Interdum stultus opportuna loquitur...

Friday, May 20, 2005

OzRant: Can You Smell That?

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

Notice something odd? The All Ords failed to hold 4000 at the close (of the week). That is probably more important than it seems. Likewise, the XJO spent the plupart of the session above 4050, but failed to hold that level on the close. Weekly closes are important.

Major Market Indices

The broad market - the ASX All Ordinaries - fell by 2.90 points (-0.07%), finishing at 3990.80 points. The index hit an intraday high of 4004.80 and its low was 3990.8. That's a narrow range in pretty much anyone's language, and ordinarily I would be pretty sanguine about a narrow range with a slight downward tilt, coming as it did after yesterday's moonshot.

But the failure to close above 4000 on the weekly, to me represents a problem. Everyone is getting all excited as if the index has broken out to mew highs, and yet we languish 5% below the recent peak. In other words, everybody still thinks that this dip is for buying. If everybody was right, everybody would be rich (which would just mean that all prices would be higher as money chased goods). See how it's impossible for everyone to increase their relative wealth? That, Dear Reader, is why the Superannuation Guarantee Scheme is a fraud. A fake. A Pig's Ear.

Total volume traded on the ASX was 760 million units, 4.0% below its 10-day average. Of the 483 stocks in the index, 187 rose while 180 fell. Volume was tilted in favour of the gainers by a margin of 1.1:1, with 232.37 million shares traded in gainers while 214.18 million shares traded in the days losers ..

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - fell by 3.30 points (-0.08%), finishing at 4041.20 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 9.00 points (-0.41%), finishing at 2192.20 points. Within the index members, there were 6 that rose, and 13 losers. Total volume in rising issues within the ASX20 amounted to 16.37 while volume in the losers totalled 78.44m units.

The major winners in the "big guns" were -

  • Woodside Petroleum (WPL), +$0.38 (1.65%) to $23.45 on volume of 1.57m shares;
  • Commonwealth Bank Of Australia. (CBA), +$0.43 (1.18%) to $36.82 on volume of 3.36m shares;
  • Amcor (AMC), +$0.05 (0.75%) to $6.70 on volume of 2.28m shares;
  • Coles Myer Ltd. (CML), +$0.05 (0.55%) to $9.14 on volume of 4.06m shares; and
  • Foster's Group (FGL), +$0.02 (0.38%) to $5.31 on volume of 4.46m shares.

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

  • AMP Limited (AMP), -$0.38 (5.44%) to $6.61 on volume of 10.78m shares;
  • Alumina (AWC), -$0.15 (2.72%) to $5.37 on volume of 3.73m shares;
  • BHP Billiton (BHP), -$0.32 (1.98%) to $15.88 on volume of 17.4m shares;
  • QBE Insurance Group (QBE), -$0.20 (1.34%) to $14.75 on volume of 3.24m shares; and
  • Rio Tinto (RIO), -$0.55 (1.28%) to $42.30 on volume of 2.18m 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 4.40 points (-0.20%), finishing at 2178.80 points. The major winners in the "pop-guns" were -

  • Emperor Mines (EMP), +$0.05 (25%) to $0.25 on volume of 40,000 shares;
  • SP Telemedia (SOT), +$0.13 (8.06%) to $1.68 on volume of 66,000 shares;
  • Ventracor (VCR), +$0.07 (6.64%) to $1.13 on volume of 6.47m shares;
  • Sally Malay Mining (SMY), +$0.05 (6.25%) to $0.85 on volume of 75,000 shares; and
  • Dragon Mining (DRA), +$0.01 (6.06%) to $0.18 on volume of 210,000 shares.

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

  • Metabolic Pharmaceuticals (MBP), -$0.10 (12.5%) to $0.70 on volume of 1.4m shares;
  • Multiemedia (MUL), -$0.00 (11.76%) to $0.02 on volume of 32.29m shares; and
  • Lion Selection Group (LSG), -$0.14 (8.14%) to $1.58 on volume of 76,000 shares;
  • Resolute Mining (RSG), -$0.07 (6.57%) to $0.93 on volume of 325,000 shares; and
  • Schaffer Corporation (SFC), -$0.27 (5.22%) to $4.90 on volume of 44,000 shares.
Index Changes
XAOAll Ordinaries3990.8-2.9-0.07%534.3m
XTLS&P/ASX 202192.2-9-0.41%96.2m
XFLS&P/ASX 504000.8-6.7-0.17%0
XTOS&P/ASX 1003292.8-2.2-0.07%0
XJOS&P/ASX 2004041.2-3.3-0.08%409.96m
XKOS&P/ASX 3004032.9-3.2-0.08%0
XMDS&P/ASX Mid-Cap 503900.320.40.53%0
XSOS&P/ASX Small Ordinaries2178.8-4.4-0.2%160.74m

All Ordinaries Market Internals


Market Breadth
Advancing Volume232.37m191.49m60.18m16.37376.7
Declining Volume214.18m163.27m68.54m78.44289.8

S&P/ASX200 GICS Sector Indices

The top sector for the day was Energy which gained 1.56% to 8031.40 points. The sector was helped by

  • Santos (STO), +$0.38 (4.05%) to $9.76 on volume of 2.77m shares;
  • Oil Search (OSH), +$0.06 (2.61%) to $2.36 on volume of 3.12m shares;
  • Woodside Petroleum (WPL), +$0.38 (1.65%) to $23.45 on volume of 1.57m shares;
  • Origin Energy (ORG), +$0.07 (1.01%) to $7.03 on volume of 1.84m shares; and
  • Hardman Resources (HDR), +$0.02 (0.91%) to $1.67 on volume of 927,000 shares.

Second in the sector leadership stakes was Industrials which gained 0.58% to 4855.30 points. The sector leaders were -

  • GWA International (GWT), +$0.12 (4.53%) to $2.77 on volume of 257,000 shares;
  • Leighton Holdings (LEI), +$0.30 (2.97%) to $10.40 on volume of 674,000 shares;
  • Prime Infrastructure Group (PIF), +$0.05 (2.87%) to $1.62 on volume of 4.4m shares;
  • Patrick Corporation (PRK), +$0.15 (2.77%) to $5.56 on volume of 4.72m shares; and
  • Patrick Corporation (PRK), +$0.15 (2.77%) to $5.56 on volume of 4.72m shares.

The bronze today went to Healthcare which gained 0.54% to 4774.70 points. The sector was led by

  • Ventracor (VCR), +$0.07 (6.64%) to $1.13 on volume of 6.47m shares;
  • DCA Group (DVC), +$0.05 (1.47%) to $3.45 on volume of 1.51m shares;
  • Sigma Company. (SIG), +$0.11 (1.38%) to $8.09 on volume of 326,000 shares;
  • Sonic Healthcare (SHL), +$0.16 (1.37%) to $11.85 on volume of 1.35m shares; and
  • Resmed Inc (RMD), +$0.08 (0.96%) to $8.44 on volume of 326,000 shares.

The worst-performed sector today was Materials which lost 1.28% to 6583.40 points. The sector was dragged lower by

  • Lion Selection Group (LSG), -$0.14 (8.14%) to $1.58 on volume of 76,000 shares;
  • Aquarius Platinum (AQP), -$0.28 (4.25%) to $6.31 on volume of 25,000 shares; and
  • Gunns (GNS), -$0.15 (3.8%) to $3.80 on volume of 410,000 shares;
  • Nufarm (NUF), -$0.28 (3.12%) to $8.70 on volume of 126,000 shares; and
  • Excel Coal (EXL), -$0.19 (2.97%) to $6.21 on volume of 400,000 shares.

Just in front of last place on the sector table was Telecommunications which lost 0.43% to 1736.60 points. The sector was pulled down by

  • Telecom Corporation Of New Zealand (TEL), -$0.03 (0.53%) to $5.59 on volume of 1.94m shares; and
  • Telstra Corporation. (TLS), -$0.02 (0.41%) to $4.86 on volume of 16.41m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XDJConsumer Discretionary2121.98.90.42%37.33m
XPJProperty Trusts1741.23.40.2%101.88m
XXJASX200 Financials ex Property Trusts5051.21.90.04%58.13m
XIJInformation Technology371.1-0.1-0.03%6.69m
XSJConsumer Staples5380.5-12.8-0.24%41.68m

All Ordinaries Major Movers


All Ords Volume Leaders
BHPBHP Billiton15.88-0.32-1.98%17.4m
MIGMacquarie Infrastructure Group3.690.092.5%16.56m
TLSTelstra Corporation.4.86-0.02-0.41%16.41m
DRTDB Rreef Trust1.370.021.49%16.05m
MXGMultiplex Group3.270.041.24%13.25m
FXJFairfax Holdings4.160.092.21%10.87m


All Ords Percentage Gainers
AGIAinsworth Game Technology0.640.1120.75%2.68m
CYGCoventry Group5.980.6812.83%10984
SOTSP Telemedia1.680.138.06%66250
AMLAmrad Corporation0.440.037.32%184763


All Ords Percentage Decliners
MBPMetabolic Pharmaceuticals0.7-0.1-12.5%1.4m
LSGLion Selection Group1.58-0.14-8.14%76302
BBBB Digital0.35-0.03-7.89%148909
RSGResolute Mining0.93-0.07-6.57%324508

Elsewhere in the Region...

Japan's Nikkei 225 fell 39.87 points (-0.36%) to close at 11037.29 points after yesterday's extraordinary explosion upwards. The index hit a high of 11110.45 during the session, and fell to 11034.82 points during the session; in other words it closed within a bee's thingy of its session low.

The Kiwi Market advanced 17.97 points (0.60%). The index hit a high of 3002.363 two minutes before the close, following a session-long rally punctuated only by a dip to the session low (2982.692 points) 50 minutes into the session.

A total of 24 stocks within the NZSE50 rose, with volume in advancers totalling 8.5 million units. Decliners numbered 13, and total volume traded in losers was 11.9million shares. Individual stocks that performed well included...

  • Mainfreight Limit (MFT), +NZ$0.20 (9.52%) to NZ$2.30 on volume of 47,000 shares;
  • Fisher & Paykel A (FPA), +NZ$0.24 (8.39%) to NZ$3.10 on volume of 2.32m shares;
  • Cavalier Corporation (CAV), +NZ$0.10 (2.86%) to NZ$3.60 on volume of 2,000 shares;
  • Sky City Entertainment (SKC), +NZ$0.12 (2.75%) to NZ$4.49 on volume of 1.08m shares;
  • The Warehouse Group (WHS), +NZ$0.08 (2.48%) to NZ$3.30 on volume of 173,000 shares; and
  • Steel & Tube Holdings (STU), +NZ$0.09 (2.06%) to NZ$4.45 on volume of 22,000 shares.

Hong Kong's Hang Seng index declined 10.86 points (-0.08%). The index hit a high of 13723.82 during the session, and fell to 13642.84 points during the session.

Within the Hang Seng, 9 index components rose, while 17 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 33.7million units, and total volume traded in losers was 60.4million shares. Individual stocks that contributed to the decline included...

  • Wheelock (0020), -HK$0.15 (1.29%) to HK$11.50 on volume of 912,000 shares;
  • CNOOC (0883), -HK$0.05 (1.2%) to HK$4.13 on volume of 11.35m shares;
  • Henderson Land (0012), -HK$0.40 (1.14%) to HK$34.70 on volume of 1.83m shares;
  • Li & Fung (0494), -HK$0.15 (1.06%) to HK$14.05 on volume of 8.27m shares;
  • Lenovo Group (0992), -HK$0.03 (0.99%) to HK$2.50 on volume of 17.13m shares; and
  • CKI Holdings (1038), -HK$0.20 (0.85%) to HK$23.30 on volume of 215,000 shares.
Regional Indices
New ZealandNZSE503000.66217.970.6%31.81m
JapanNikkei 22511037.29-39.87-0.36%70836
SingaporeStraits Times2172.425.150.24%0
Hong KongHang Seng13688.07-10.86-0.08%112.77m
MalaysiaKLSE Comp883.62-3.85-0.43%0