Interdum stultus opportuna loquitur...

Tuesday, May 24, 2005

OZRant: I Think I Can... I THINK I Can...

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

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