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Sometimes
a word just gets into your brain, and you can't get it out. Today, I am
apparently obsessed with the word nugatory.
Broadly, it means "of little or no consequence or importance; trifling;
having no force; invalid". It's the perfect word; I've read it dozens
of times (it's not oft-used) and every now and then it pops into my
head - usually during one of my flights of hope regarding nanotechnology
(proper
'Drexlerian' nanotech, not the crap that Wall Street is currently using
to fleece hopeful nuffnuffs), telomere biology,
and artificial
intelligence.
You see, with those three
things combined, humanity will reach a plane of existence that is
almost incomprehensible. It is a ray of hope amongst the dark clouds
that politics brings to humanity; in fact between them, they spell the
end of the State, the end of war, the end of almost all the ills of our
current system... all the things that should
be nugatory (central wankers, politicians, ticket-clippers and other
middle-men), will be. Pure, Marxian paradise. I wrote something about
that in an email to some chums today, and will post it here later
today...
Until we get 'the triple' of nanomanufacturing, telomerase inhibition, and AI (about 15 years, by my reckoning, without accounting for the propensity of politicians to kill anything that threatens them), we are forced to contend with Orwell's world; a world in which the impediments to human progress are manifold (and when Big Brother Uncut is the least of society's problems, you know the shit is indeed deep).
One key issue that folks need to absorb - and a reason why there is so little criticism of the vermin who run Canberra - is that mainstream media gets a large slice of its advertising revenue from Government. As a result, it dare not speak too forcefully against the State. Why else do you think governments spend a fortune on ads telling us all about Drugs, Speeding, Vegetables, Teen Depression and so on? Do you think it's because they give a shit about any of that? PLEASE... it's because it gives them LEVERAGE.
It does two things - it
provides the 'implicit stick"... the potential for removal of the
revenue for the ad-space; and it also artificially inflates all other
advertising space (which has to compete with government's deep pockets
for scarce airtime). So if the government gets the shits with a story
on 60
Minutes (say) and pulls their
'community service" announcements, all other ad-space
will immediately become 'less scarce"... a double whammy for the
networks. Why do you think all that pre-scripted Iraq Warmongering slid
so smoothly through Sandra Sully's teleprompter during early 2003?
So on the one hand, the
government is the bitch of big business (including big Media), which
prevents media reform. On the other hand, the day-to-day storyline of
the spectacle
it kept in check by the
government's implicit threats to ad-spend.
Major Market Indices
The broad market - the ASX All Ordinaries - rose by a nice round 30.00 points (0.75%), finishing at 4054.30 points. The index hit an intraday high of 4055.50 minutes before the close, and its low was 4024.1, set minutes after the open. How nice and symmetrical.
Total volume traded on the ASX was 830 million units, 7.9% above the 10-day average. Of the 483 stocks in the index, 218 rose while 145 fell. Volume was tilted in favour of the gainers by a margin of 1.7:1, with 288.63m shares traded in gainers and 172.81m 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 - rose by 24.80 points (0.61%), finishing at 4102.00 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by 11.70 points (0.53%), finishing at 2224.80 points. Within the index members, there were 15 that rose, and 4 losers. Total volume in rising issues within the ASX20 amounted to 67.72m shares while volume in the losers totalled 45.56m units.
The major winners in the "big guns" were -
- Woodside Petroleum (WPL), +$0.87 (3.73%) to $24.22 on volume of 1.94m shares;
- News Corporation (NWS), +$0.61 (2.9%) to $21.61 on volume of 4.04m shares;
- News Corporation (NWSLV), +$0.54 (2.67%) to $20.74 on volume of 1.59m shares;
- BHP Billiton (BHP), +$0.36 (2.26%) to $16.28 on volume of 15.74m shares; and
- Alumina (AWC), +$0.07 (1.29%) to $5.49 on volume of 5.64m shares.
The following stocks made up the biggest percentage losers in the big-guns:
- Foster's Group (FGL), -$0.10 (1.85%) to $5.30 on volume of 16.16m shares;
- Commonwealth Bank Of Australia. (CBA), -$0.68 (1.8%) to $37.13 on volume of 3.9m shares;
- Coles Myer Ltd. (CML), -$0.11 (1.17%) to $9.27 on volume of 11.37m shares;
- AMP Limited (AMP), -$0.07 (1.05%) to $6.61 on volume of 14.13m shares; and
- Woolworths (WOW), -$0.00 (0%) to $15.62 on volume of 2.72m shares.
At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index rose by 13.50 points (0.61%), finishing at 2220.90 points. The major winners in the "pop-guns" were -
- Psivida (PSD), +$0.11 (14.67%) to $0.86 on volume of 3.14m shares;
- GRD (GRD), +$0.16 (11.11%) to $1.60 on volume of 729,000 shares;
- Sirtex Medical (SRX), +$0.14 (10.29%) to $1.50 on volume of 102,000 shares;
- Metabolic Pharmaceuticals (MBP), +$0.06 (7.69%) to $0.84 on volume of 3.74m shares; and
- Australian Agricultural Company. (AAC), +$0.10 (7.04%) to $1.52 on volume of 3.3m shares.
The losingest-little-guys for the session were (in order of decline):
- Redflex Holdings (RDF), -$0.25 (7.35%) to $3.15 on volume of 729,000 shares;
- Western Areas (WSA), -$0.08 (5.4%) to $1.32 on volume of 301,000 shares; and
- Perilya (PEM), -$0.04 (4.73%) to $0.71 on volume of 221,000 shares;
- Norwood Abbey (NAL), -$0.02 (4.26%) to $0.45 on volume of 136,000 shares; and
- AV Jennings Homes (AVJ), -$0.06 (4.2%) to $1.37 on volume of 87,000 shares.
| Index Changes | |||||
| Code | Name | Close | +/- | % | Volume |
| XAO | All Ordinaries | 4054.3 | 30 | 0.75% | 561.59m |
| XTL | S&P/ASX 20 | 2224.8 | 11.7 | 0.53% | 116m |
| XFL | S&P/ASX 50 | 4059.1 | 25.4 | 0.63% | 0 |
| XTO | S&P/ASX 100 | 3341 | 20.3 | 0.61% | 0 |
| XJO | S&P/ASX 200 | 4102 | 24.8 | 0.61% | 456.69m |
| XKO | S&P/ASX 300 | 4093.6 | 24.9 | 0.61% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 3959 | 20.1 | 0.51% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2220.9 | 13.5 | 0.61% | 161.48m |
All Ordinaries Market Internals
| Market Breadth | |||||
| XAO | XJO | XSO | ASX20 | Market | |
| Advances | 218 | 115 | 91 | 15 | 487 |
| Declines | 145 | 63 | 65 | 4 | 416 |
| Advancing Volume | 288.63m | 250.07m | 65.86m | 67.72 | 452.22 |
| Declining Volume | 172.81m | 161.99m | 36.42m | 45.56 | 247.8 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was Energy which gained 2.77% to 8267.70 points. No huge surprises there - once the oil price showed an uptick, the oil patch was bound to get renewed enthusiasm. The sector was helped by
- Caltex Australia (CTX), +$0.60 (4.23%) to $14.80 on volume of 824,000 shares;
- Oil Search (OSH), +$0.10 (4.22%) to $2.47 on volume of 5.58m shares;
- Hardman Resources (HDR), +$0.07 (4.17%) to $1.75 on volume of 3.66m shares;
- Woodside Petroleum (WPL), +$0.87 (3.73%) to $24.22 on volume of 1.94m shares; and
- Arc Energy (ARQ), +$0.06 (3.53%) to $1.76 on volume of 457,000 shares.
Second in the sector leadership stakes was Materials which gained 1.60% to 6736.40 points. The sector leaders were -
- Onesteel (OST), +$0.10 (4.08%) to $2.55 on volume of 6.01m shares;
- James Hardie Industries N.V. (JHX), +$0.26 (4.06%) to $6.66 on volume of 2.5m shares;
- Lihir Gold (LHG), +$0.04 (3.85%) to $1.08 on volume of 13.85m shares;
- Bluescope Steel (BSL), +$0.28 (3.5%) to $8.28 on volume of 3.79m shares; and
- Zinifex (ZFX), +$0.09 (3.24%) to $2.87 on volume of 5.23m shares.
The worst-performed sector today was Information Technology which lost 1.15% to 371.10 points. The sector was dragged lower by
- Computershare (CPU), -$0.12 (2.03%) to $5.78 on volume of 2.67m shares;
- ERG (ERG), -$0.01 (1.92%) to $0.26 on volume of 1.36m shares;
- Baycorp Advantage (BCA), -$0.05 (1.75%) to $2.81 on volume of 232,000 shares;
- IRESS Market Technology (IRE), -$0.00 (0%) to $4.00 on volume of 487,000 shares; and
- Infomedia Ltd (IFM), +$0.01 (0.95%) to $0.53 on volume of 331,000 shares.
Just in front of last place on the sector table was Consumer Staples which lost 0.47% to 5427.80 points. The sector was pulled down by
- Mcguigan Simeon Wines (MGW), -$0.17 (4.08%) to $4.00 on volume of 389,000 shares;
- Foster's Group (FGL), -$0.10 (1.85%) to $5.30 on volume of 16.16m shares; and
- Coles Myer Ltd. (CML), -$0.11 (1.17%) to $9.27 on volume of 11.37m shares;
- Futuris Corporation (FCL), -$0.01 (0.26%) to $1.89 on volume of 1.83m shares; and
- Woolworths (WOW), -$0.00 (0%) to $15.62 on volume of 2.72m shares.
| Sector Indices | |||||
| Code | GICS Sector | Close | +/- | % | Volume |
| XEJ | Energy | 8267.7 | 222.6 | 2.77% | 19.69m |
| XMJ | Materials | 6736.4 | 105.8 | 1.6% | 89.14m |
| XDJ | Consumer Discretionary | 2162.2 | 19.6 | 0.91% | 47.97m |
| XHJ | Healthcare | 4849 | 41.1 | 0.85% | 17.45m |
| XNJ | Industrials | 4951.7 | 31.5 | 0.64% | 50.63m |
| XTJ | Telecommunications | 1748.7 | 11 | 0.63% | 13.72m |
| XUJ | Utilities | 4816.4 | 22.4 | 0.47% | 4.83m |
| XXJ | ASX200 Financials ex Property Trusts | 5111.8 | 12.1 | 0.24% | 59.3m |
| XFJ | Financials | 4995.6 | 6.6 | 0.13% | 156.78m |
| XPJ | Property Trusts | 1754.8 | -4.1 | -0.23% | 101.37m |
| XSJ | Consumer Staples | 5427.8 | -25.9 | -0.47% | 59.74m |
| XIJ | Information Technology | 371.1 | -4.3 | -1.15% | 5.92m |
All Ordinaries Major Movers
| All Ords Volume Leaders | |||||
| Code | Name | Close | +/- | % | Volume |
| DRT | DB Rreef Trust | 1.37 | -0.01 | -0.36% | 18.36m |
| MIG | Macquarie Infrastructure Group | 3.82 | 0.05 | 1.33% | 17.97m |
| FGL | Foster's Group | 5.3 | -0.1 | -1.85% | 16.16m |
| BHP | BHP Billiton | 16.28 | 0.36 | 2.26% | 15.74m |
| FXJ | Fairfax Holdings | 4.22 | 0.03 | 0.72% | 14.34m |
| AMP | AMP Limited | 6.61 | -0.07 | -1.05% | 14.13m |
| All Ords Percentage Gainers | |||||
| Code | Name | Close | +/- | % | Volume |
| PSD | Psivida | 0.86 | 0.11 | 14.67% | 3.14m |
| GRD | GRD | 1.6 | 0.16 | 11.11% | 729323 |
| SRX | Sirtex Medical | 1.5 | 0.14 | 10.29% | 101596 |
| BTA | Biota Holdings | 0.49 | 0.05 | 10.11% | 802267 |
| MBP | Metabolic Pharmaceuticals | 0.84 | 0.06 | 7.69% | 3.74m |
| All Ords Percentage Decliners | |||||
| Code | Name | Close | +/- | % | Volume |
| EPT | Epitan | 0.36 | -0.04 | -8.86% | 1.03m |
| UNW | Unwired Group | 0.32 | -0.03 | -8.57% | 896810 |
| RDF | Redflex Holdings | 3.15 | -0.25 | -7.35% | 728828 |
| CNT | Centamin Egypt | 0.28 | -0.02 | -6.67% | 197400 |
| WSA | Western Areas | 1.32 | -0.08 | -5.4% | 301347 |
Elsewhere in the Region...
Japan's Nikkei
225 fell 25.00 points (-0.22%)
to
close at 11133.65 points. The index hit a high of 11199.23 twenty
minutes after the open (let's think of that as 11200), and fell to
11101.93 (let's think of that as 11100) just over an hour ago.
The Kiwi Market declined 3.99 points (-0.13%) after a good first hour. The index hit a high of 3053.975 at the end of the first hour, and fell to 3032.055 points just prior to the close.
A total of 16 stocks within the NZSE50 rose, with volume in advancers totalling 9.1million units. Decliners numbered 23, and total volume traded in losers was 14.6million shares. Individual stocks that were a but suck included...
- Baycorp Advantage (BCA), -NZ$0.10 (3.23%) to NZ$3.00 on volume of 42,000 shares;
- Amp Limited (AMP), -NZ$0.20 (2.63%) to NZ$7.40 on volume of 25,000 shares;
- Auckland International Airport (AIA), -NZ$0.05 (2.29%) to NZ$2.13 on volume of 1.74m shares;
- Sky City Entertainment (SKC), -NZ$0.10 (2.22%) to NZ$4.40 on volume of 1.51m shares; and
- Pumpkin Patch (PPL), -NZ$0.06 (2.11%) to NZ$2.79 on volume of 101,000 shares.
Hong Kong's Hang Seng index advanced a meagre 2.23 points (0.02%) at 13701 points at the luncheon interval. The index hit a high of 13726.15 during the session, and fell to 13677.34 points during the session - a very symmetrical range around the open and the lunch-break.
Within the Hang Seng, 11 index components rose, while 12 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 15.7million units, and total volume traded in losers was 34.2million shares. Individual stocks that contributed to the advance included...
- Esprit Holdings (0330), +HK$0.75 (1.36%) to HK$56.00 on volume of 1.66m shares;
- CKI Holdings (1038), +HK$0.10 (0.43%) to HK$23.10 on volume of 428,000 shares;
- Swire Pacific A (0019), +HK$0.25 (0.39%) to HK$64.00 on volume of 930,000 shares;
- Wharf Holdings (0004), +HK$0.10 (0.39%) to HK$25.65 on volume of 1.42m shares;
- Hutchison (0013), +HK$0.25 (0.37%) to HK$67.25 on volume of 1.66m shares; and
- BOC Hong Kong (2388), +HK$0.05 (0.35%) to HK$14.45 on volume of 2.2m shares.
| Regional Indices | |||||
| Country | Name | Close | +/- | % | Volume |
| New Zealand | NZSE50 | 3034.649 | -3.99 | -0.13% | 26.34m |
| Japan | Nikkei 225 | 11133.65 | -25 | -0.22% | 75005 |
| Korea | KOSPI | 951.61 | 0.56 | 0.06% | 315842 |
| Singapore | Straits Times | 2185.72 | 11.95 | 0.55% | 0 |
| Hong Kong | Hang Seng | 13701.36 | 2.23 | 0.02% | 66.83m |
| Malaysia | KLSE Comp | 883.89 | 0.72 | 0.08% | 0 |
