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Friday is never prone to setting the world on fire, but today was sleepier than "Chocolates" Guiliano after one of his patented "manual sedatives". The one significant thing is that the market didn't seem to react adversely to Wall Street's big selloff - it was squishy rather than weak. It's still my view that the All Ords needs to lose some weight to wash off an overbought condition - there will be more on that theme in this week's RantPro AU mail-list (you can sign up for the various mailing lists here... so far you haven't missed much).
Major Market Indices
The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by -3.60 points (-0.17%), finishing at 2142.80 points. The day's range was very tight at just 8 points (from 2138.7 to 2146.6). The major winners in the "big guns" were -
- Woodside (WPL), +$0.29 (1.4%) to $21.00 on volume of 2.63m shares;
- Rio Tinto (RIO), +$0.35 (0.88%) to $40.18 on volume of 4.44m shares;
- Woolworths (WOW), +$0.09 (0.61%) to $14.74 on volume of 2.01m shares;
- BHP Billiton (BHP), +$0.07 (0.46%) to $15.39 on volume of 6.47m shares; and
- Coles Myer (CML), +$0.03 (0.32%) to $9.48 on volume of 7.02m shares.
The market still hasn't got the bad taste of News Corpse out of its palate - and Murdoch's agitprop machine was the big drag today. That's as it should be, if any consideration of valuation is involved - but most domestic funds mis-managers are so besotted by anyone with a bit of global "power" that they fawn over the Corpse like Republican Fundamentalists fawn over Fox News.
Apart from the Corpse, there was no obvious pattern to the laggards (although all of the major banks were weak).
- News Corpse B (NWS), -$0.27 (1.15%) to $23.21 on volume of 7.57m shares;
- News Corpse A (NWSLV), -$0.20 (0.89%) to $22.16 on volume of 9.41m shares;
- Amcor (AMC), -$0.06 (0.81%) to $7.34 on volume of 1.85m shares;
- AMP (AMP), -$0.06 (0.81%) to $7.36 on volume of 2.21m shares; and
- Westpac (WBC), -$0.15 (0.78%) to $19.00 on volume of 2.73m shares.
The ASX Small Ordinaries - benchmark of the little guy, and the primary repository of underpriced value in this market - fell by just 0.30 points (-0.01%), finishing at 2346.70 points. Trading took place in a mind-numbingly narrow range of just 7 points - from 2342.5 to 2349.2. The close was about a point above the middle of the range.
That said, there was still plenty of son et lumiere within the little fish. The major winners were -
- Timbercorp (TIM), +$0.14 (6.73%) to $2.22 on volume of 801,000 shares;
- Chemeq (CMQ), +$0.10 (6.29%) to $1.69 on volume of 909,000 shares;
- Antares (AZZ), +$0.04 (5.8%) to $0.73 on volume of 640,000 shares;
- Perilya (PEM), +$0.05 (5.56%) to $0.95 on volume of 2.47m shares; and
- Resolute (RSG), +$0.07 (5.34%) to $1.38 on volume of 496,000 shares.
Meanwhile the following stocks brought up the rear:
- Miller's Retail (MRL), -$0.13 (13.13%) to $0.86 on volume of 7.45m shares;
- Petsec (PSA), -$0.06 (5.13%) to $1.11 on volume of 271,000 shares;
- SDI (SDI), -$0.06 (4.76%) to $1.20 on volume of 534,000 shares; and
- Giants Reef Mining(GTM), -$0.00 (4.29%) to $0.07 on volume of 2.87m shares.
| Code | Name | Close | +/- | % | Volume |
| XAO | All Ordinaries | 4062.9 | -6.2 | -0.15% | 0 |
| XTL | S&P/ASX 20 | 2142.8 | -3.6 | -0.17% | 0 |
| XFL | S&P/ASX 50 | 3974 | -10.8 | -0.27% | 0 |
| XTO | S&P/ASX 100 | 3299.3 | -6.8 | -0.21% | 0 |
| XJO | S&P/ASX 200 | 4061.6 | -7.9 | -0.19% | 0 |
| XKO | S&P/ASX 300 | 4068.2 | -7.7 | -0.19% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4116.8 | 7.3 | 0.18% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2346.7 | -0.3 | -0.01% | 0 |
All Ordinaries Market Internals
As might be expected on a Friday, the internals tell a story of a market that decided on its range, set its parameters, an went down to the Great Western for sixteen pots and a basket of chips as a warmup for a "tuning" session at the Exchange. Slightly negative, but largely moribund.
| XAO | XSO | |
| Advances | 174 | 66 |
| Declines | 194 | 87 |
| Advancing Volume | 190.23m | 38.64m |
| Declining Volume | 237.25m | 77.74m |
Broad Market Internals
See above... just a lazy Friday arvo watching the cricket update on CricInfo (unless you've got streaming video... or the old-fashioned TV-in-the-conference room).
| Indicator | Level | +/- | % |
| Advances | 408 | -86 | -17.41 |
| Declines | 489 | 108 | 28.35 |
| Unchanged | 283 | -36 | -11.29 |
| Total Traded Value | 2460 | -327 | -11.73 |
| New 52 Week Highs | 51 | -2 | -3.77 |
| New 52 Week Lows | 13 | 3 | 30 |
| Equity Call Option Volume | 32341 | -7160 | -18.13 |
| Equity Put Option Volume | 31201 | 1985 | 6.79 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was Energy which gained 0.96% to 7301.20 points; that's not really a huge surprise given the strength that Crude Oil has managed to rediscover this week. The sector was helped by
- Tap Oil (TAP), +$0.05 (2.94%) to $1.75 on volume of 676,000 shares;
- Arc Energy (ARQ), +$0.05 (2.89%) to $1.78 on volume of 1.04m shares;
- Caltex (CTX), +$0.30 (2.73%) to $11.30 on volume of 592,000 shares;
- Aust World (AWE), +$0.05 (2.7%) to $1.90 on volume of 2.26m shares; and
- Oil Search (OSH), +$0.04 (2.05%) to $1.99 on volume of 4.76m shares.
Second in the sector leadership stakes was Consumer Staples which gained 0.19% to 5527.20 points. The sector leaders were seriously staple-oriented - booze and food (which ties in quite well with the Friday Arvo Lunch theme).
- Lion Nathan (LNN), +$0.09 (1.07%) to $8.51 on volume of 584,000 shares;
- Woolworths (WOW), +$0.09 (0.61%) to $14.74 on volume of 2.01m shares;
- National Foods (NFD), +$0.03 (0.48%) to $6.25 on volume of 679,000 shares;
- SPC Ardmona (SPC), +$0.01 (0.45%) to $2.22 on volume of 419,000 shares; and
- Coles Myer (CML), +$0.03 (0.32%) to $9.48 on volume of 7.02m shares.
The bronze today went to Materials which gained 0.11% to 6689.80 points. The sector was led by
- Timbercorp (TIM), +$0.14 (6.73%) to $2.22 on volume of 801,000 shares;
- Kingsgate (KCN), +$0.07 (2.71%) to $2.65 on volume of 40,000 shares;
- Excel Coal (EXL), +$0.14 (2.62%) to $5.49 on volume of 1.37m shares;
- Centennial (CEY), +$0.09 (2.17%) to $4.24 on volume of 1.3m shares; and
- Croesus (CRS), +$0.01 (1.85%) to $0.55 on volume of 1.44m shares.
The worst-performed sector today was Utilities which lost 1.04% to 4545.90 points. The sector was dragged lower by
- AGL (AGL), -$0.25 (1.8%) to $13.63 on volume of 1.48m shares;
- Aust Pipeline Trust (APA), -$0.05 (1.45%) to $3.40 on volume of 81,000 shares;
- Alinta (ALN), -$0.02 (0.23%) to $8.54 on volume of 523,000 shares;
- Envestra (ENV), -$0.00 (0%) to $1.10 on volume of 214,000 shares; and
- Duet (DUE), -$0.00 (0%) to $2.54 on volume of 996,000 shares.
Just in front of the last place on the sector table was Consumer Discretionary which lost 0.52% to 2378.80 points. Odd that the booze'n'food stocks did pretty well, while the "nifty Guiliano Colorado ensemble" went phut. The sector was pulled down by
- Miller's Retail(MRL), -$0.13 (13.13%) to $0.86 on volume of 7.45m shares on its profit downgrade;
- Colorado (CDO), -$0.15 (2.52%) to $5.80 on volume of 337,000 shares;
- Fairfax (FXJ), -$0.08 (1.78%) to $4.42 on volume of 2.7m shares;
- David Jones (DJS), -$0.03 (1.3%) to $2.28 on volume of 648,000 shares; and
- News Corpse B (NWS), -$0.27 (1.15%) to $23.21 on volume of 7.57m shares.
| Code | GICS Sector | Close | +/- | % | Volume |
| XEJ | Energy | 7301.2 | 69.1 | 0.96% | 51.8m |
| XSJ | Consumer Staples | 5527.2 | 10.3 | 0.19% | 4.91m |
| XMJ | Materials | 6689.8 | 7.5 | 0.11% | 35.22m |
| XTJ | Telecommunications | 1747 | 0.1 | 0.01% | 109.31m |
| XNJ | Industrials | 4956.4 | -2 | -0.04% | 3.76m |
| XPJ | Property Trusts | 1865.6 | -3.8 | -0.2% | 71.78m |
| XHJ | Healthcare | 4692.3 | -15.7 | -0.33% | 20.38m |
| XFJ | Financials | 4852.4 | -20.2 | -0.41% | 23.98m |
| XIJ | Information Technology | 400.1 | -1.8 | -0.45% | 9.75m |
| XXJ | ASX200 ex Property Trusts | 4839 | -23.2 | -0.48% | 79.02m |
| XDJ | Consumer Discretionary | 2378.8 | -12.4 | -0.52% | 44.1m |
| XUJ | Utilities | 4545.9 | -47.6 | -1.04% | 19.19m |
All Ordinaries Volume Leaders
| Code | Name | Close | +/- | % | Volume |
| MRX | Matrix Met | 0.069 | -0.003 | -4.17% | 41.63m |
| BRO | Broadtel | 0.014 | 0.005 | 55.56% | 34.85m |
| VSG | Visiomed | 0.041 | 0.002 | 5.13% | 28.02m |
| OPM | Optum | 0.006 | 0.001 | 20% | 22.41m |
| ZYL | Zylotech | 0.006 | 0.001 | 20% | 21.84m |
All Ordinaries Top Gainers
| Code | Name | Close | +/- | % | Volume |
| PSG | Palm Springs | 0.15 | 0.02 | 11.11% | 379625 |
| MXL | MXL Ltd | 0.093 | 0.008 | 9.41% | 1.71m |
| MST | Metal Storm | 0.26 | 0.02 | 8.33% | 1.11m |
| QPX | QPSX | 0.13 | 0.01 | 8.33% | 586500 |
| IHG | Intellect Hldgs | 0.03 | 0.002 | 7.14% | 2.31m |
All Ordinaries Top Losers
| Code | Name | Close | +/- | % | Volume |
| TIR | Titan Rsc | 0.082 | -0.033 | -28.7% | 4.65m |
| FLT | Flight Centre | 16 | -2.86 | -15.16% | 2.25m |
| LOK | Looksmart | 2.03 | -0.36 | -15.06% | 256837 |
| MRL | Millers Retail | 0.86 | -0.13 | -13.13% | 7.45m |
| CAG | Cape Range | 0.038 | -0.004 | -9.52% | 1.76m |
Elsewhere in the Region...
The Kiwi Market declined 16.12 points (-0.52%). Individual stocks leading the decline were as follows:
- Trustpower Limited (TPW), -$0.13 (2.33%) to $5.45 on volume of 10,000 shares;
- Ports Of Auckland (POA), -$0.16 (2.27%) to $6.90 on volume of 17,000 shares;
- Sky City Entertainment (SKC), -$0.11 (2.07%) to $5.21 on volume of 1.32m shares;
- Nuplex Industries (NPX), -$0.10 (1.69%) to $5.80 on volume of 81,000 shares; and
- ANZ Bank(ANZ), -$0.33 (1.48%) to $22.02 on volume of 1,000 shares.
Hong Kong's Hang Seng index declined 63.70 points (-0.47%). Individual stocks that contributed to the decline included...
- Denway Motors (0203), -$0.08 (2.88%) to $2.53 on volume of 25.59m shares;
- China Unicom (0762), -$0.10 (1.72%) to $5.70 on volume of 13.4m shares;
- Cosco Pacific (1199), -$0.25 (1.68%) to $14.60 on volume of 1.85m shares;
- Henderson Investments (0097), -$0.15 (1.4%) to $10.60 on volume of 859,000 shares;
- Henderson Land (0012), -$0.50 (1.35%) to $36.60 on volume of 2.4m shares; and
- Swire Pacific A (0019), -$0.75 (1.23%) to $60.25 on volume of 1.21m shares.
| Country | Name | Close | +/- | % | Volume |
| New Zealand | NZSE50 | 3056.816 | -16.12 | -0.52% | 18.82m |
| Japan | Nikkei 225 | 11451.25 | 93.03 | 0.82% | 91129 |
| Korea | KOSPI | 902.06 | 16.52 | 1.87% | 316978 |
| Singapore | Straits Times | 2078.75 | -3.59 | -0.17% | 68.75m |
| Hong Kong | Hang Seng | 13509.58 | -63.7 | -0.47% | 223.12m |
| Malaysia | KLSE Comp | 928.33 | -5.77 | -0.62% | 40.24m |
Main SFE Futures Contracts
That "Short the hell out of the SPI" comment I made the other day is looking OK for the present, although the thing has been pretty whippy. The market is due for an ass-kicking though, so for the present I would hold any short.
| Code | Instrument | Close | +/- | % | Volume |
| SP1 | SPI200 Index SFE | 4059 | -21 | -0.51% | 7802 |
| IR1 | 90-day Bank Bills SFE | 94.64 | 0.02 | 0.02% | 11052 |
| YT1 | 3-yr Bond SFE | 94.92 | 0.03 | 0.03% | 78949 |
| XT1 | 10-yr Bond SFE | 94.75 | 0.04 | 0.04% | 22293 |
