Interdum stultus opportuna loquitur...

Thursday, June 16, 2005

OzRant: It's Time...

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

Well, it might seem odd on a day when the ASX200 actually managed a new record high (but not a record close), but the mantra of the last couple of weeks (sell early overbought) worked again (it's worked about 8 of the last 10 sessions). Today looks like a 'blowoff', but it's necessary to take a much harder look before setting up a 'period short'; hopefully I can get the options side of things finished by then, and start exerting some leverage.

When stocks go on a high-volume, no-rationale burst like they did in the first half-hour today, and they then make an oscillator show a divergence an hour later, you know that there's something amiss. It's like a car that is running on nitrous oxide - it simply can't maintain its momentum for too long without doing something evil to its internals.

Today the emphasis was on the midcaps - the Mid-50 outperformed everything else on the block.

Major Market Indices

The broad market - the ASX All Ordinaries - rose by 17.50 points (0.42%), finishing at 4221.30 points. The index hit an intraday high of 4240.90 at the end of the first 90 minutes, after setting its session low just ten minutes into the session (the low was 4203.8 - let's call it "4200-ish" to remind us how everything is showing a tendency to find support at round numbers).

Total volume traded on the ASX was very solid indeed, totalling 1.21 billion units. That's 34.2% above its 10-day average. Of the 483 stocks in the All Ordinaries index, 211 rose while 147 fell. Volume was tilted in favour of the gainers by a margin of 2.0:1, with 398.64million shares traded in gainers while 199.83million shares traded in they days losers ..

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - rose by 16.30 points (0.38%), finishing at 4262.80 points. Its intraday high of 4284.7 was almost 20 points higher than the March 21st intraday high of 4266.90; and you could actually feel the nuffnuffs lining up to buy the breakout of the high. Good on 'em; they weer in the money for almost a whole hour...

The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by 6.10 points (0.27%), finishing at 2291.80 points. Within the index members, there were 13 that rose, and 7 losers. Total volume in rising issues within the ASX20 amounted to 97.66 while volume in the losers totalled 66.65m units.

The major winners in the "big guns" were -

  • BHP Billiton (BHP), +$0.25 (1.43%) to $17.71 on volume of 22.7m shares;
  • Alumina (AWC), +$0.07 (1.25%) to $5.68 on volume of 9.3m shares; and
  • Rio Tinto (RIO), +$0.53 (1.21%) to $44.43 on volume of 3.67m shares; and
  • News Corporation (NWS), +$0.27 (1.2%) to $22.85 on volume of 3.82m shares; and
  • Coles Myer Ltd (CML), +$0.10 (1.06%) to $9.54 on volume of 6.69m shares.

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

  • Westfield Group (WDC), -$0.17 (0.97%) to $17.35 on volume of 9.04m shares;
  • QBE Insurance Group (QBE), -$0.12 (0.76%) to $15.60 on volume of 3.9m shares; and
  • Commonwealth Bank Of Australia (CBA), -$0.27 (0.71%) to $37.68 on volume of 5.81m shares; and
  • ANZ Banking Group (ANZ), -$0.06 (0.27%) to $22.01 on volume of 7.54m shares; and
  • Woodside Petroleum (WPL), -$0.06 (0.22%) to $27.53 on volume of 3.01m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index rose by 10.20 points (0.43%), finishing at 2367.60 points. The major winners in the "pop-guns" were -

  • Schaffer Corporation (SFC), +$0.67 (11.75%) to $6.37 on volume of 58,000 shares;
  • Sino Gold (SGX), +$0.16 (8.91%) to $1.90 on volume of 118,000 shares; and
  • Ale Property Group (LEP), +$0.14 (7.14%) to $2.10 on volume of 164,000 shares; and
  • Virotec International (VTI), +$0.04 (6.5%) to $0.66 on volume of 185,000 shares; and
  • AV Jennings Homes (AVJ), +$0.09 (5.99%) to $1.51 on volume of 581,000 shares.

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

  • Silex Systems (SLX), -$0.05 (4%) to $1.20 on volume of 148,000 shares;
  • Emperor Mines (EMP), -$0.01 (3.85%) to $0.25 on volume of 16,000 shares; and
  • Cellestis (CST), -$0.12 (3.75%) to $3.08 on volume of 118,000 shares; and
  • Kresta Holdings (KRS), -$0.01 (3.57%) to $0.27 on volume of 483,000 shares; and
  • Thakral Holdings Group (THG), -$0.03 (3.13%) to $0.78 on volume of 741,000 shares.
Index Changes
XAOAll Ordinaries4221.317.50.42%798.39m
XTLS&P/ASX 202291.86.10.27%164.31m
XFLS&P/ASX 504206.915.10.36%322.74m
XTOS&P/ASX 100346413.10.38%520.78m
XJOS&P/ASX 2004262.816.30.38%660.86m
XKOS&P/ASX 300425516.30.38%0
XMDS&P/ASX Mid-Cap 504114.420.70.51%0
XSOS&P/ASX Small Ordinaries2367.610.20.43%233.51m

All Ordinaries Market Internals

Market Breadth

Advancing Volume97.66m264.12m351.78m398.64120.43689.69
Declining Volume66.65m149.42m175.95m199.8341.75309.28

S&P/ASX200 GICS Sector Indices

The top sector for the day was Information Technology which gained 1.87% to 397.10 points. The sector was helped by

  • Vision Systems (VSL), +$0.05 (3.98%) to $1.18 on volume of 868,000 shares;
  • ERG (ERG), +$0.01 (3.85%) to $0.27 on volume of 2.96m shares; and
  • MYOB (MYO), +$0.04 (3.29%) to $1.10 on volume of 1.53m shares; and
  • Computershare (CPU), +$0.15 (2.5%) to $6.14 on volume of 3.34m shares; and
  • Baycorp Advantage (BCA), -$0.00 (0%) to $3.05 on volume of 891,000 shares.

Second in the sector leadership stakes was Materials which gained 1.32% to 7191.80 points. The sector leaders were -

  • Croesus Mining (CRS), +$0.02 (5%) to $0.32 on volume of 6.52m shares;
  • Sims Group (SMS), +$0.64 (4.95%) to $13.58 on volume of 721,000 shares; and
  • Paperlinx (PPX), +$0.12 (4.41%) to $2.84 on volume of 8.8m shares; and
  • Bluescope Steel (BSL), +$0.32 (4.19%) to $7.96 on volume of 7.79m shares; and
  • Excel Coal (EXL), +$0.23 (3.22%) to $7.38 on volume of 1.43m shares.

The bronze today went to Consumer Discretionary which gained 0.80% to 2270.30 points. The sector was led by

  • Pacifica Group (PBB), +$0.11 (5.64%) to $2.06 on volume of 3.05m shares;
  • Colorado Group (CDO), +$0.17 (3.7%) to $4.77 on volume of 2.66m shares; and
  • JB Hi-Fi (JBH), +$0.10 (2.82%) to $3.65 on volume of 754,000 shares; and
  • Unitab (UTB), +$0.31 (2.25%) to $14.11 on volume of 578,000 shares; and
  • West Australian Newspapers (WAN), +$0.17 (2.17%) to $7.99 on volume of 1.01m shares.

The worst-performed sector today was Healthcare which lost 0.60% to 5059.50 points. The sector was dragged lower by

  • Invocare (IVC), -$0.12 (2.99%) to $3.89 on volume of 746,000 shares;
  • DCA Group (DVC), -$0.10 (2.63%) to $3.70 on volume of 2.23m shares;
  • Mayne Group (MAY), -$0.09 (1.97%) to $4.49 on volume of 3.21m shares;
  • CSL (CSL), -$0.61 (1.88%) to $31.84 on volume of 1.01m shares; and
  • Chemeq (CMQ), -$0.02 (1.68%) to $1.17 on volume of 289,000 shares.

Just in front of last place on the sector table was Property Trusts which lost 0.58% to 1817.70 points. The sector was pulled down by

  • Thakral Holdings Group (THG), -$0.03 (3.13%) to $0.78 on volume of 741,000 shares;
  • ING Industrial Fund (IIF), -$0.06 (2.68%) to $2.18 on volume of 3.54m shares; and
  • Investa Property Group (IPG), -$0.05 (2.45%) to $1.99 on volume of 8.19m shares; and
  • Westfield Group (WDC), -$0.17 (0.97%) to $17.35 on volume of 9.04m shares; and
  • Bunnings Warehouse Property Trust (BWP), -$0.01 (0.51%) to $1.94 on volume of 1.61m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology397.17.31.87%10.75m
XDJConsumer Discretionary2270.318.10.8%53.14m
XSJConsumer Staples5617.341.20.74%57.4m
XXJASX200 Financials ex Property Trusts5175.1-1.8-0.03%91.58m
XPJProperty Trusts1817.7-10.6-0.58%173.23m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation5.13-0.01-0.19%29.54m
BHPBHP Billiton17.710.251.43%22.7m
DRTDB Rreef Trust1.4300%21.52m
AMPAMP Limited6.620.030.46%17.41m
MIGMacquarie Infrastructure Group4.210.092.18%15.96m
QANQantas Airways3.32-0.02-0.6%14.48m

All Ords Percentage Gainers
SMCStrategic Minerals Corporation0.160.0539.13%618670
PBTPrana Biotechnology0.190.0212.12%542184
SFCSchaffer Corporation6.370.6711.75%58383
CRTConsolidated Rutile0.510.0510.87%1.58m
TMOTomato Technologies0.480.0510.47%239880

All Ords Percentage Decliners
MNDMonadelphous Group3.16-8.09-71.91%288600
SPLStarpharma Holdings0.5-0.03-4.81%866878
UNIUnilife Medical Solutions0.66-0.03-4.35%370340
SLXSilex Systems1.2-0.05-4%147705

Elsewhere in the Region...

Japan's Nikkei 225 rose a scant 0.50 points (let's call that 'unchanged-ish') to close at 11416.38 points. The index opened with modest upwards bias, reaching 11462.52 just before the end of the first hour of trading. That proved to be the high of the session, and the market weakened considerably in to the lunch break and the weakness continued for the first half of the post-lunch session. At just before 2:30 Tokyo time, the index hit its session low (11386.01 points) before a last-half-hour rally took the market back above 11400.

The Kiwi Market advanced 24.04 points (0.77%) to 3163.246 points; its flight path looked like a DC3 taking off from a slightly bumpy runway. After an indecisive first-hour during which the NZSE50 was almost unchanged, its imply drove upwards in a smooth climb from then on. The session low (3137.747) was set at 10 a.m. Auckland time, and was only 2 points below the prior close. The climb up to the high (3163.451) was absolutely monotonic (almost monotonous) and only the close seemed to stand in the way of further gains.

A total of 31 stocks within the NZSE50 rose, with volume in advancers totalling 26million units. Decliners numbered 8, and total volume traded in losers was 1.4million shares. Individual stocks that performed well  included...

  • The Warehouse Group (WHS), +NZ$0.15 (4.55%) to NZ$3.45 on volume of 366,000 shares;
  • Nuplex Industries (NPX), +NZ$0.13 (3.45%) to NZ$3.90 on volume of 227,000 shares;
  • APN News & Media (APN), +NZ$0.15 (2.7%) to NZ$5.70 on volume of 1,000 shares;
  • Skellmax Industries (SKX), +NZ$0.03 (2.52%) to NZ$1.22 on volume of 106,000 shares;
  • Port Of Tauranga (POT), +NZ$0.10 (2.17%) to NZ$4.70 on volume of 93,000 shares; and
  • Carter Holt Harvey (CAH), +NZ$0.04 (2.07%) to NZ$1.97 on volume of 10.13m shares.

Hong Kong's Hang Seng index is down 38.20 points (-0.27%) at 13476 points, in mid-afternoon trade. The index hit opened weak, dropping to 13801.42 points (let's call that "13800-ish") after opening at its session high (so far) at 13909.75 points.

Within the Hang Seng, just 5 index components rose, and 22 fell. Volume in the gainers in Hong Kong's big-cap index totalled 64.4million units, and total volume traded in losers was 79.6million shares. Individual stocks that contributed to the decline included...

  • Denway Motors (0203), -HK$0.08 (2.61%) to HK$2.80 on volume of 10.08m shares;
  • Cosco Pacific (1199), -HK$0.25 (1.7%) to HK$14.45 on volume of 4.01m shares;
  • CKI Holdings (1038), -HK$0.40 (1.69%) to HK$23.30 on volume of 491,000 shares;
  • China Unicom (0762), -HK$0.10 (1.57%) to HK$6.25 on volume of 2.77m shares;
  • Johnson Elec H (0179), -HK$0.10 (1.41%) to HK$7.00 on volume of 4.03m shares; and
  • Henderson Land (0012), -HK$0.40 (1.13%) to HK$34.90 on volume of 1.13m shares.
Regional Indices
New ZealandNZSE503163.24624.040.77%32.04m
JapanNikkei 22511416.380.50%0
SingaporeStraits Times2197.58-4.33-0.2%0
Hong KongHang Seng13876.1-38.2-0.27%175.32m
MalaysiaKLSE Comp897.65-2.65-0.29%0