Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Before I start, just one seditious note. Everybody knows that I vehemently disagree with government coercion - the idea that paypackets can be raped by political machine-men to service the interests of their "core constituencies" (lobbyists and other parasites). Like all parasites, government eventually strangles its host (i.e., society).
Here's a way to strangle it back - if only intermittently: any time you're called for jury duty, and the defendant is accused of a breach of a stupid government rule (that is, a crime that does not involve injury or threat of injury to an individual or to property), vote NOT GUILTY.
That means - in particular - drug offences but also parking, traffic, taxation and firearms offences, except where the accused employs or threatens violence against third parties. (Resisting arrest is a crime of violence; simply possessing a firearm does not per se generate a threat).
Prohibition of narcotics enriches a violent underclass - the same sorts of people who were enriched by the prohibition of alcohol. It (prohibition) impoverishes the most vulnerable members of society.
Those who are being enriched are well known to members of our political machinery, but are worth too much (and have too much "good oil" on high-ranking politicians) for there to be any political will to undermine them in any way.
So instead of opiates and amphetamines being non-problems (as they were in the early part of the 20th century and for centuries beforehand) they are now portrayed as "the root of all social evil" - because it suits the purposes of the political class and their criminal cohorts, and most people are too stupid to think about where all the money goes.
So, kick back on behalf of your fellows: simply clog up the justice system with retrials. Eventually government will change the law. That's what happened with alcohol prohibition. (Note: I say this as a person who doesn't use any interesting drugs... I don't even use alcohol seriously. I am as boring as bat-shite).
And now....
Major Market Indices
The broad market - the ASX All Ordinaries - rose by a measly 1.90 points (0.05%), finishing at 4153.60 points. The index hit an intraday high of 4158.60 and its low was 4151.7; now that's what I call a narrow range...
The Index that forms the cash basis for the SFE's Share Price index Futures - the S&P/ASX 200 - rose by 4.70 points (0.11%), finishing at 4168.20 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by 1.70 points (0.08%), finishing at 2232.60 points. Within the index members, there were 10 that rose, and 9 losers. Total volume in rising issues within the ASX20 amounted to 31.34m units while volume in the losers totalled 36.3m units.
The major winners in the "big guns" were -
- Rio Tinto (RIO), +$0.77 (1.74%) to $44.91 on volume of 1.97m shares;
- Commonwealth Bank Of Australia. (CBA), +$0.56 (1.59%) to $35.74 on volume of 3.93m shares;
- Alumina (AWC), +$0.09 (1.5%) to $6.08 on volume of 5.84m shares;
- Woolworths (WOW), +$0.20 (1.34%) to $15.07 on volume of 1.08m shares; and
- Westpac Banking Corporation (WBC), +$0.25 (1.3%) to $19.49 on volume of 2.56m shares.
The following stocks made up the biggest percentage losers in the big-guns:
- News Corporation (NWS), -$0.49 (2.2%) to $21.76 on volume of 3.3m shares;
- News Corporation (NWSLV), -$0.45 (2.09%) to $21.05 on volume of 2.09m shares;
- Wesfarmers (WES), -$0.75 (1.91%) to $38.50 on volume of 365,000 shares;
- QBE Insurance Group (QBE), -$0.17 (1.09%) to $15.38 on volume of 2.07m shares; and
- AMP Limited (AMP), -$0.08 (1.08%) to $7.30 on volume of 6.48m 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 - rose by 9.80 points (0.41%), finishing at 2400.70 points. The major winners in the "pop-guns" were -
- Highlands Pacific (HIG), +$0.06 (11.34%) to $0.54 on volume of 2.22m shares;
- Beach Petroleum (BPT), +$0.04 (8%) to $0.54 on volume of 5m shares;
- Agenix (AGX), +$0.03 (5.68%) to $0.47 on volume of 129,000 shares;
- Tower (TWR), +$0.09 (5.23%) to $1.81 on volume of 543,000 shares; and
- Orbital Corporation (OEC), +$0.01 (5%) to $0.11 on volume of 4.32m shares.
The losingest-little-guys for the session were (in order of decline):
- Vision Systems. (VSL), -$0.10 (7.69%) to $1.20 on volume of 777,000 shares;
- Chemeq (CMQ), -$0.11 (7.38%) to $1.38 on volume of 465,000 shares; and
- Crane Group (CRG), -$0.52 (5.71%) to $8.58 on volume of 154,000 shares;
- Australian Agricultural Company. (AAC), -$0.10 (5.52%) to $1.71 on volume of 541,000 shares; and
- G.U.D. Holdings (GUD), -$0.31 (4.2%) to $7.07 on volume of 226,000 shares.
| Code | Name | Close | +/- | % | Volume |
| XAO | All Ordinaries | 4153.6 | 1.9 | 0.05% | 435.36m |
| XTL | S&P/ASX 20 | 2232.6 | 1.7 | 0.08% | 69.35m |
| XFL | S&P/ASX 50 | 4103.9 | 3.5 | 0.09% | 0 |
| XTO | S&P/ASX 100 | 3386.1 | 2.9 | 0.09% | 0 |
| XJO | S&P/ASX 200 | 4168.2 | 4.7 | 0.11% | 0 |
| XKO | S&P/ASX 300 | 4174.1 | 4.8 | 0.12% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4073.4 | 4 | 0.1% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2400.7 | 9.8 | 0.41% | 115.93m |
All Ordinaries Market Internals
| XAO | XSO | ASX20 | |
| Advances | 186 | 81 | 10 |
| Declines | 176 | 65 | 9 |
| Advancing Volume | 177.36m | 50.77m | 31.34m |
| Declining Volume | 172.21m | 34.85m | 36.3 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was Energy which gained 1.08% to 7543.30 points. The sector was helped by
- Caltex Australia (CTX), +$0.37 (3%) to $12.72 on volume of 128,000 shares;
- Arc Energy (ARQ), +$0.05 (2.76%) to $1.86 on volume of 854,000 shares;
- Australian Worldwide Exploration (AWE), +$0.04 (2.34%) to $1.75 on volume of 1.67m shares;
- Santos (STO), +$0.14 (1.58%) to $8.99 on volume of 2.99m shares; and
- Oil Search (OSH), +$0.03 (1.44%) to $2.11 on volume of 2.35m shares.
Second in the sector leadership stakes was Utilities which gained 0.57% to 4714.30 points. The sector leaders were -
- Australian Pipeline Trust (APA), +$0.13 (3.46%) to $3.89 on volume of 288,000 shares;
- Energy Developments (ENE), +$0.09 (2.47%) to $3.74 on volume of 370,000 shares;
- Australian Gas Light Company (AGL), +$0.15 (1.06%) to $14.25 on volume of 534,000 shares;
- Gasnet Australia Group (GAS), +$0.02 (0.79%) to $2.55 on volume of 176,000 shares; and
- Envestra (ENV), -$0.00 (0%) to $1.12 on volume of 215,000 shares.
The bronze today went to Consumer Staples which gained 0.45% to 5458.00 points. The sector was led by
- Lion Nathan (LNN), +$0.12 (1.6%) to $7.60 on volume of 2.9m shares;
- Ridley Corporation (RIC), +$0.02 (1.35%) to $1.50 on volume of 506,000 shares;
- Woolworths (WOW), +$0.20 (1.34%) to $15.07 on volume of 1.08m shares;
- Burns, Philp & Company (BPC), +$0.01 (1.04%) to $0.97 on volume of 3.42m shares; and
- Futuris Corporation (FCL), +$0.02 (0.93%) to $2.16 on volume of 1.66m shares.
The worst-performed sector today was Information Technology which lost 2.02% to 388.70 points. The sector was dragged lower by
- Vision Systems (VSL), -$0.10 (7.69%) to $1.20 on volume of 777,000 shares;
- Computershare. (CPU), -$0.21 (3.49%) to $5.80 on volume of 2.37m shares;
- Infomedia Ltd (IFM), -$0.02 (3.33%) to $0.58 on volume of 1.74m shares;
- MYOB (MYO), -$0.00 (0%) to $1.15 on volume of 240,000 shares; and
- ERG (ERG), -$0.00 (0%) to $0.31 on volume of 854,000 shares.
Just in front of last place on the sector table was Healthcare which lost 0.50% to 4768.70 points. The sector was pulled down by
- Chemeq (CMQ), -$0.11 (7.38%) to $1.38 on volume of 465,000 shares;
- Ventracor (VCR), -$0.05 (3.85%) to $1.25 on volume of 604,000 shares; and
- Sonic Healthcare (SHL), -$0.28 (2.3%) to $11.91 on volume of 555,000 shares;
- Ramsay Health Care (RHC), -$0.10 (1.5%) to $6.55 on volume of 447,000 shares; and
- Peptech (PTD), -$0.02 (1.16%) to $1.71 on volume of 263,000 shares.
| Code | GICS Sector | Close | +/- | % | Volume |
| XEJ | Energy | 7543.3 | 80.8 | 1.08% | 13.86m |
| XUJ | Utilities | 4714.3 | 26.8 | 0.57% | 2.7m |
| XSJ | Consumer Staples | 5458 | 24.2 | 0.45% | 20.31m |
| XMJ | Materials | 7239.6 | 25.2 | 0.35% | 87.93m |
| XXJ | ASX200 Financials ex Property Trusts | 5022 | 13.4 | 0.27% | 46.35m |
| XTJ | Telecommunications | 1882.5 | 2.5 | 0.13% | 9.58m |
| XFJ | Financials | 4961.2 | 6 | 0.12% | 106.19m |
| XDJ | Consumer Discretionary | 2291.4 | -8.5 | -0.37% | 31.2m |
| XNJ | Industrials | 4976.1 | -18.5 | -0.37% | 36.92m |
| XPJ | Property Trusts | 1810.7 | -7.4 | -0.41% | 64.14m |
| XHJ | Healthcare | 4768.7 | -24.2 | -0.5% | 7.54m |
| XIJ | Information Technology | 388.7 | -8 | -2.02% | 6.55m |
All Ordinaries Volume Leaders
| Code | Name | Close | +/- | % | Volume |
| CEUCA | Connecteast Group (LyingBracks UNLimited) | 0.70 | 0.01 | 1.45% | 20.81m |
| ADY | Admiralty Resources | 0.12 | 0.01 | 9.52% | 17.71m |
| QAN | Qantas Airways | 3.51 | 0.01 | 0.29% | 14.01m |
| OXR | Oxiana | 0.91 | -0.01 | -1.09% | 12.41m |
| BHP | BHP Billiton | 17.88 | -0.06 | -0.33% | 11.81m |
| MGI | Macquarie Goodman Industrial Trust | 2.36 | 0 | 0% | 11.35m |
All Ordinaries Top Gainers
| Code | Name | Close | +/- | % | Volume |
| BBG | Billabong International | 13.70 | 1.58 | 13.04% | 1.31m |
| SSS | Sam's Seafood Holdings | 1.85 | 0.2 | 12.12% | 130429 |
| HIG | Highlands Pacific | 0.54 | 0.06 | 11.34% | 2.22m |
| BPT | Beach Petroleum | 0.54 | 0.04 | 8% | 5m |
| EPT | Epitan | 0.78 | 0.05 | 6.85% | 114827 |
All Ordinaries Top Losers
| Code | Name | Close | +/- | % | Volume |
| CMP | Compumedics | 0.28 | -0.10 | -26.32% | 887455 |
| NVE | Novera Energy | 0.29 | -0.03 | -8.06% | 351299 |
| VSL | Vision Systems. | 1.2 | -0.10 | -7.69% | 776930 |
| CMQ | Chemeq | 1.38 | -0.11 | -7.38% | 465252 |
| JHX | James Hardie Industries N.V. | 6.15 | -0.40 | -6.11% | 4.35m |
Elsewhere in the Region...
Japan's Nikkei 225 rose a scant 3.84 points (0.03%) to sit at 11663.96 points at the time of writing (the Japanese market isn't closed yet)..
The Kiwi Market advanced 27.42 points (0.87%). A total of 24 stocks within the NZSE50 rose, with volume in advancers totalling 10.9million units. Decliners numbered 20, and total volume traded in losers was 3.6million shares. Individual stocks that dud well included...
- Sky Network Television (SKY), +$0.40 (6.2%) to $6.85 on volume of 233,000 shares;
- Independent Newspapers (INL), +$0.30 (5%) to $6.30 on volume of 375,000 shares;
- Baycorp Advantage (BCA), +$0.15 (4.59%) to $3.42 on volume of 303,000 shares;
- Air New Zealand (AIR), +$0.05 (3.05%) to $1.69 on volume of 2.91m shares;
- Contact Energy (CEN), +$0.18 (2.57%) to $7.18 on volume of 394,000 shares; and
- NGC Holdings (NGC), +$0.08 (2.52%) to $3.25 on volume of 100,000 shares.
Hong Kong's Hang Seng index advanced 9.05 points (0.06%). Within the Hang Seng, 15 index components rose, while 8 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 93million units, and total volume traded in losers was 29million shares. Individual stocks that contributed to the advance included...
- Legend Group (0992), +$0.08 (3.45%) to $2.25 on volume of 20.55m shares;
- China Unicom Ltd (0762), +$0.20 (3.01%) to $6.85 on volume of 21.13m shares;
- Wharf Holdings (0004), +$0.50 (1.95%) to $26.10 on volume of 1.63m shares;
- CNOOC (0883), +$0.08 (1.75%) to $4.35 on volume of 35.49m shares;
- Esprit Holdings (0330), +$0.80 (1.74%) to $46.90 on volume of 1.62m shares; and
- Henderson Investments (0097), +$0.15 (1.31%) to $11.60 on volume of 543,000 shares.
| Country | Name | Close | +/- | % | Volume |
| New Zealand | NZSE50 | 3184.565 | 27.42 | 0.87% | 14.93m |
| Japan | Nikkei 225 | 11663.96 | 3.84 | 0.03% | 55679 |
| Korea | KOSPI | 988.7 | 4.6 | 0.47% | 563057 |
| Singapore | Straits Times | 2160.81 | -8.05 | -0.37% | 0 |
| Hong Kong | Hang Seng | 14096.92 | 9.05 | 0.06% | 149.35m |
| Malaysia | KLSE Comp | 907.21 | -0.54 | -0.06% | 0 |
