Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
This is starting to get silly; obviously in the lead-up to the financial year end, there will be a huge tilt towards any stocks that have had decent gains for the year, as funds mis-managers load up on stuff-that-rose so that their glossy reports can show their clients that they only have winners in their portfolios. Likewise, expect stocks that have underperformed to drop further as they are hidden from portfolio reports. It has been ever thus, and will be so until the industry is reformed.
That said, it's getting a little intense; breadth is getting narrower and narrower. The idea that the entire market is hostage to the "year-end bonus" whims of the clots who 'manage' other people's money, ought to really make you think hard. Think of the name of the 'fund manager' who wound up owning 5% of DVT by accident. Think of the name of the 'fund manager' who wound up with 130 million One.Tel shares in an Imputation portfolio. These aren't guys who work for unknown managers, either.
Note: you will notice that all
of the ASX codes mentioned within the report are now links - that means
that if you click on them you will get a RantBox
- a little chart, some basic
fundamental detail and the latest ASX Announcements (note: for codes
such as NWSLV,
the RantBox
will apply to the 3-letter 'underlying' ASX code). Sometime next week I
will introduce a different version for indices (just a chart of the
index, plus the aggregate PE, Yield, and the index components).
Major Market Indices
The broad market - the ASX All Ordinaries - rose by 13.20 points (0.32%), finishing at 4173.30 points. The index dipped slightly at the open, falling to 4147.7 by about 10:25 a.m. - from there on it was all upwards. The All Ords hit an intraday high of 4181.90 just before 3 p.m., and finished close to the high.
Total
volume traded on the ASX was 850 million units, about 6% above its
10-day
average.
Of the
483 stocks in the All Ords, 196 rose while 154 fell. Volume
was tilted in favour of the gainers by a margin of 2.1:1, with
272.74
million shares traded in gainers while 131.27 million shares
traded in the day's losers. Take a look at the revised breadth tables
(which are now in some sort of logical order-of-breadth); the higher
the degree of disaggregation, the worse the breadth.
The
Index that forms the cash basis for the SFE's Share
Price Index Futures - the S&P/ASX
200 - rose by 14.30 points
(0.34%), finishing at 4219.90 points. Tomorrow morning will be a very
good time to short the SPI.
The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by 6.30 points (0.28%), finishing at 2279.10 points. Within the index members, there were 13 that rose, and 6 losers. Total volume in rising issues within the ASX20 amounted to 68.96 while volume in the losers totalled 28.18m units.
The major winners in the "big guns" were -
- QBE Insurance Group (QBE), +$0.27 (1.75%) to $15.66 on volume of 1.44m shares;
- Coles Myer Ltd (CML),
+$0.12 (1.27%) to $9.60 on volume of 4.39m shares;
- Westpac Banking Corporation (WBC),
+$0.24 (1.24%) to $19.67 on volume of 4.6m shares;
- Westfield Group (WDC),
+$0.19 (1.1%) to $17.39 on volume of 3.64m shares;
- News Corporation (NWSLV), +$0.23 (1.09%) to $21.35 on volume of 1.41m shares.
The following stocks made up the biggest percentage losers in the big-guns:
- Woodside Petroleum (WPL), -$0.60 (2.21%) to $26.57 on volume of 1.83m shares;
- Alumina (AWC),
-$0.12 (2.03%) to $5.79 on volume of 3.44m shares;
- BHP Billiton (BHP),
-$0.22 (1.27%) to $17.15 on volume of 12.37m shares;
- Rio Tinto (RIO), -$0.55 (1.26%) to $43.21 on volume of 2.9m shares; and
- Foster's Group (FGL), -$0.06 (1.1%) to $5.39 on volume of 6.82m 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 - rose by 7.40 points (0.32%), finishing at 2331.30 points. The major winners in the "pop-guns" were -
- Genetic Technologies (GTG), +$0.05 (13.64%) to $0.38 on volume of 1.86m shares;
- Volante Group (VGL),
+$0.11 (8.79%) to $1.30 on volume of 318,000 shares;
- Pacifica Group (PBB),
+$0.14 (8.64%) to $1.76 on volume of 1.09m shares;
- Silex Systems (SLX), +$0.06 (5.77%) to $1.10 on volume of 244,000 shares; and
- Novogen (NRT), +$0.31 (5.47%) to $5.98 on volume of 162,000 shares.
The losingest-little-guys for the session were (in order of decline):
- Integrated Group (IWF), -$0.12 (7.77%) to $1.37 on volume of 386,000 shares;
- Miller's Retail (MRL),
-$0.07 (7.47%) to $0.81 on volume of 1.65m shares;
- Lynas Corporation (LYC),
-$0.01 (5.88%) to $0.16 on volume of 135,000 shares;
- Virotec International (VTI), -$0.04 (5.8%) to $0.65 on volume of 97,000 shares; and
- Progen Industries (PGL), -$0.13 (5.75%) to $2.13 on volume of 80,000 shares.
| Index Changes | |||||
| Code | Name | Close | +/- | % | Volume |
| XAO | All Ordinaries | 4173.3 | 13.2 | 0.32% | 531.5m |
| XTL | S&P/ASX 20 | 2279.1 | 6.3 | 0.28% | 101.19m |
| XFL | S&P/ASX 50 | 4169.6 | 11.2 | 0.27% | 204.24m |
| XTO | S&P/ASX 100 | 3431 | 11.6 | 0.34% | 335.09m |
| XJO | S&P/ASX 200 | 4219.9 | 14.3 | 0.34% | 427.67m |
| XKO | S&P/ASX 300 | 4212.2 | 14.2 | 0.34% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4058.4 | 30 | 0.74% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2331.3 | 7.4 | 0.32% | 175.28m |
All Ordinaries Market Internals
| Market Breadth | ||||||
| ASX20 | XTO | XJO | XAO | XSO | Market | |
| Advances | 13 | 62 | 112 | 196 | 82 | 464 |
| Declines | 6 | 28 | 61 | 154 | 66 | 433 |
| Advancing Volume | 68.96m | 209.87m | 243.91m | 272.74 | 78.02 | 451.91 |
| Declining Volume | 28.18m | 83m | 111.79m | 131.27 | 41.17 | 254.33 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was Healthcare which gained 2.31% to 5001.80 points. The sector was helped by
- Novogen (NRT), +$0.31 (5.47%) to $5.98 on volume of 162,000 shares;
- Peptech (PTD), +$0.08 (5%) to $1.58 on volume of 3.43m shares; and
- DCA Group (DVC), +$0.16 (4.58%) to $3.65 on volume of 889,000 shares; and
- Sigma Company (SIG), +$0.35 (4.14%) to $8.80 on volume of 219,000 shares; and
- Cochlear (COH), +$0.92 (2.66%) to $35.57 on volume of 192,000 shares.
Second in the sector leadership stakes was Information Technology which gained 1.84% to 386.50 points. The sector leaders were -
- Computershare (CPU), +$0.17 (2.94%) to $5.96 on volume of 2.22m shares;
- MYOB (MYO), +$0.03 (2.82%) to $1.10 on volume of 171,000 shares; and
- IRESS Market Technology (IRE), +$0.07 (1.68%) to $4.23 on volume of 193,000 shares; and
- Infomedia Ltd (IFM), -$0.00 (0%) to $0.54 on volume of 534,000 shares; and
- Baycorp Advantage (BCA), -$0.01 (0.33%) to $3.01 on volume of 2.65m shares.
The bronze today went to ASX200 Financials ex Property Trusts which gained 0.77% to 5196.40 points. The sector was led by
- Australand Property Group (ALZ), +$0.05 (3.46%) to $1.50 on volume of 2.52m shares;
- SFE Corporation (SFE), +$0.19 (1.89%) to $10.25 on volume of 555,000 shares; and
- QBE Insurance Group (QBE), +$0.27 (1.75%) to $15.66 on volume of 1.44m shares; and
- Oamps (OMP), +$0.04 (1.56%) to $2.61 on volume of 1.4m shares; and
- Bendigo Bank (BEN), +$0.15 (1.55%) to $9.83 on volume of 122,000 shares.
The worst-performed sector today was Energy which lost 0.99% to 8784.80 points. The sector was dragged lower by
- Woodside Petroleum (WPL), -$0.60 (2.21%) to $26.57 on volume of 1.83m shares;
- Santos (STO), -$0.19 (1.8%) to $10.39 on volume of 1.86m shares;
- Roc Oil Company (ROC), -$0.03 (1.42%) to $1.74 on volume of 348,000 shares;
- Hardman Resources (HDR), -$0.03 (1.24%) to $1.99 on volume of 1.57m shares; and
- Caltex Australia (CTX), -$0.17 (1.06%) to $15.88 on volume of 373,000 shares.
Just in front of last place on the sector table was Materials which lost 0.66% to 6994.70 points. The sector was pulled down by
- Zinifex (ZFX), -$0.11 (3.48%) to $3.05 on volume of 3.72m shares;
- Excel Coal (EXL), -$0.23 (3.23%) to $6.90 on volume of 474,000 shares;
- Minara Resources (MRE), -$0.06 (2.84%) to $2.05 on volume of 2.07m shares;
- Bluescope Steel (BSL), -$0.22 (2.72%) to $7.88 on volume of 5.92m shares; and
- Smorgon Steel Group (SSX), -$0.03 (2.38%) to $1.23 on volume of 1.17m shares.
| Sector Indices | |||||
| Code | GICS Sector | Close | +/- | % | Volume |
| XHJ | Healthcare | 5001.8 | 112.9 | 2.31% | 21.9m |
| XIJ | Information Technology | 386.5 | 7 | 1.84% | 8.89m |
| XXJ | ASX200 Financials ex Property Trusts | 5196.4 | 39.7 | 0.77% | 62.59m |
| XFJ | Financials | 5095.8 | 38.1 | 0.75% | 190.1m |
| XPJ | Property Trusts | 1812.1 | 12.5 | 0.69% | 131.15m |
| XTJ | Telecommunications | 1808.2 | 12.4 | 0.69% | 24.41m |
| XDJ | Consumer Discretionary | 2231 | 10.1 | 0.45% | 29.14m |
| XUJ | Utilities | 5007 | 18.4 | 0.37% | 4.37m |
| XNJ | Industrials | 5063.8 | 10.7 | 0.21% | 34.29m |
| XSJ | Consumer Staples | 5608 | 9 | 0.16% | 43.78m |
| XMJ | Materials | 6994.7 | -46.8 | -0.66% | 78.92m |
| XEJ | Energy | 8784.8 | -87.5 | -0.99% | 14.29m |
All Ordinaries Major Movers
| All Ords Volume Leaders | |||||
| Code | Name | Close | +/- | % | Volume |
| TLS | Telstra Corporation | 5.08 | 0.03 | 0.59% | 21.43m |
| MOF | Macquarie Office Trust | 1.35 | 0.02 | 1.13% | 15.88m |
| MXG | Multiplex Group | 2.71 | 0.06 | 2.26% | 15.71m |
| FCN | Falcon Minerals | 0.5 | 0.07 | 15.12% | 14.51m |
| BHP | BHP Billiton | 17.15 | -0.22 | -1.27% | 12.37m |
| AMP | AMP Limited | 6.63 | 0.07 | 1.07% | 10.74m |
| All Ords Percentage Gainers | |||||
| Code | Name | Close | +/- | % | Volume |
| GTG | Genetic Technologies | 0.38 | 0.05 | 13.64% | 1.86m |
| VGL | Volante Group | 1.3 | 0.11 | 8.79% | 318372 |
| ETR | Etrade Australia | 1.63 | 0.13 | 8.67% | 804310 |
| PBB | Pacifica Group | 1.76 | 0.14 | 8.64% | 1.09m |
| RBS | Roberts | 9.75 | 0.75 | 8.33% | 25671 |
| All Ords Percentage Decliners | |||||
| Code | Name | Close | +/- | % | Volume |
| TMO | Tomato Technologies | 0.5 | -0.13 | -20% | 1.88m |
| PLT | Polartechnics | 0.21 | -0.03 | -12.5% | 391946 |
| IWF | Integrated Group | 1.37 | -0.12 | -7.77% | 385504 |
| MRL | Miller's Retail | 0.81 | -0.07 | -7.47% | 1.65m |
| VTI | Virotec International | 0.65 | -0.04 | -5.8% | 96558 |
Elsewhere in the Region...
Japan's Nikkei
225 rose 63.58 points (0.57%) to
close at 11281.03 points. After opening indecisively (during which time
the session low at 11229.86 was set), the index started to surge after
about 20 minutes. It rose almost 100 points in the ensuing 25 minutes,
getting as high as 11322.43 before 10 a.m. Tokyo time; now that's
volatility! From there, 11300 held as support through to the lunch
break, but immediately after lunch it opened below 11300 and stayed
there right through to the close.
The Kiwi
Market advanced 12.44 points (0.41%) to 3080.81 points. The
overwhelming bulk of the day's gain occurred in the final hour, with 11
of the 12 points added after that time. Prior to that it had been a
typically sleepy session; after falling as low as 3059.527 points after
less than ten minutes, the NZSE50 had traded between 3060 and 3072
right up until the beginning of the last hour.
A total of 17 stocks within the NZSE50 rose, with volume in advancers totalling 9.3million units. Decliners numbered 13, and total volume traded in losers was 8.6million shares. Individual stocks that dud well included...
- Carter Holt Harvey (CAH), +NZ$0.06 (3.28%) to NZ$1.89 on volume of 3.64m shares;
- The Warehouse Group (WHS), +NZ$0.08 (2.45%) to NZ$3.35 on volume of 225,000 shares;
- ANZ Banking Group (ANZ), +NZ$0.50 (2.13%) to NZ$24.00 on volume of 21,000 shares;
- Independent Newspapers (INL), +NZ$0.13 (2.11%) to NZ$6.28 on volume of 51,000 shares;
- Promina Group (PMN), +NZ$0.10 (1.8%) to NZ$5.65 on volume of 15,000 shares; and
- Waste Management (WAM), +NZ$0.07 (1.16%) to NZ$6.10 on volume of 189,000 shares.
Hong Kong's Hang Seng index advanced 79.82 points (0.58%) - all of that gain was acquired in the first 30 minutes of trade. The index hit a high of 13924.26 almost bang-on 10:30 HK time, after dipping to 13842.01 points during the first few minutes after the open.
Within the Hang Seng, 24 index components rose, while 5 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 107.6 million units, and total volume traded in losers was 65.2 million shares. Individual stocks that contributed to the advance included...
- Denway Motors (0203), +HK$0.10 (3.6%) to HK$2.88 on volume of 22.49m shares;
- China Unicom (0762), +HK$0.15 (2.48%) to HK$6.20 on volume of 10.19m shares;
- Esprit Holdings (0330), +HK$1.25 (2.33%) to HK$55.00 on volume of 2.38m shares;
- China Merchants Holdings (0144), +HK$0.30 (2.14%) to HK$14.35 on volume of 6.65m shares;
- Cosco Pacific (1199), +HK$0.30 (2.07%) to HK$14.80 on volume of 5.55m shares; and
- China Mobile (0941), +HK$0.40 (1.41%) to HK$28.80 on volume of 16.08m shares.
| Regional Indices | |||||
| Country | Name | Close | +/- | % | Volume |
| New Zealand | NZSE50 | 3080.81 | 12.44 | 0.41% | 21.43m |
| Japan | Nikkei 225 | 11281.03 | 63.58 | 0.57% | 0 |
| Korea | KOSPI | 976.22 | 5.34 | 0.55% | 333291 |
| Singapore | Straits Times | 2202.86 | -3.98 | -0.18% | 0 |
| Hong Kong | Hang Seng | 13917.11 | 79.82 | 0.58% | 176.61m |
| Malaysia | KLSE Comp | 877.87 | 0.95 | 0.11% | 0 |
