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Oink Oink...
Say, you're a mighty purdy little oinker...
Or maybe it's Maybelline.
Major Market Indices
The broad market - the ASX All Ordinaries - fell by 8.30 points (-0.20%), finishing at 4083.60 points. The index hit an intraday high of 4095.00 - half an hour after the open - and its low was 4051.5, set at almost precisely 1 p.m., before a low-volume afternoon waft helped the index get back some respectability.
The index had lost over 200 points from its recent swing high in just six sessions, and to me the bounce looked distinctly like quarter-end window dressing. I think the Oz market may have set a pretty significant top back around the 4250 region. If "selling the next rally" works, then that test of 3800 that I've been expecting might just be a beginning of something uglier (since it's taken longer to happen).
Total volume traded on the ASX was 1.15 billion units, 2.5% above its 10-day average. That said, the 10-day average is somewhat subdued as a result of the shortened week last week - not because of the fewer number of days, silly... volume is lower on shortened weeks because of fewer bums on seats on the weekdays. that in turn results from extra days off for a lot of the parasitic charlatans who make their car repayments from clipping the ticket on other people's turnover.
The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - fell by just 0.40 points (-0.01%), finishing at 4095.20 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by 2.60 points (0.12%), finishing at 2210.30 points. Within the index members, there were 9 that rose, and 11 losers. Total volume in rising issues within the ASX20 amounted to 68.58m while volume in the losers totalled 52.61m units.
The major winners in the "big guns" were banks and punters' clubs (insurers)-
- AMP Limited (AMP), +$0.14 (2.04%) to $7.01 on volume of 5.92m shares;
- Westpac Banking Corporation (WBC), +$0.36 (1.92%) to $19.13 on volume of 7.24m shares;
- Commonwealth Bank Of Australia. (CBA), +$0.43 (1.25%) to $34.94 on volume of 4.33m shares;
- Woolworths (WOW), +$0.15 (0.93%) to $16.22 on volume of 2.05m shares; and
- Woodside Petroleum (WPL), +$0.20 (0.81%) to $25.00 on volume of 1.64m shares.
The following stocks made up the biggest percentage losers in the big-guns (note the resources bias):
- Alumina (AWC), -$0.12 (2.02%) to $5.83 on volume of 5.36m shares;
- BHP Billiton (BHP), -$0.28 (1.56%) to $17.68 on volume of 22.25m shares;
- Coles Myer (CML), -$0.10 (1.04%) to $9.55 on volume of 3.36m shares;
- News Corporation (NWSLV), -$0.17 (0.77%) to $21.97 on volume of 2.92m shares; and
- Rio Tinto (RIO), -$0.31 (0.69%) to $44.46 on volume of 4.26m shares.
At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index fell by 37.70 points (-1.62%), finishing at 2295.70 points.
What does this tell you? That the money driving the rally in the afternoon was only interested in large-caps. That in turn means it's interested in dressing the windows (a.k.a. "putting lipstick on the pig") rather than finding unexploited value. It was probably overseas dough, since a lot of domestic stocks are simply WAY too small to make it into the admissible universe for many offshore managers.
The major winners in the "pop-guns" were -
- Kagara Zinc (KZL), +$0.07 (5.56%) to $1.33 on volume of 822,000 shares;
- Collection House (CLH), +$0.07 (5.19%) to $1.42 on volume of 141,000 shares;
- Adelaide Brighton (ABC), +$0.07 (4.32%) to $1.69 on volume of 593,000 shares;
- Adelaide Bank (ADB), +$0.40 (3.88%) to $10.70 on volume of 161,000 shares; and
- Consolidated Minerals (CSM), +$0.13 (3.86%) to $3.50 on volume of 1.74m shares.
The losingest-little-guys for the session were (in order of decline):
- Perilya (PEM), -$0.11 (10.58%) to $0.93 on volume of 880,000 shares;
- Western Areas (WSA), -$0.18 (9.84%) to $1.65 on volume of 639,000 shares; and
- Chemeq (CMQ), -$0.14 (9.46%) to $1.34 on volume of 556,000 shares;
- Antares Energy (AZZ), -$0.05 (8.77%) to $0.52 on volume of 603,000 shares; and
- Ventracor (VCR), -$0.08 (7.55%) to $0.98 on volume of 2.47m shares.
| Index Changes | |||||
| Code | Name | Close | +/- | % | Volume |
| XAO | All Ordinaries | 4083.6 | -8.3 | -0.2% | 671.84m |
| XTL | S&P/ASX 20 | 2210.3 | 2.6 | 0.12% | 121.19m |
| XFL | S&P/ASX 50 | 4044.8 | 4.7 | 0.12% | 0 |
| XTO | S&P/ASX 100 | 3331.3 | 3.4 | 0.1% | 0 |
| XJO | S&P/ASX 200 | 4095.2 | -0.4 | -0.01% | 535.9m |
| XKO | S&P/ASX 300 | 4095.5 | -2.7 | -0.07% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 3962.7 | 0.8 | 0.02% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2295.7 | -37.7 | -1.62% | 188.22m |
All Ordinaries Market Internals
| Market Breadth | |||||
| XAO | XJO | XSO | ASX20 | Market | |
| Advances | 100 | 66 | 30 | 9 | 215 |
| Declines | 281 | 116 | 133 | 11 | 782 |
| Advancing Volume | 277.21m | 260.62m | 42.24m | 68.58 | 284.88 |
| Declining Volume | 314.5m | 239.91m | 121.64m | 52.61 | 722.93 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was Energy which gained 0.85% to 8214.60 points. The sector was helped by
- Caltex Australia (CTX), +$0.48 (3.27%) to $15.15 on volume of 756,000 shares;
- Santos (STO), +$0.19 (2.14%) to $9.05 on volume of 4.46m shares;
- Worleyparsons (WOR), +$0.14 (2.11%) to $6.78 on volume of 661,000 shares;
- Origin Energy (ORG), +$0.07 (1%) to $7.10 on volume of 1.61m shares; and
- Woodside Petroleum (WPL), +$0.20 (0.81%) to $25.00 on volume of 1.64m shares.
Second in the sector leadership stakes was ASX200 Financials ex Property Trusts which gained 0.74% to 4857.30 points. The sector leaders were -
- Adelaide Bank (ADB), +$0.40 (3.88%) to $10.70 on volume of 161,000 shares;
- Insurance Australia Group (IAG), +$0.17 (2.79%) to $6.26 on volume of 5.36m shares;
- AMP Limited (AMP), +$0.14 (2.04%) to $7.01 on volume of 5.92m shares;
- Westpac Banking Corporation (WBC), +$0.36 (1.92%) to $19.13 on volume of 7.24m shares; and
- Promina Group (PMN), +$0.09 (1.89%) to $4.84 on volume of 6.3m shares.
The bronze today went to Financials which gained 0.64% to 4798.10 points. The sector was led by
- Adelaide Bank (ADB), +$0.40 (3.88%) to $10.70 on volume of 161,000 shares;
- Insurance Australia Group (IAG), +$0.17 (2.79%) to $6.26 on volume of 5.36m shares;
- AMP Limited (AMP), +$0.14 (2.04%) to $7.01 on volume of 5.92m shares;
- ING Industrial Fund (IIF), +$0.04 (1.99%) to $2.05 on volume of 3.31m shares; and
- Westpac Banking Corporation (WBC), +$0.36 (1.92%) to $19.13 on volume of 7.24m shares.
The worst-performed sector today was Materials which lost 1.23% to 7056.50 points. The sector was dragged lower by
- Excel Coal (EXL), -$0.54 (7.2%) to $6.96 on volume of 1.3m shares;
- Zinifex (ZFX), -$0.21 (7%) to $2.79 on volume of 10.05m shares; and
- Great Southern Plantations (GTP), -$0.20 (5.06%) to $3.75 on volume of 2.2m shares;
- Minara Resources (MRE), -$0.09 (4.48%) to $1.92 on volume of 2.76m shares; and
- Iluka Resources (ILU), -$0.24 (4.21%) to $5.46 on volume of 1.92m shares.
Just in front of last place on the sector table was Consumer Discretionary which lost 0.60% to 2269.10 points. The sector was pulled down by
- G.U.D. Holdings (GUD), -$0.30 (4.32%) to $6.65 on volume of 395,000 shares;
- Miller's Retail (MRL), -$0.04 (4.12%) to $0.93 on volume of 565,000 shares; and
- Unitab (UTB), -$0.56 (4%) to $13.44 on volume of 409,000 shares;
- JB Hi-Fi (JBH), -$0.12 (3.13%) to $3.71 on volume of 681,000 shares; and
- Fleetwood Corporation (FWD), -$0.25 (3.01%) to $8.05 on volume of 203,000 shares.
| Sector Indices | |||||
| Code | GICS Sector | Close | +/- | % | Volume |
| XEJ | Energy | 8214.6 | 69.2 | 0.85% | 29.32m |
| XXJ | ASX200 Financials ex Property Trusts | 4857.3 | 35.6 | 0.74% | 63.06m |
| XFJ | Financials | 4798.1 | 30.5 | 0.64% | 192.62m |
| XTJ | Telecommunications | 1798.8 | 9.1 | 0.51% | 32.05m |
| XPJ | Property Trusts | 1750.5 | 5.2 | 0.3% | 135.97m |
| XIJ | Information Technology | 369.8 | 0.4 | 0.11% | 11.07m |
| XSJ | Consumer Staples | 5589.6 | -6.1 | -0.11% | 30.88m |
| XNJ | Industrials | 4975 | -10.5 | -0.21% | 59.41m |
| XHJ | Healthcare | 4826.6 | -12.4 | -0.26% | 14.15m |
| XUJ | Utilities | 4701.4 | -17.4 | -0.37% | 6.65m |
| XDJ | Consumer Discretionary | 2269.1 | -13.7 | -0.6% | 46.99m |
| XMJ | Materials | 7056.5 | -88 | -1.23% | 126.58m |
All Ordinaries Major Movers
| All Ords Volume Leaders | |||||
| Code | Name | Close | +/- | % | Volume |
| TLS | Telstra Corporation | 5.06 | 0.04 | 0.8% | 28.87m |
| BHP | BHP Billiton | 17.68 | -0.28 | -1.56% | 22.25m |
| RTM | Reefton Mining | 0.11 | -0.02 | -16% | 21.35m |
| MOF | Macquarie Office Trust | 1.26 | 0.01 | 0.8% | 18.9m |
| MGX | Mount Gibson Iron | 0.78 | -0.02 | -2.5% | 15.3m |
| GPT | General Property Trust | 3.52 | -0.01 | -0.28% | 12.83m |
| All Ords Percentage Gainers | |||||
| Code | Name | Close | +/- | % | Volume |
| BOC | Bougainville Copper | 0.88 | 0.1 | 12.82% | 1.29m |
| KZL | Kagara Zinc | 1.33 | 0.07 | 5.56% | 822068 |
| CLH | Collection House | 1.42 | 0.07 | 5.19% | 141444 |
| ABC | Adelaide Brighton | 1.69 | 0.07 | 4.32% | 592711 |
| ADB | Adelaide Bank | 10.7 | 0.4 | 3.88% | 160506 |
| All Ords Percentage Decliners | |||||
| Code | Name | Close | +/- | % | Volume |
| PEM | Perilya | 0.93 | -0.11 | -10.58% | 880049 |
| AGI | Ainsworth Game Technology | 0.71 | -0.08 | -10.13% | 1.06m |
| WSA | Western Areas | 1.65 | -0.18 | -9.84% | 638698 |
| ERA | Energy Resources Of Australia | 9.9 | -1.08 | -9.84% | 64809 |
| CMQ | Chemeq | 1.34 | -0.14 | -9.46% | 555871 |
Elsewhere in the Region...
Japan's Nikkei 225 recovered from a triple-digit loss to be trading down 33.94 points (-0.29%) at 11565.88 points, midway through the afternoon after an early test of support 11500 (which, funnily enough, came about an hour after a test of upside resistance at 11600 just after the open . (Note to Japan watchers - I hope to have a fuller discussion of Japanese stocks reasonably soon; at the very least, a turnover breakdown by sector, plus some indication of the major movers.)
The Kiwi Market declined 16.15 points (-0.53%). A total of 14 stocks within the NZSE50 rose, with volume in advancers totalling 4.3million units. Decliners numbered 31, and total volume traded in losers was 25.3million shares. Individual stocks that were a but suck included...
- Skellmax Industries (SKX), -NZ$0.05 (4%) to NZ$1.20 on volume of 145,000 shares;
- Trustpower Limited (TPW), -NZ$0.15 (2.88%) to NZ$5.05 on volume of 20,000 shares;
- Telstra Corporation (TLS), -NZ$0.16 (2.78%) to NZ$5.60 on volume of 333,000 shares;
- Feltex Carpets (FTX), -NZ$0.03 (2.01%) to NZ$1.46 on volume of 167,000 shares; and
- APN News & Media (APN), -NZ$0.10 (1.83%) to NZ$5.35 on volume of 10,000 shares.
Hong Kong's Hang Seng index advanced 9.47 points (0.07%), and was the only regional bourse to post a gain (thus far; it's not closed yet). The index had a similar intraday trajectory to Japan's Nikkei, with an early surge giving way to a fairly harsh drop after the first half-hour. Then, a bounce back towards the mid-range.
Within the Hang Seng, 11 index components rose, while 14 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 41.7million units, and total volume traded in losers was 75.6million shares. Individual stocks that contributed to the advance included...
- Yue Yuen Industries (0551), +HK$0.35 (1.68%) to HK$21.20 on volume of 1.77m shares;
- Johnson Electronics H (0179), +HK$0.10 (1.44%) to HK$7.05 on volume of 3.76m shares;
- China Merchant Holdings (0144), +HK$0.15 (0.98%) to HK$15.40 on volume of 3.77m shares;
- Cheung Kong (0001), +HK$0.50 (0.73%) to HK$68.75 on volume of 3.98m shares;
- Esprit Holdings (0330), +HK$0.25 (0.48%) to HK$52.25 on volume of 2.74m shares; and
- HSBC Holdings (0005), +HK$0.50 (0.41%) to HK$123.00 on volume of 8.43m shares.
| Regional Indices | |||||
| Country | Name | Close | +/- | % | Volume |
| New Zealand | NZSE50 | 3039.432 | -16.15 | -0.53% | 32.13m |
| Japan | Nikkei 225 | 11565.88 | -33.94 | -0.29% | 94301 |
| Korea | KOSPI | 955.45 | -3.51 | -0.37% | 442964 |
| Singapore | Straits Times | 2126.6 | -1.11 | -0.05% | 0 |
| Hong Kong | Hang Seng | 13421.35 | 9.47 | 0.07% | 171.6m |
| Malaysia | KLSE Comp | 878.4 | -3.47 | -0.39% | 0 |
