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Yes, our troop presence in Iraq - which is descending into utter chaos - is being increased. It's being increased by hundreds (just as Howard said it wouldn't) and they will be there for years (when Howard explicitly declared that the presence would be for "months, not years").
After bullshitting us into the mess, he bullshitted us further in. And scum like him refer to each other as "Right Honourable". It's enough to make you puke; polticians haven't been honourable since Cicero's day, and they're actually getting worse.
Little wonder that shitbags like Howard, Downer and Bush want people to "move on" from the whole Iraq thing... instead, people should develop a habit of slapping politicians in their fat corrupt lying heads every time they bare-faced lie.
Howard and Downer should be co-defendants at the Hague War Crimes Tribunal. If Joachim von Ribbentrop could be hanged for attempting to legally justify German aggression (his only crime: he had nothing to do with any of the other unpleasantness) Howard and Downer should have their heads stuck on a pike - right next to Bush, Blair, Cheney, Runsfeld, Powell and others.
I long for the day when reporters simply look politicians in the eye and say "Nothing for that answer, sport... you're just bullshitting... quit it"... then a sharp slap to the left temple.
Major Market Indices
The broad market - the ASX All Ordinaries - fell by 35.00 points (-0.85%), finishing at 4103.40 points. The index hit an intraday high of 4138.40 and its low was 4101.6. The Index thatforms the cash basis for the SFE's Share Price index Futures - the S&P/ASX 200 - fell by 34.00 points (-0.82%), finishing at 4119.30 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 6.90 points (-0.31%), finishing at 2221.40 points. it was basicalyl insulated by the presence of large Resources companies. Within the index members, there were 4 that rose, and 16 losers. Total volume in rising issues within the ASX20 amounted to 52.14 while volume in the losers totalled 74.41m units.
The 4 winners in the "big guns" were -
- BHP Billiton (BHP), +$0.70 (3.95%) to $18.44 on volume of 21.19m shares;
- Rio Tinto (RIO), +$0.90 (2.03%) to $45.30 on volume of 25.3m shares;
- Wesfarmers (WES), +$0.50 (1.33%) to $38.00 on volume of 634,000 shares; and
- Westfield Group (WDC), +$0.17 (1.02%) to $16.87 on volume of 5.01m shares.
The following stocks made up the biggest percentage losers in the big-guns:
- Alumina (AWC), -$0.18 (2.98%) to $5.87 on volume of 7.85m shares;
- News Corporation (NWSLV), -$0.55 (2.62%) to $20.43 on volume of 2.98m shares;
- Westpac Banking Corporation (WBC), -$0.50 (2.54%) to $19.15 on volume of 4.78m shares;
- News Corporation (NWS), -$0.50 (2.31%) to $21.14 on volume of 4.98m shares; and
- AMP Limited (AMP), -$0.13 (1.81%) to $7.06 on volume of 8.51m shares.
At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index - the only place where underexploited value exists with any regularity - fell by 33.90 points (-1.42%), finishing at 2351.80 points. The major winners in the "pop-guns" were very Resources-focused -
- Austral Coal (AUO), +$0.12 (11.76%) to $1.14 on volume of 8.25m shares;
- Collection House (CLH), +$0.11 (7.48%) to $1.58 on volume of 1.34m shares;
- Western Areas (WSA), +$0.13 (7.43%) to $1.88 on volume of 736,000 shares;
- Petsec Energy (PSA), +$0.08 (7.27%) to $1.18 on volume of 474,000 shares; and
- Portman (PMM), +$0.24 (6.9%) to $3.72 on volume of 11.89m shares.
The losingest-little-guys for the session were (in order of decline):
- IOOF Holdings (IFL), -$0.60 (7.41%) to $7.50 on volume of 322,000 shares;
- Psivida (PSD), -$0.07 (6.8%) to $0.96 on volume of 682,000 shares; and
- Coffey International (COF), -$0.15 (6.12%) to $2.30 on volume of 122,000 shares;
- Schaffer Corporation (SFC), -$0.67 (6.05%) to $10.40 on volume of 53,000 shares; and
- Institute Of Drug Technology Australia (IDT), -$0.12 (6%) to $1.88 on volume of 56,000 shares.
| Code | Name | Close | +/- | % | Volume |
| XAO | All Ordinaries | 4103.4 | -35 | -0.85% | 662.99m |
| XTL | S&P/ASX 20 | 2221.4 | -6.9 | -0.31% | 126.55m |
| XFL | S&P/ASX 50 | 4060.9 | -30.8 | -0.75% | 0 |
| XTO | S&P/ASX 100 | 3349 | -25.6 | -0.76% | 0 |
| XJO | S&P/ASX 200 | 4119.3 | -34 | -0.82% | 0 |
| XKO | S&P/ASX 300 | 4124.9 | -34 | -0.82% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4016.6 | -32.4 | -0.8% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2351.8 | -33.9 | -1.42% | 163.08m |
All Ordinaries Market Internals
| XAO | XSO | ASX20 | |
| Advances | 94 | 36 | 4 |
| Declines | 286 | 120 | 16 |
| Advancing Volume | 183.09m | 44.09m | 52.14m |
| Declining Volume | 392.04m | 97.74m | 74.41 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was Materials which gained 0.83% to 7271.10 points. The sector was helped by
- Portman (PMM), +$0.24 (6.9%) to $3.72 on volume of 11.89m shares;
- Centennial Coal Company (CEY), +$0.22 (5.41%) to $4.29 on volume of 2.77m shares;
- BHP Billiton (BHP), +$0.70 (3.95%) to $18.44 on volume of 21.19m shares;
- Wattyl (WYL), +$0.10 (3.01%) to $3.42 on volume of 1.14m shares; and
- Lihir Gold (LHG), +$0.03 (2.78%) to $1.11 on volume of 15.44m shares.
Second in the sector leadership stakes was Property Trusts which gained 0.29% to 1799.90 points. The sector leaders were -
- Macquarie Office Trust (MOF), +$0.02 (1.61%) to $1.26 on volume of 13.51m shares;
- Stockland (SGP), +$0.08 (1.41%) to $5.77 on volume of 6.22m shares;
- Thakral Holdings Group (THG), +$0.01 (1.32%) to $0.77 on volume of 111,000 shares;
- Westfield Group (WDC), +$0.17 (1.02%) to $16.87 on volume of 5.01m shares; and
- Ing Industrial Fund (IIF), +$0.02 (0.97%) to $2.08 on volume of 1.97m shares.
No bronze today - the third-best peformed secot was Healthcare which lost -0.25% to 4749.70 points.
The worst-performed sector today was Information Technology (again? that's the third or fourth day straight). The sector lost 3.21% to 370.70 points. This shouldn't be a surprise for anyone who has looked at the fundamentals of the sector, which is plagued by overvaluation and intense, low-entry competition.
Apart from that, they also compete for a shrinking budget share on goods that are almost all part of "supernumerary" expenditure. Andthat's regardless of whether they supply primarily to intermediate demand or final consumption expenditure. That bodes ill when one considers that the cash-strapped consumer faces rising interest rates at a time when mortgage service is at an all-time high as a share of post-tax income. The sector was dragged lower by
- Vision Systems (VSL), -$0.05 (4.27%) to $1.12 on volume of 1.03m shares;
- Computershare. (CPU), -$0.19 (3.34%) to $5.50 on volume of 4.29m shares;
- Baycorp Advantage (BCA), -$0.10 (3.25%) to $2.98 on volume of 1.52m shares;
- IRESS Market Technology (IRE), -$0.11 (2.53%) to $4.24 on volume of 232,000 shares; and
- MYOB (MYO), -$0.02 (1.75%) to $1.12 on volume of 436,000 shares.
Just in front of last place on the sector table was Consumer Discretionary which lost 1.93% to 2234.80 points. The sector was pulled down by
- Pacific Brands (PBG), -$0.25 (8.2%) to $2.80 on volume of 9.08m shares;
- David Jones (DJS), -$0.08 (4%) to $1.92 on volume of 3.01m shares; and
- Billabong International (BBG), -$0.38 (2.8%) to $13.20 on volume of 527,000 shares;
- Aristocrat Leisure (ALL), -$0.28 (2.66%) to $10.26 on volume of 2.02m shares; and
- News Corporation (NWSLV), -$0.55 (2.62%) to $20.43 on volume of 2.98m shares.
| Code | GICS Sector | Close | +/- | % | Volume |
| XMJ | Materials | 7271.1 | 59.6 | 0.83% | 196.73m |
| XPJ | Property Trusts | 1799.9 | 5.2 | 0.29% | 93.88m |
| XHJ | Healthcare | 4749.7 | -11.8 | -0.25% | 14.12m |
| XNJ | Industrials | 4891.2 | -13.6 | -0.28% | 49.01m |
| XTJ | Telecommunications | 1869.6 | -10 | -0.53% | 15.25m |
| XUJ | Utilities | 4679.8 | -45.4 | -0.96% | 3.45m |
| XEJ | Energy | 7555.4 | -82.5 | -1.08% | 23.35m |
| XSJ | Consumer Staples | 5337.8 | -67.2 | -1.24% | 35.95m |
| XFJ | Financials | 4884.6 | -68.6 | -1.38% | 157.27m |
| XXJ | ASX200 Financials ex Property Trusts | 4931.3 | -92.8 | -1.85% | 68.4m |
| XDJ | Consumer Discretionary | 2234.8 | -44 | -1.93% | 42.54m |
| XIJ | Information Technology | 370.7 | -12.3 | -3.21% | 9.46m |
All Ordinaries Volume Leaders
Can you spell "Resources"?
| Code | Name | Close | +/- | % | Volume |
| WMR | WMC Resources | 7.49 | -0.28 | -3.6% | 50.6m |
| ADY | Admiralty Resources. | 0.12 | -0.02 | -11.11% | 47.31m |
| RIO | Rio Tinto | 45.30 | 0.90 | 2.03% | 25.3m |
| BHP | BHP Billiton | 18.44 | 0.7 | 3.95% | 21.19m |
| PMN | Promina Group | 4.86 | -0.34 | -6.54% | 16.95m |
| RMI | Resource Mining Corporation | 0.15 | 0.02 | 11.54% | 16.45m |
All Ordinaries Top Gainers
| Code | Name | Close | +/- | % | Volume |
| JDV | JDV | 1.00 | 0.15 | 17.65% | 563045 |
| AUO | Austral Coal | 1.14 | 0.12 | 11.76% | 8.25m |
| CLH | Collection House | 1.58 | 0.11 | 7.48% | 1.34m |
| WSA | Western Areas | 1.88 | 0.13 | 7.43% | 736311 |
| PSA | Petsec Energy | 1.18 | 0.08 | 7.27% | 473992 |
All Ordinaries Top Losers
| Code | Name | Close | +/- | % | Volume |
| MAY | Mayne Group | 4.14 | -0.38 | -8.41% | 5.08m |
| PBG | Pacific Brands | 2.80 | -0.25 | -8.2% | 9.08m |
| IFL | IOOF Holdings | 7.50 | -0.60 | -7.41% | 321701 |
| PSD | Psivida | 0.96 | -0.07 | -6.8% | 682316 |
| AGI | Ainsworth Game Technology | 0.96 | -0.07 | -6.8% | 813553 |
Elsewhere in the Region...
Japan's Nikkei 225 fell 124.96 points (-1.08%) to close at 11472.75 points.
The Kiwi Market fared little better than their hopeless (but almost bogan-free) cricket team. The NZSE50 declined 16.07 points (-0.51%). A total of 13 stocks within the NZSE50 rose, with volume in advancers totalling 13.4million units. Decliners numbered 31, and total volume traded in losers was 10million shares. Individual stocks that were a but suck included...
- Promina Group (PMN), -$0.30 (5.22%) to $5.45 on volume of 745,000 shares;
- Fisher & Paykel A (FPA), -$0.14 (4.38%) to $3.06 on volume of 1.03m shares;
- Feltex Carpets (FTX), -$0.05 (2.96%) to $1.64 on volume of 321,000 shares;
- Lion Nathan (LNN), -$0.20 (2.41%) to $8.10 on volume of 14,000 shares; and
- Air New Zealand (AIR), -$0.04 (2.37%) to $1.65 on volume of 460,000 shares.
Someone must've moved a pot-plant again; the Feng Shui appears to be bad for the fresh Rooster Year (and a belated Kung Hee Fat Choi, by the way). Today, Hong Kong's Hang Seng index declined 142.53 points (-1.01%). Within the Hang Seng, 3 index components rose, while 30 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 63.6million units, and total volume traded in losers was 139.4million shares. Individual stocks that contributed to the decline included...
- Legend Group (0992), -$0.05 (2.25%) to $2.18 on volume of 16.83m shares;
- China Unicom (0762), -$0.15 (2.16%) to $6.80 on volume of 9.29m shares;
- Cheung Kong Holdings (0001), -$1.50 (2.01%) to $73.00 on volume of 3.94m shares;
- Johnson Electric (0179), -$0.15 (2%) to $7.35 on volume of 5.52m shares;
- China Mobile (0941), -$0.50 (1.96%) to $24.95 on volume of 9.79m shares; and
- Cheung Kong Infrastructure (1038), -$0.45 (1.88%) to $23.45 on volume of 629,000 shares.
| Country | Name | Close | +/- | % | Volume |
| New Zealand | NZSE50 | 3146.318 | -16.07 | -0.51% | 24.1m |
| Japan | Nikkei 225 | 11472.75 | -124.96 | -1.08% | 59874 |
| Korea | KOSPI | 967.73 | -10.07 | -1.03% | 425571 |
| Singapore | Straits Times | 2136.05 | -10.68 | -0.5% | 0 |
| Hong Kong | Hang Seng | 13947.99 | -142.53 | -1.01% | 202.98m |
| Malaysia | KLSE Comp | 898.95 | -5.8 | -0.64% | 0 |
