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Major Market Indices
Oh dear - the opening orgasm strikes again.
Folks will obviously never learn - all those bright faces on Channel Ten news, glibly plodding through teleprompters that tell them that the market is "up , Jennifer, to a new record high", only to watch ashen faced in the afternoon as it all goes to Money Heaven.
Who am I kidding? Ashen faced? Give me a break - these are people who read scripts on behalf of ticket clippers, so they don't give a crap unless there's an emoticon on the teleprompter. So long as there are enough ticket clippings to make the lease payments on their hairdresser-cars and pay for hair products, they're happy (as happy as an empty skull can be, I guess).
But anyway... what I was getting at is the fact that the market still needs its arse kicked (note: arse, not ass - I am sick of people being Americans and confusing bumholes with donkeys: one is from the OE aors, one is from somewhere else).
The broad market - the ASX All Ordinaries - fell by -4.80 points (-0.12%), finishing at 4096.40 points. The index hit an intraday high of 4114.30 ten minutes after the open, and closed at its low tick of the day 4096.4. Check out the chart... imagine how empty Tom PEtrovski's head must be to think that the market can continue to rise....
Intraday 15 minute chart Click on Image to Enlarge
The Index on which the SFE's Share Price index Futures is based - the S&P/ASX 200 - fell by 6.80 points (-0.17%), finishing at 4098.90 points. Again, its high was set (at above 4121) at about 10:10 a.m., and the hissing noise started immediately.
The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 5.50 points (-0.25%), finishing at 2167.60 points. The major winners in the "big guns" were -
- Telstra (TLS), +$0.05 (1.02%) to $4.97 on volume of 24.18m shares;
- QBE Insurance (QBE), +$0.15 (0.99%) to $15.35 on volume of 3.52m shares;
- National Australia Bank (NAB), +$0.26 (0.9%) to $29.19 on volume of 10.27m shares;
- AMP (AMP), +$0.06 (0.79%) to $7.64 on volume of 11.76m shares; and
- Commonwealth Bank (CBA), +$0.23 (0.69%) to $33.39 on volume of 13.99m shares.
The following large-cap stocks brought up the rear:
- Westfield (WDC), -$0.35 (2.02%) to $16.96 on volume of 7.53m shares;
- Wesfarmers (WES), -$0.62 (1.55%) to $39.36 on volume of 3.12m shares;
- Rio Tinto (RIO), -$0.51 (1.18%) to $42.68 on volume of 10.7m shares;
- Fosters (FGL), -$0.06 (1.17%) to $5.08 on volume of 11.67m shares; and
- News Corpse A (NWSLV), -$0.24 (1.1%) to $21.66 on volume of 2.4m shares.
At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries was absolutely unchanged, despite trading in a range between 2377.7 and 2386.2 (no prizes for guessing when the high was set). It closed at 2377.90 points. The major winners in the "pop-guns" were -
- Aquarius Platinum (AQP), +$0.30 (5.71%) to $5.55 on volume of 51,000 shares;
- SDI (SDI), +$0.06 (5.08%) to $1.24 on volume of 382,000 shares;
- Orbital (OEC), +$0.01 (5%) to $0.11 on volume of 474,000 shares;
- Sunland (SDG), +$0.10 (4.72%) to $2.22 on volume of 18.51m shares; and
- Antares (AZZ), +$0.03 (4.35%) to $0.72 on volume of 355,000 shares.
Meanwhile the following stocks brought up the rear:
- Primelife (PLF), -$0.08 (6.02%) to $1.25 on volume of 481,000 shares;
- Kagara Zinc (KZL), -$0.05 (4.31%) to $1.11 on volume of 1.05m shares;
- Norwood Abbey (NAL), -$0.03 (4.17%) to $0.69 on volume of 1.59m shares;
- Resolute (RSG), -$0.05 (3.7%) to $1.30 on volume of 445,000 shares; and
- Virotec (VTI), -$0.02 (3.39%) to $0.57 on volume of 129,000 shares.
| Code | Name | Close | +/- | % | Volume |
| XAO | All Ordinaries | 4096.4 | -4.8 | -0.12% | 762.31m |
| XTL | S&P/ASX 20 | 2167.6 | -5.5 | -0.25% | 169.18m |
| XFL | S&P/ASX 50 | 4018.5 | -4 | -0.1% | 0 |
| XTO | S&P/ASX 100 | 3328.4 | -5.9 | -0.18% | 0 |
| XJO | S&P/ASX 200 | 4098.9 | -6.8 | -0.17% | 0 |
| XKO | S&P/ASX 300 | 4105.7 | -6.6 | -0.16% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4096.5 | -25.7 | -0.62% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2377.9 | 0 | 0% | 162.91m |
All Ordinaries Market Internals
| XAO | XSO | |
| Advances | 176 | 65 |
| Declines | 186 | 88 |
| Advancing Volume | 343.69m | 54.75m |
| Declining Volume | 258.87m | 63.3m |
Broad Market Internals
| Indicator | Level | +/- | % |
| Advances | 446 | -52 | -10.44 |
| Declines | 441 | 61 | 16.05 |
| Unchanged | 336 | 14 | 4.35 |
| Total Traded Value | 4830 | 1534 | 46.54 |
| New 52 Week Highs | 68 | 6 | 9.68 |
| New 52 Week Lows | 14 | 1 | 7.69 |
| Equity Call Option Volume | 55920 | -5595 | -9.1 |
| Equity Put Option Volume | 40725 | -11232 | -21.62 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was Telecommunications which gained 0.89% to 1774.60 points. The sector only includes two stocks, so let's look at both of them...
- Telstra (TLS), +$0.05 (1.02%) to $4.97 on volume of 24.18m shares;
- Telecom NZ (TEL), +$0.01 (0.18%) to $5.69 on volume of 2.18m shares.
Second in the sector leadership stakes was Energy which gained 0.59% to 7323.70 points. The sector leaders were -
- Hardman (HDR), +$0.05 (3.09%) to $1.67 on volume of 3.81m shares;
- Oil Search (OSH), +$0.05 (2.54%) to $2.02 on volume of 16.88m shares;
- Worley (WOR), +$0.12 (2.16%) to $5.68 on volume of 152,000 shares;
- Tap Oil (TAP), +$0.02 (1.2%) to $1.68 on volume of 899,000 shares; and
- Santos (STO), +$0.07 (0.75%) to $9.35 on volume of 2.74m shares.
The bronze today went to ASX200 ex Property Trusts which gained 0.17% to 4922.90 points. The sector was led by
- Suncorp Metway (SUN), +$0.66 (3.59%) to $19.06 on volume of 5.08m shares;
- Challenger (CGF), +$0.06 (1.9%) to $3.22 on volume of 1.13m shares;
- SFE Corp (SFE), +$0.11 (1.1%) to $10.11 on volume of 278,000 shares;
- Adelaide Bank (ADB), +$0.11 (1.01%) to $10.98 on volume of 66,000 shares; and
- QBE Insurance (QBE), +$0.15 (0.99%) to $15.35 on volume of 3.52m shares.
The worst-performed sector today was Utilities which lost 1.36% to 4616.30 points. The sector was dragged lower by
- Alinta (ALN), -$0.23 (2.53%) to $8.85 on volume of 629,000 shares;
- Aust Pipeline Trust (APA), -$0.07 (1.93%) to $3.55 on volume of 176,000 shares;
- Envestra (ENV), -$0.02 (1.77%) to $1.11 on volume of 272,000 shares;
- AGL (AGL), -$0.16 (1.15%) to $13.70 on volume of 671,000 shares; and
- Energy Developments (ENE), -$0.04 (1.15%) to $3.44 on volume of 60,000 shares.
Just in front of the last place on the sector table was Property Trusts which lost 1.21% to 1855.10 points. The sector was pulled down by
- Westfieldg (WDC), -$0.35 (2.02%) to $16.96 on volume of 7.53m shares;
- Mirvac (MGR), -$0.08 (1.66%) to $4.75 on volume of 1.92m shares;
- Commnwealth Office Trust (CPA), -$0.02 (1.56%) to $1.26 on volume of 2.53m shares;
- ING Office Trust (IOF), -$0.02 (1.55%) to $1.27 on volume of 2.01m shares; and
- Db Rreef Trust (DRT), -$0.02 (1.52%) to $1.30 on volume of 3.64m shares.
| Code | GICS Sector | Close | +/- | % | Volume |
| XTJ | Telecommunications | 1774.6 | 15.6 | 0.89% | 26.35m |
| XEJ | Energy | 7323.7 | 43.3 | 0.59% | 30.72m |
| XXJ | ASX200 ex Property Trusts | 4922.9 | 8.5 | 0.17% | 122.37m |
| XMJ | Materials | 6912 | -2.5 | -0.04% | 146.92m |
| XFJ | Financials | 4911 | -7.1 | -0.14% | 207.71m |
| XNJ | Industrials | 4971.3 | -8.2 | -0.16% | 56.57m |
| XSJ | Consumer Staples | 5397.6 | -21.8 | -0.4% | 50.3m |
| XIJ | Information Technology | 394.5 | -2.4 | -0.6% | 4.97m |
| XDJ | Consumer Discretionary | 2340.5 | -16.3 | -0.69% | 50.05m |
| XHJ | Healthcare | 4664.5 | -39 | -0.83% | 5.92m |
| XPJ | Property Trusts | 1855.1 | -22.8 | -1.21% | 92.87m |
| XUJ | Utilities | 4616.3 | -63.7 | -1.36% | 4.13m |
All Ordinaries Volume Leaders
No surprise that Virgin Blue was the volume leader - every nuffnuff (and the "professional" mis-managers whose job it is to screw up everyone's super... the "SuperNuffs") jumped on the VBA bandwagon... in all likelihood, buying a swing high. VBA - like every airline in the world - is a capital destruction machine.
You see, collectively, the airlines of the world represent a massive transfer of capital to consumers. It's one of the few industries on the planet where the price of its output has declined even as inflation has eaten away at the purchasing power of consumers. In 1965, when my former mentor was on his way to Harvard, his airline ticket cost the equivalent of a year's Research Assistant salary. Now, it's more like a month's salary (and then only post-tax).
Sure, some airlines pay a dividend - but look closely at their balance sheets, and you will notice that they do so only by diverting cash flow and accumulating debt. The Debt might ostensibly be being used to fund Byzantine lease structures for their aircraft, and their wheels and engines (all separately leased and sub-leased, through several tax-and-depreciation-allowance time zones... believe me), but at the end of the day those structures are necessary, otherwise the shell-game becomes obvious.
Anyhow - never own an airline stock... it is a road to (eventual) ruin.
| Code | Name | Close | +/- | % | Volume |
| VBA | Virgin Blue | 2.08 | 0.28 | 15.56% | 58.48m |
| HHG | HHG Plc | 1.54 | 0 | 0% | 31.47m |
| LHG | Lihir | 1.07 | -0.05 | -4.46% | 30.5m |
| TLS | Telstra | 4.97 | 0.05 | 1.02% | 24.18m |
| BHP | Bhp Billiton | 16.26 | -0.12 | -0.73% | 23.29m |
| WMR | WMC Resources | 7.2 | 0.04 | 0.56% | 21.7m |
All Ordinaries Top Gainers
| Code | Name | Close | +/- | % | Volume |
| OTT | Open Telecommunications | 0.42 | 0.11 | 35.48% | 327852 |
| VBA | Virgin Blue | 2.08 | 0.28 | 15.56% | 58.48m |
| CGX | Central Asia Gold | 0.82 | 0.06 | 7.89% | 1.4m |
| BOC | Bougainville | 0.62 | 0.04 | 6.9% | 198200 |
| AQP | Aquarius Platinum | 5.55 | 0.30 | 5.71% | 50515 |
All Ordinaries Top Losers
| Code | Name | Close | +/- | % | Volume |
| TKR | Triako Resources | 1.40 | -0.22 | -13.58% | 63550 |
| LOK | Looksmart | 1.52 | -0.19 | -11.11% | 303251 |
| TIR | Titan Resources | 0.05 | -0.005 | -9.09% | 2.02m |
| CYG | Coventry Group | 7.00 | -0.6 | -7.89% | 165808 |
| CAG | Cape Range | 0.042 | -0.003 | -6.67% | 1.2m |
Elsewhere in the Region...
There was a generalised malaise in the region, with Japan, Malaysia, Korea and Hongkers all joining our market and declining, while only Singers and the Kiwis managed a gain.The Kiwi Market advanced 9.16 points (0.30%), led by ...
- Promina Group (PMN), +$0.19 (3.32%) to $5.91 on volume of 42,000 shares;
- Waste Management (WAM), +$0.12 (2.07%) to $5.92 on volume of 40,000 shares;
- Mainfreight (MFT), +$0.05 (2.04%) to $2.50 on volume of 451,000 shares;
- Cavalier (CAV), +$0.08 (1.9%) to $4.30 on volume of 5,000 shares;
- Air New Zealand (AIR), +$0.03 (1.86%) to $1.64 on volume of 181,000 shares; and
- Feltex Carpets (FTX), +$0.03 (1.84%) to $1.66 on volume of 359,000 shares;
Hong Kong's Hang Seng index declined 40.38 points (-0.30%). Individual stocks that contributed to the decline included...
- China Resources (0291), -$0.20 (1.75%) to $11.20 on volume of 3.92m shares;
- Esprit Holdings (0330), -$0.80 (1.75%) to $44.90 on volume of 1.94m shares;
- China Unicom (0762), -$0.10 (1.6%) to $6.15 on volume of 19.13m shares;
- Henderson Investments (0097), -$0.15 (1.37%) to $10.80 on volume of 582,000 shares;
- Legend Group (0992), -$0.03 (1.19%) to $2.08 on volume of 3.24m shares; and
- Henderson Land (0012), -$0.40 (1.1%) to $35.90 on volume of 1.2m shares;
| Country | Name | Close | +/- | % | Volume |
| New Zealand | NZSE50 | 3085.448 | 9.16 | 0.3% | 22.73m |
| Japan | Nikkei 225 | 11272.07 | -69.24 | -0.61% | 84484 |
| Korea | KOSPI | 921.59 | -3.28 | -0.35% | 385826 |
| Singapore | Straits Times | 2085.04 | 11.92 | 0.57% | 0 |
| Hong Kong | Hang Seng | 13588.53 | -40.38 | -0.3% | 154.81m |
| Malaysia | KLSE Comp | 914.67 | -5.28 | -0.57% | 0 |
Main SFE Futures Contracts
| Code | Instrument | Close | +/- | % | Volume |
| SP1 | SPI200 Index SFE | 4085 | -27 | -0.66% | 14068 |
| IR1 | 90-day Bank Bills SFE | 94.41 | -0.03 | -0.03% | 24890 |
| YT1 | 3-yr Bond SFE | 94.69 | -0.03 | -0.03% | 38840 |
| XT1 | 10-yr Bond SFE | 94.59 | -0.02 | -0.02% | 11192 |
