Interdum stultus opportuna loquitur...

Monday, April 18, 2005

OzRant: Everybody's Jumped Now...

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

Goodness me. The planet is moving in the right direction; that odious little lunatic dwarf Bolton is copping a hard time at his confirmation hearing (he will get through - it's all posturing). Career parasite and corrupter of electoral boudaries Tom de Lay is finding that in politics, one day you're the top dog, next day you're someone's bitch. Equities are reverting to the mean. It even looks like rabid anti-Mason and Opus Dei stooge Ratzinger may miss out on the Popeship.

What else could possibly go right?

Major Market Indices

The broad market - the ASX All Ordinaries - fell by 56.70 points (-1.42%), finishing at 3936.50 points. The index hit an intraday high of 3993.20 - set half an hour after the time at which a RantBounce was forecast. Once the bounce showed insufficient "zing", it became clear that the patient was sicker than first thought, so the (profitable) position was taken off the table. That proved to be a sensible thing to do (read today's RantPosts from the bottom up): the session low was 3935.3 points, (set in the closing minute of the session).

Total volume traded on the ASX was a solid 1.03 billion units, 7.4% above its 10-day average (the 10-day average is also on the rise). Just 51 All Ords index members rose, compared with 354 which fell for the day. Volume in losers was 40.37m units - less than 10% of the volume trade in the lsoers (that totalled 441.00m units).

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - fell by 54.90 points (-1.37%), finishing at 3959.40 points. Still, the timing of the little intraday bounce enabled those with fast fingers to trouser a nice $150 in half an hour; you're not going to buy (or even lease) a Bentley with that, but a win is a win. (Plus, the $150 is the gain on a one-lot, for which the margin requirement is $2750... so it's a 5.4% gain in half an hour... if you look down your nose at that you shouldn't be wasting your time reading this, Mr Soros).

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 30.30 points (-1.40%), finishing at 2138.80 points. Within the index members, there was only 1 stock that rose (Foster's). Maybe people think that a lot of the Chardonnay Set will be forced to move down the price-point ladder as they cop a double-shafting from Real Estate and stock collapses, and will eventualy buy the sort of crap that Fosters' wine division produces - or that they will even drink (GASP!!) domestic beer. Oh shooorely not, sweetie...

The other 19 stocks in the twenty leaders were all losers.

Total volume in rising issues within the ASX20 amounted to a feeble 4.74m shares while volume in the losers totalled 126.71m units.

The only winner in the "big guns" was - as mentioned previously - Foster's Group (FGL), which added $0.03 (0.57%) to $5.30 on volume of 4.74m shares.

The following stocks made up the biggest percentage losers in the big-guns:

  • Alumina (AWC), -$0.21 (3.6%) to $5.62 on volume of 7.24m shares;
  • AMP Limited (AMP), -$0.21 (3.13%) to $6.51 on volume of 10.95m shares;
  • Amcor (AMC), -$0.21 (3.03%) to $6.72 on volume of 4.34m shares;
  • QBE Insurance Group (QBE), -$0.37 (2.5%) to $14.43 on volume of 3.46m shares; and
  • Woolworths (WOW), -$0.35 (2.25%) to $15.22 on volume of 3.2m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index was also in for a bit of a savaging, dropping 41.20 points (-1.84%), finishing at 2193.60 points. Of the 194 stocks in the index, 146 fell while only 28 managed a gain. Volume was tilted in favour of the losers by a margin of 10.5:1, with 118.52 million shares traded in losers while only 11.31 million shares traded in gainers. The major winners in the "pop-guns" were -

  • Bendigo Mining (BDG), +$0.10 (9.43%) to $1.16 on volume of 620,000 shares;
  • Genetic Technologies (GTG), +$0.02 (4%) to $0.39 on volume of 228,000 shares;
  • Corporate Express Australia (CXP), +$0.21 (3.33%) to $6.51 on volume of 76,000 shares;
  • Resolute Mining (RSG), +$0.03 (2.63%) to $1.17 on volume of 243,000 shares; and
  • Baycorp Advantage (BCA), +$0.07 (2.5%) to $2.87 on volume of 294,000 shares.

The losingest-little-guys for the session were (in order of decline):

  • Perseverance Corporation (PSV), -$0.06 (18.75%) to $0.26 on volume of 3.23m shares;
  • Lynas Corporation (LYC), -$0.02 (9.09%) to $0.20 on volume of 420,000 shares; and
  • Giants Reef Mining (GTM), -$0.00 (8.82%) to $0.03 on volume of 10.76m shares;
  • Beach Petroleum (BPT), -$0.05 (8.7%) to $0.53 on volume of 2.7m shares; and
  • Chemeq (CMQ), -$0.11 (7.75%) to $1.31 on volume of 421,000 shares.
Index Changes
XAOAll Ordinaries3936.5-56.7-1.42%2134.181
XTLS&P/ASX 202138.8-30.3-1.4%131.45m
XFLS&P/ASX 503907.5-54-1.36%0
XTOS&P/ASX 1003221.6-43.8-1.34%0
XJOS&P/ASX 2003959.4-54.9-1.37%486.87m
XKOS&P/ASX 3003956.2-55.7-1.39%0
XMDS&P/ASX Mid-Cap 503855.6-47.3-1.21%0
XSOS&P/ASX Small Ordinaries2193.6-41.2-1.84%178.77m

All Ordinaries Market Internals

Market Breadth
Advancing Volume40.37m44.04m11.31m4.74102.64
Declining Volume441m361.93m118.52m126.71779.78

S&P/ASX200 GICS Sector Indices

The top sector for the day was Utilities which registered a loss of 0.33% to 4627.50 points. RantTradition dictates that "winning" sectors that lsoe ground, don't get any further dissection i nteh results table. After all, it is a rare (and probably autistic) individual who bothers to remember who got the most kicks for Collingwood in their losing grand finals...

Second in the sector non-leadership stakes was Property Trusts which lost -0.98% to 1717.50 points. No soup for that sector, either.

The bronze today went back in the cupboard, since no sector rose. Financials was the third-least-worst performed, and lost -1.10% to 4712.70 points.

The worst-performed sector today was Healthcare which lost 2.18% to 4620.30 points. Of the 15 stocks in the sector, 14 fell while none managed a gain (Ramsay Healthcare was unchanged, but only because it's been on trading halt since the 13th). 11.46million shares were traded in the sector - and 100% of that was in losers. The niggest duds in the sector today were

  • Chemeq (CMQ), -$0.11 (7.75%) to $1.31 on volume of 421,000 shares;
  • Peptech (PTD), -$0.09 (6.12%) to $1.31 on volume of 520,000 shares; and
  • CSL (CSL), -$1.23 (3.86%) to $30.67 on volume of 2.35m shares;
  • Cochlear (COH), -$1.22 (3.82%) to $30.69 on volume of 411,000 shares; and
  • Ventracor (VCR), -$0.03 (3.29%) to $0.74 on volume of 2.48m shares.

Just in front of last place on the sector table was Energy which lost 2.05% to 7744.80 points. Of the 11 stocks in the sector, 9 fell while 1 (Arc Energy) managed a gain and Roc Oil was unchanged. Volume was tilted in favour of the losers by a margin of 20:1, with 22.08million shares traded in losers and just 1.11million shares traded in ARQ. The sector was pulled down by

  • Caltex Australia (CTX), -$0.81 (5.62%) to $13.60 on volume of 865,000 shares;
  • Worleyparsons (WOR), -$0.28 (4.24%) to $6.32 on volume of 797,000 shares; and
  • Australian Worldwide Exploration (AWE), -$0.06 (3.23%) to $1.65 on volume of 1.38m shares;
  • Oil Search (OSH), -$0.07 (3.13%) to $2.17 on volume of 9.98m shares; and
  • Tap Oil (TAP), -$0.05 (2.7%) to $1.80 on volume of 1.36m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XPJProperty Trusts1717.5-17-0.98%77.86m
XXJASX200 Financials ex Property Trusts4772.3-54.6-1.13%63.09m
XIJInformation Technology353.1-4.3-1.2%7.88m
XSJConsumer Staples5383.2-76.5-1.4%40.86m
XDJConsumer Discretionary2124.7-34.1-1.58%32.38m

All Ordinaries Major Movers

All Ords Volume Leaders
BHPBHP Billiton16.4-0.26-1.56%35.17m
WMRWMC Resources7.86-0.03-0.38%28.51m
TLSTelstra Corporation.4.96-0.08-1.59%27.79m
ADYAdmiralty Resources.0.094-0.011-10.48%15.05m
AMPAMP Limited6.51-0.21-3.13%10.95m

All Ords Percentage Gainers
PBTPrana Biotechnology0.170.0213.33%661650
BDGBendigo Mining1.160.19.43%620006
TMOTomato Technologies0.590.058.33%301000
GTGGenetic Technologies0.390.024%227988
CXPCorporate Express Australia6.510.213.33%76046

All Ords Percentage Decliners
PSVPerseverance Corporation0.26-0.06-18.75%3.23m
SRISipa Resources0.068-0.009-11.69%1.21m
SPLStarpharma Holdings0.6-0.06-9.09%626400
LYCLynas Corporation0.2-0.02-9.09%420167

Elsewhere in the Region...

Japan's Nikkei 225 fell a massive 432.25 points (-3.80%) and was trading at 10938.44 points. The index opened with a big gap down (at 11223.65 - also its high for the session), and its low so far was 10920.66 points, set about ten minutes ago.

The Kiwi Market declined 58.02 points (-1.93%). The index hit a high of 3010.792 (at the open), and fell to 2936.761 points by early afternoon Auckland time. Oddly, it was the only regional market that managed to have a little upward bias in its affternoon session.

Just 2 stocks within the NZSE50 rose, with volume in advancers totalling 10.8million units. Decliners numbered 41, and total volume traded in losers was 16.4million shares. Individual stocks that were a but suck included...

  • Sky Network Television (SKY), -NZ$0.50 (7.25%) to NZ$6.40 on volume of 1.09m shares;
  • Michael Hill International (MHI), -NZ$0.45 (6.38%) to NZ$6.60 on volume of 44,000 shares;
  • Rubicon Limited (RBC), -NZ$0.06 (6%) to NZ$0.94 on volume of 36,000 shares;
  • Carter Holt Harvey (CAH), -NZ$0.11 (5.56%) to NZ$1.87 on volume of 3.77m shares; and
  • Steel & Tube Holdings (STU), -NZ$0.23 (5.41%) to NZ$4.02 on volume of 140,000 shares.

Hong Kong's Hang Seng index declined 247.84 points (-1.82%). The index hit a high of 13424.66 (it was the only regional bourse that didn't set its high at the opening bell - the Hongkers high was a little over 20 minutes into the session). The session low for the Hang seng was actually set before the session high - just 10 minutes into the session, at 13337.44 points.

Within the Hang Seng, not a single index component rose, while 33 stocks fell. Total volume traded was 282.3million shares, all in losers. Individual stocks that contributed to the decline included...

  • Lenovo Group (0992), -HK$0.15 (5.94%) to HK$2.38 on volume of 25.95m shares;
  • China Unicom (0762), -HK$0.30 (4.69%) to HK$6.10 on volume of 11.45m shares;
  • CNOOC (0883), -HK$0.18 (4.24%) to HK$3.95 on volume of 62.06m shares;
  • Yue Yuen Industries (0551), -HK$0.85 (3.91%) to HK$20.90 on volume of 1.48m shares;
  • Hang Lung Properties (0101), -HK$0.45 (3.86%) to HK$11.20 on volume of 10.5m shares; and
  • Li & Fung (0494), -HK$0.55 (3.82%) to HK$13.85 on volume of 6.92m shares.
Regional Indices
New ZealandNZSE502952.774-58.02-1.93%29.04m
JapanNikkei 22510938.44-432.25-3.8%130752
SingaporeStraits Times2119-31.23-1.45%0
Hong KongHang Seng13390.91-247.84-1.82%282.29m
MalaysiaKLSE Comp863.93-10.32-1.18%0