Interdum stultus opportuna loquitur...

Thursday, December 02, 2004

OzRant: Yet Another Record...

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Economic Statistics

The primary economic statistic of interest today was house prices, which were revised upward from a fall of 1.2% to a fall of just 0.3%.

As usual, these are to be taken with a grain of salt. I don't think our domestic numbers are quite as tainted as the US's proto-Soviet numbers, but all the same I would be skeptical of anything that showed the housing sector remaining bouyant... after all, look at how few "slap-a-coat-of-paint-on and get $50k above reserve at auction" shows there are left. (Poor Johanna).

Major Market Indices

With the US moonshot last night, there were no prizes for guessing whether or not today would be another record.

The reality is, that all of the action happened inside the first half-hour - the rest of the day was pretty feh. Check out the chart below:

All Ordinaries 1-minute intraday chart

XAOAll Ordinaries3955.140.81.04%566.6m
XTLS&P/ASX 202102.321.41.03%104.3m
XFLS&P/ASX 503867.641.21.08%208.95m
XTOS&P/ASX 1003198.834.41.09%344.85m
XJOS&P/ASX 2003941.942.61.09%446.82m
XKOS&P/ASX 3003950.3421.07%512.53m
XMDS&P/ASX Mid-Cap 503902.6451.17%135.9m
XSOS&P/ASX Small Ordinaries2316.1210.91%167.68m

Market Internals

Only 12 stocks in the ASX100 fell for the session - however looking at the table below it appears there was more balance beneath the apparently-bullish ASX100 breadth.

Admittedly, the new highs/new lows balance is not yet uber-bullish (if it was, it would be the perfect time to get short this market), and although the put-call ratio (oh yes... there is such a thing for the Australian market!!) dropped very sharply today (from 0.84 to 0.71)... still not "mindless optimism" territory, but watch this space...

New 52 Week Highs76250.49
New 52 Week Lows1210.09
Equity Call Option Volume38405-5179-0.12
Equity Put Option Volume27343-9409-0.26

S&P/ASX200 GICS Sector Indices

I can't make up my mind whether to list the hated GICS sectors in order of percentage gain, in order of turnover, or to leave them in the order they are in at the moment. I'm leaning toward percentage gain.

Anyway, the biggies today were Materials, Consumer Discretionary and Industrials - with Energy the only dud sector (thanks to the oil price, of course).

CodeGICS SectorClose+/-%Volume
XDJConsumer Discretionary2363.929.71.27%53.1m
XSJConsumer Staples5344.9460.87%31.86m
XIJInformation Technology367.8-1-0.27%6.27m
XPJProperty Trusts1789.6191.07%56.14m
XXJASX200 ex Property Trusts4645.947.51.03%72.18m

All Ordinaries Volume Leaders

HHGHHG Plc1.240.043.33%28.66m
BHPBHP Billiton15.510.241.57%12.29m
HDRHardman Rsc1.620.010.62%11.53m

All Ordinaries Top 5 % Gainers

ADAAdacel Tech0.330.038.33%9984
SMCStrategic Mnrls0.1350.018%150200
CNTCentamin Egypt0.290.027.55%63000
TIRTitan Rsc0.2150.027.5%185153

All Ordinaries Top 5 % Losers

Poor old Funtastic; the cheapie end of consumer spending has been having a bit of a rough time of it, or so it would seem (Millers Retail reinforces that view).

MRLMillers Retail1.08-0.08-6.9%5.79m
ANCAngus And Coote9.7-0.66-6.37%2497

Main SFE Futures Contracts

SPI04ZSPI200 Index SFE3957501.28%15044
IR04Z90-day Bank Bills SFE94.73-0.03-0.03%19142
YT04Z3-yr Bond SFE95.02-0.03-0.03%45613
XT04Z10-yr Bond SFE94.75-0.04-0.04%13644