Interdum stultus opportuna loquitur...

Tuesday, May 10, 2005

OzRant: It All Started SO Well...

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

Maybe somebody was listening this morning, when I ranted my expose regarding the hopelessly, transparently bogus US Payrolls numbers. (Yes, I agree... unlikely). More likely that everyone is just repositioning prior to the upcoming Statement of Socialist Principles - or "What We Do With Your Money" - from the parasitic vermin that blight our lives from Canberra (of course the State and Local parasites do just as much damage - but they get less press coverage).

Still, there was quite a decent trading range in today's activity; the Oz market trading range was about 37 points. The day started out with a hiss and a roar - always a good sign the dumb money is being put to work (i.e., is being sent to the money abbatoir). Every bourse we track here at the RantCave hit its intraday high within twenty minutes of the open... and once the nuffies were set (banking on continued strength after a US late-day bounce), the rug got yanked.

Major Market Indices

The broad market - the ASX All Ordinaries - fell by 7.70 points (-0.19%), finishing at 3949.10 points. The index hit an intraday high of 3973.90 ten minutes after the open, and its low was 3936.7.points just after 2:30 in the afternoon. The 13-point bounce from there to the close, seemed to me to be more concenned about 'punters' hoping that the Budget will contain enough Good NEws to generate a bounce of the SPI up into what will certainly be a raft of small-trader stops above 4000.

Total volume traded on the ASX was  720 million units, 18.9% below its 10-day average. That's pretty feeble, and reinforces the idea that there was little pre-Budget interest in stocks. Still, as always there are some interesting vignettes.

Of the 483 stocks in the index, 184 fell while 183 managed a gain. Volume was tilted in favour of the losers by a margin of 1.4:1, with 278.37 million shares traded in losers comapred with  202.36 million shares traded in stocks that rose.

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - fell by 7.00 points (-0.18%), finishing at 3992.20 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 6.30 points (-0.29%), finishing at 2181.70 points. Within the index members, there were 7 that rose, and 13 losers. Total volume in rising issues within the ASX20 amounted to 31.48 million shares while volume in the losers totalled 84.72m units.

The major winners in the "big guns" were -

  • Woodside Petroleum (WPL), +$0.40 (1.7%) to $23.95 on volume of 2.12m shares;
  • Coles Myer (CML), +$0.14 (1.64%) to $8.68 on volume of 5.32m shares;
  • National Australia Bank (NAB), +$0.47 (1.59%) to $29.99 on volume of 7.68m shares;
  • Westfield Group (WDC), +$0.14 (0.86%) to $16.45 on volume of 5.63m shares; and
  • Woolworths (WOW), +$0.06 (0.4%) to $15.20 on volume of 1.94m shares.

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

  • Amcor (AMC), -$0.32 (4.72%) to $6.46 on volume of 6.98m shares;
  • Telstra Corporation. (TLS), -$0.12 (2.43%) to $4.82 on volume of 24.43m shares;
  • AMP Limited (AMP), -$0.10 (1.52%) to $6.46 on volume of 7.99m shares;
  • News Corporation (NWS), -$0.32 (1.51%) to $20.88 on volume of 2.78m shares; and
  • News Corporation (NWSLV), -$0.27 (1.32%) to $20.20 on volume of 1.76m shares.
Of the 194 stocks in the index, 79 rose while 76 fell. Volume was tilted in favour of the  gainers by a margin of 1.4:1, with 74.32million shares traded in  gainers while 53.59million shares traded in  losers .

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 - rose by 3.60 points (0.17%), finishing at 2138.30 points. Of the 194 stocks in the index, 79 rose while 76 fell. Volume was tilted in favour of the  gainers by a margin of 1.4:1, with 74.32 million shares traded in  gainers while 53.59 million shares traded in  losers  The major winners in the "pop-guns" were -

  • Petsec Energy (PSA), +$0.13 (13.59%) to $1.05 on volume of 713,000 shares;
  • Ventracor (VCR), +$0.11 (12.5%) to $0.95 on volume of 2.54m shares;
  • Psivida (PSD), +$0.07 (12.04%) to $0.61 on volume of 1.08m shares;
  • Miller's Retail (MRL), +$0.06 (7.97%) to $0.75 on volume of 723,000 shares; and
  • Integrated Group (IWF), +$0.12 (7.5%) to $1.72 on volume of 35,000 shares.

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

  • Village Life Ltd (VLL), -$0.09 (12.41%) to $0.60 on volume of 10.07m shares;
  • SDI (SDI), -$0.10 (11.11%) to $0.80 on volume of 147,000 shares; and
  • Lynas Corporation (LYC), -$0.02 (9.38%) to $0.15 on volume of 282,000 shares;
  • Virotec International (VTI), -$0.04 (6.35%) to $0.59 on volume of 81,000 shares; and
  • Skilled Group (SKE), -$0.11 (4.76%) to $2.20 on volume of 50,000 shares.
Index Changes
Code Name Close +/- % Volume
XAO All Ordinaries 3949.1 -7.7 -0.19% 579.71m
XTL S&P/ASX 20 2181.7 -6.3 -0.29% 116.2m
XFL S&P/ASX 50 3965 -10 -0.25% 0
XTO S&P/ASX 100 3256.1 -6.8 -0.21% 0
XJO S&P/ASX 200 3992.2 -7 -0.18% 490.54m
XKO S&P/ASX 300 3985.3 -7 -0.18% 0
XMD S&P/ASX Mid-Cap 50 3807 1.8 0.05% 0
XSO S&P/ASX Small Ordinaries 2138.3 3.6 0.17% 175.33m

All Ordinaries Market Internals

Market Breadth
XAO XJO XSO ASX20 Market
Advances 183 84 79 7 434
Declines 184 94 76 13 427
Advancing Volume 202.36m 184.26m 74.32m 31.48 276.39
Declining Volume 278.37m 256.45m 53.59m 84.72 353.02

S&P/ASX200 GICS Sector Indices

The top sector for the day was Energy which gained 0.85% to 8220.80 points. The sector was helped by

  • Worleyparsons (WOR), +$0.24 (3.42%) to $7.25 on volume of 847,000 shares;
  • Tap Oil (TAP), +$0.06 (3.05%) to $2.03 on volume of 2.61m shares;
  • Australian Worldwide Exploration (AWE), +$0.04 (2.44%) to $1.68 on volume of 1.05m shares;
  • Arc Energy (ARQ), +$0.04 (2.31%) to $1.77 on volume of 358,000 shares; and
  • Woodside Petroleum (WPL), +$0.40 (1.7%) to $23.95 on volume of 2.12m shares.

Second in the sector leadership stakes was Property Trusts which gained 0.79% to 1726.10 points. The sector leaders were -

  • Centro Properties Group. (CNP), +$0.20 (3.88%) to $5.35 on volume of 1.83m shares;
  • Multiplex Group (MXG), +$0.08 (2.24%) to $3.65 on volume of 3.39m shares;
  • General Property Trust (GPT), +$0.06 (1.71%) to $3.57 on volume of 4.08m shares;
  • Ing Industrial Fund (IIF), +$0.02 (0.96%) to $2.11 on volume of 1.61m shares; and
  • Macquarie Prologis Trust (MPR), +$0.01 (0.92%) to $1.10 on volume of 6.9m shares.

The bronze today went to Utilities which gained 0.52% to 4826.50 points. The sector was led by

  • Gasnet Australia Group (GAS), +$0.03 (1.27%) to $2.40 on volume of 231,000 shares;
  • Australian Gas Light Company (AGL), +$0.13 (0.94%) to $13.89 on volume of 1.77m shares;
  • Alinta (ALN), +$0.05 (0.53%) to $9.45 on volume of 1.25m shares;
  • Pacific Hydro (PHY), +$0.02 (0.39%) to $5.17 on volume of 509,000 shares; and
  • Envestra (ENV), -$0.01 (0.45%) to $1.11 on volume of 543,000 shares.

The worst-performed sector today was Telecommunications which lost 2.30% to 1721.10 points due largely to a 12-cent fall in Telstra... 

  • Telstra Corporation. (TLS), -$0.12 (2.43%) to $4.82 on volume of 24.43m shares; and
  • Telecom Corporation Of New Zealand (TEL), -$0.09 (1.6%) to $5.52 on volume of 3.29m shares.

Just in front of last place on the sector table was Consumer Discretionary which lost 0.73% to 2066.10 points. The sector was pulled down by

  • Housewares International (HWI), -$0.05 (3.5%) to $1.38 on volume of 1.56m shares;
  • Pacific Brands (PBG), -$0.05 (2.3%) to $2.12 on volume of 3.46m shares; and
  • G.U.D. Holdings (GUD), -$0.13 (2.2%) to $5.77 on volume of 328,000 shares;
  • Unitab (UTB), -$0.22 (1.86%) to $11.58 on volume of 447,000 shares; and
  • West Australian Newspapers (WAN), -$0.12 (1.67%) to $7.08 on volume of 1.33m shares.
Sector Indices
Code GICS Sector Close +/- % Volume
XEJ Energy 8220.8 69 0.85% 24.29m
XPJ Property Trusts 1726.1 13.6 0.79% 128.9m
XUJ Utilities 4826.5 24.8 0.52% 5.21m
XHJ Healthcare 4768.3 19.9 0.42% 11.86m
XFJ Financials 4830.8 8.1 0.17% 182.31m
XSJ Consumer Staples 5280.5 1 0.02% 49.9m
XXJ ASX200 Financials ex Property Trusts 4919.6 -0.3 -0.01% 59.04m
XIJ Information Technology 338.4 -0.5 -0.15% 4.61m
XMJ Materials 6732 -33.3 -0.49% 109.96m
XNJ Industrials 4676.8 -26.2 -0.56% 50.81m
XDJ Consumer Discretionary 2066.1 -15.1 -0.73% 38.81m
XTJ Telecommunications 1721.1 -40.6 -2.3% 27.72m

All Ordinaries Major Movers

All Ords Volume Leaders
Code Name Close +/- % Volume
TLS Telstra Corporation. 4.82 -0.12 -2.43% 24.43m
BHP BHP Billiton 16.7 -0.14 -0.83% 19.41m
LHG Lihir Gold 1.01 -0.04 -3.81% 17.16m
BPC Burns, Philp & Company 0.86 0.02 1.79% 17.09m
GSA Galileo Shopping America Trust 1.13 -0.01 -0.44% 13.67m
CPA Commonwealth Property Office Fund 1.22 -0.01 -0.81% 13.55m

All Ords Percentage Gainers
Code Name Close +/- % Volume
PSA Petsec Energy 1.05 0.13 13.59% 712619
VCR Ventracor 0.95 0.11 12.5% 2.54m
PSD Psivida 0.61 0.07 12.04% 1.08m
RCT Reef Casino Trust 3.18 0.24 8.16% 687972
MRL Miller's Retail 0.75 0.06 7.97% 722670

All Ords Percentage Decliners
Code Name Close +/- % Volume
VLL Village Life Ltd 0.6 -0.09 -12.41% 10.07m
SDI SDI 0.8 -0.1 -11.11% 146565
EPT Epitan 0.51 -0.04 -7.27% 235180
AGI Ainsworth Game Technology 0.51 -0.04 -6.42% 141864
SKE Skilled Group 2.2 -0.11 -4.76% 49900

Elsewhere in the Region...

Japan's Nikkei 225 fell 11.86 points (-0.11%) to close at 11159.46 points. The index hit a high of 11211.36 during the session, and fell to 11125points during the session.

The Kiwi Market advanced 0.87 points (0.03%). The index hit a high of 2914.557 during the session, and fell to 2899.111points during the session.

A total of 20 stocks within the NZSE50 rose, with volume in advancers totalling 9.4million units. Decliners numbered 22, and total volume traded in losers was 11million shares. Individual stocks that dud well included...

  • Fletcher Building (FBU), +NZ$0.28 (4.86%) to NZ$6.04 on volume of 2.03m shares;
  • Hellaby Holdings (HBY), +NZ$0.18 (3.55%) to NZ$5.25 on volume of 67,000 shares;
  • Pumpkin Patch  (PPL), +NZ$0.08 (3.27%) to NZ$2.53 on volume of 93,000 shares;
  • Axa Asia Pacific (AXA), +NZ$0.11 (2.56%) to NZ$4.41 on volume of 21,000 shares;
  • Fisher & Paykel A (FPA), +NZ$0.06 (2.26%) to NZ$2.71 on volume of 148,000 shares; and
  • Sanford Limited (SAN), +NZ$0.08 (1.98%) to NZ$4.13 on volume of 4,000 shares.

Hong Kong's Hang Seng index declined 22.32 points (-0.16%). The index hit a high of 14112.61 during the session, and fell to 14035.78 points during the session.

Within the Hang Seng, 14 index components rose, while 12 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 65.1million units, and total volume traded in losers was 30.3 million shares. Individual stocks that contributed to the decline included...

  • Denway Motors (0203), -HK$0.05 (1.83%) to HK$2.68 on volume of 5.3m shares;
  • Esprit Holdings (0330), -HK$0.75 (1.27%) to HK$58.50 on volume of 1.09m shares;
  • PCCW (0008), -HK$0.05 (1.04%) to HK$4.78 on volume of 4.28m shares;
  • Lenovo Group (0992), -HK$0.03 (0.98%) to HK$2.53 on volume of 4.45m shares;
  • Cosco Pacific (1199), -HK$0.15 (0.9%) to HK$16.50 on volume of 2.48m shares; and
  • Citic Pacific (0267), -HK$0.15 (0.67%) to HK$22.10 on volume of 1.5m shares.
Regional Indices
Country Name Close +/- % Volume
New Zealand NZSE50 2901.641 0.87 0.03% 23.71m
Japan Nikkei 225 11159.46 -11.86 -0.11% 85117
Korea KOSPI 934.28 -0.92 -0.1% 347689
Singapore Straits Times 2169.97 3.68 0.17% 0
Hong Kong Hang Seng 14062.77 -22.32 -0.16% 112.5m
Malaysia KLSE Comp 901.52 0.23 0.03% 0