of 5.96m shares;
  • Publish Broadcst (PBL), +$0.38 (2.38%) to $16.38 on volume of 2.68m shares; and
  • News Corp B-Cdi (NWS), +$0.50 (2.17%) to $23.50 on volume of 7.61m shares.

Second in the sector leadership stakes was Materials which gained 0.86% to 6352.70 points. The sector leaders were -

  • Rinker Group (RIN), +$0.36 (3.64%) to $10.25 on volume of 2.77m shares;
  • Bluescope Steel (BSL), +$0.20 (2.5%) to $8.20 on volume of 2.45m shares;
  • Onesteel (OST), +$0.06 (2.5%) to $2.46 on volume of 2.28m shares;
  • Nufarm (NUF), +$0.20 (2.3%) to $8.90 on volume of 291k shares; and
  • Jubilee Mines (JBM), +$0.09 (2.24%) to $4.11 on volume of 494k shares.

The bronze today went to Healthcare which gained 0.61% to 4482.20 points. The sector was led by

  • Ventracor (VCR), +$0.05 (3.6%) to $1.44 on volume of 1.98m shares;
  • Novogen (NRT), +$0.15 (2.61%) to $5.90 on volume of 71k shares;
  • Cochlear (COH), +$0.41 (1.73%) to $24.06 on volume of 275k shares;
  • Ramsay Health Care (RHC), +$0.11 (1.62%) to $6.90 on volume of 678k shares; and
  • CSLLimited (CSL), +$0.45 (1.62%) to $28.30 on volume of 1.25m shares.

The worst-performed sector today was Consumer Staples which lost 0.55% to 5403.40 points. The sector was dragged lower by

  • Futuris Corp (FCL), -$0.11 (5.07%) to $2.06 on volume of 207.35m shares;
  • Burns Philp & Co (BPC), -$0.02 (2.3%) to $0.85 on volume of 1.18m shares;
  • Woolworths (WOW), -$0.23 (1.56%) to $14.55 on volume of 1.35m shares;
  • AWB (AWB), -$0.05 (1.06%) to $4.65 on volume of 1.78m shares; and
  • National Food (NFD), -$0.05 (0.84%) to $5.87 on volume of 1.27m shares.

Just in front of the last place on the sector table was Information Technology which lost 0.41% to 361.10 points. The sector was pulled down by

  • ERG Limited (ERG), -$0.01 (3.17%) to $0.31 on volume of 2.55m shares;
  • IRESS Market (IRE), -$0.11 (2.89%) to $3.69 on volume of 124k shares;
  • Infomedia (IFM), -$0.01 (1.3%) to $0.76 on volume of 508k shares;
  • MYOB (MYO), -$0.01 (0.73%) to $1.36 on volume of 235k shares; and
  • Baycorp Advantage (BCA), -$0.01 (0.32%) to $3.15 on volume of 234k shares.
CodeGICS SectorClose+/-%Volume
XDJConsumer Discretionary2359.535.21.51%32.66m
XXJASX200 ex Property Trusts4640.72.80.06%152.4m
XPJProperty Trusts1791.7-5.6-0.31%54.09m
XIJInformation Technology361.1-1.5-0.41%5.05m
XSJConsumer Staples5403.4-30.1-0.55%234.07m

All Ordinaries Volume Leaders

FCLFuturis Corp2.06-0.11-5.07%207.23m
HHG HHG Plc 1.350.118.87%111.4m
JRVJervois Mining0.01600%48m
LIOLion Energy0.0100%38.2m
ADY Admiralty Resources 0.0340.0117.24%24.33m

All Ordinaries Top Gainers

HHGHHG Plc1.350.118.87%111.4m
IHG Intellect Holdings 0.0307.14%944888
GGNGallery Gold0.380.037.04%1.15m
CGXCentral Asia Gold0.640.046.67%280081
PSGPalm Springs0.1650.016.45%301286

All Ordinaries Top Losers

CMKCumnock Coal0.56-0.11-16.42%4200
OMIOccupational Med1.02-0.11-9.73%244379
SFCSchaffer Corp12.51-0.99-7.33%53199
OFMOFM Investment2.29-0.15-6.15%11025
FAN Fantastic Holdings 4.9-0.3-5.77%31579

Elsewhere in the Region...

The table below says that the Nikkei was up for the day, but the table below was collated at the close of the Australian session; as the chart below shows, the Nikkei fell out of bed in a rather handy was shortly after 5 p.m. our time.

Nikkei intraday 5-minute chart

New ZealandNZSE502981.8894.390.15%14.65m
JapanNikkei 22510786.9910.360.1%139660
SingaporeStraits Times2013.6214.480.72%51.48m
Hong KongHang Seng13914.19-94.63-0.68%163.39m
MalaysiaKLSE Comp898.923.940.44%17.19m

Main SFE Futures Contracts

SPI04ZSPI200 Index SFE389730.08%23340
IR04Z90-day Bank Bills SFE94.65-0.01-0.01%24372
YT04Z3-yr Bond SFE94.99-0.05-0.05%76538
XT04Z10-yr Bond SFE94.8-0.04-0.04%92252