Interdum stultus opportuna loquitur...

Wednesday, June 29, 2005

OzRant: Textbook "Pop'n'Drop"...

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

After rising like a skyrocket just after the opening bell, a funny thing happened. The market caught sight of 4250 (XAO) and 4300 (XJO) and clearly thought "Nuh-uh. That would just be silly". After all, last time folks went silly and bought the thing up through 4300 on XJO, they got handed their heads on a plate.

Still, having 4200 (XAO) and 4250 (XJO) below also gave everybody some clear idea of when the fall would stop.

It's nice when everything is trading based on index levels rather than on stupid irrelevancies like yield, price-earnings ratio, economic sensitivities, and the global morass being created by the various War Criminals in positions of authority around the planet.  (Yes, that even includes Howard the Brown-Tongued Chimp - he should also be in the dock on the Hague along with Blair and Bush - why hasn't our media even mentioned the Downing Street Memos?).

It makes life easier... we can all watch the Cradle of Civilisation being turned into a charnel house, with its oil infrastructure subject to constant action by Iraqi Resistance fighters (let's use the same nomenclature as we do for those who fought against the Nazis in France in WWII)... and we can rest safe in the knowledge that markets will turn and bounce at nice round numbers - right up until the point at which they don't.

The blowback from US Foreign policy is like the little introductory joke in "Mostly Harmless" (to paraphrase)-

  • Things that happen, happen
  • Things that, in happening, cause themselves to happen again... happen again;
  • Not necessarily in that order, though.

But let's ignore US foreign policy for the rest of this rant... and move on to Australian equity markets.

Major Market Indices

The broad market - the ASX All Ordinaries- fell by 5.40 points (-0.13%), finishing at 4216.60 points. The surged at the open to set its intraday high of 4243.60 after just 15 minutes of trade, and never saw that level again for the session. The low for the session (4208.2 points) occurred just before 2 p.m.; there was a very slight waft upwards into the close, but as you can see from the closing print it was nothing to write home about.

Total volume traded on the ASX was 1.03 billion units, 5.2% above its 10-day average. Of the 483 stocks in the index, 204 fell while 154 managed a gain. Despite the loser-bias in the advance-decline stats, volume was tilted in favour of the gainers by a margin of 1.2:1, with 274.07 million shares traded in gainers while 234.96 million shares traded in the days value-bleeders.

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - fell by 7.80 points (-0.18%), finishing at 4263.00 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 6.90 points (-0.30%), finishing at 2294.50 points. Within the index members, there were 5 that rose, and 14 losers. Total volume in rising issues within the ASX20 amounted to 45.45 million shares, while volume in the losers totalled 53.81m units.

The major winners in the "big guns" were -

  • News Corporation (NWS), +$0.11 (0.49%) to $22.49 on volume of 2.13m shares;
  • Westfield Group (WDC), +$0.07 (0.4%) to $17.77 on volume of 4.68m shares; and
  • News Corporation (NWSLV), +$0.08 (0.37%) to $21.46 on volume of 1.72m shares; and
  • BHP Billiton (BHP), +$0.05 (0.28%) to $18.13 on volume of 19.48m shares; and
  • Telstra Corporation (TLS), +$0.01 (0.2%) to $5.09 on volume of 17.44m shares.

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

  • Amcor (AMC), -$0.13 (1.92%) to $6.65 on volume of 7.23m shares;
  • QBE Insurance Group (QBE), -$0.24 (1.49%) to $15.90 on volume of 2.96m shares; and
  • AMP Limited (AMP), -$0.08 (1.23%) to $6.44 on volume of 10.88m shares; and
  • Woodside Petroleum (WPL), -$0.33 (1.13%) to $28.92 on volume of 2.24m shares; and
  • Coles Myer Ltd (CML), -$0.08 (0.86%) to $9.21 on volume of 4.91m 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 - fell by 3.70 points (-0.16%), finishing at 2358.30 points. The major winners in the "pop-guns" were -

  • Village Life Ltd (VLL), +$0.11 (28.95%) to $0.49 on volume of 13.99m shares;
  • Globe International (GLB), +$0.04 (12.9%) to $0.35 on volume of 1.62m shares; and
  • Orbital Corporation (OEC), +$0.01 (10%) to $0.11 on volume of 12.38m shares; and
  • SP Telemedia (SOT), +$0.10 (6.76%) to $1.58 on volume of 1.34m shares; and
  • Cellestis (CST), +$0.15 (5.28%) to $2.99 on volume of 117,000 shares.

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

  • Lynas Corporation (LYC), -$0.02 (10%) to $0.14 on volume of 896,000 shares;
  • Emperor Mines (EMP), -$0.02 (6.67%) to $0.21 on volume of 167,000 shares; and
  • Psivida (PSD), -$0.05 (6.1%) to $0.77 on volume of 395,000 shares; and
  • Virotec International (VTI), -$0.04 (4.73%) to $0.71 on volume of 126,000 shares; and
  • Resolute Mining (RSG), -$0.05 (4.52%) to $0.95 on volume of 1.24m shares.
Index Changes
XAOAll Ordinaries4216.6-5.4-0.13%677.5m
XTLS&P/ASX 202294.5-6.9-0.3%103.89m
XFLS&P/ASX 504209.1-11.5-0.27%236.14m
XTOS&P/ASX 1003464.6-6.5-0.19%415.73m
XJOS&P/ASX 2004263-7.8-0.18%500.32m
XKOS&P/ASX 3004254.1-7.9-0.19%0
XMDS&P/ASX Mid-Cap 504106.213.20.32%0
XSOS&P/ASX Small Ordinaries2358.3-3.7-0.16%200.9m

All Ordinaries Market Internals

Market Breadth

Advancing Volume45.45m173.9m200.12m274.0786.76383.03
Declining Volume53.81m155.36m191.47m234.9666.56422.96

S&P/ASX200 GICS Sector Indices

The top sector for the day was Property Trusts which gained 0.37% to 1795.90 points. The sector was helped by

  • Multiplex Group (MXG), +$0.08 (2.92%) to $2.82 on volume of 11.55m shares;
  • Mirvac Group (MGR), +$0.10 (2.85%) to $3.61 on volume of 2.91m shares; and
  • Centro Properties Group (CNP), +$0.05 (0.86%) to $5.89 on volume of 7.73m shares; and
  • Galileo Shopping America Trust (GSA), +$0.01 (0.84%) to $1.21 on volume of 798,000 shares; and
  • Macquarie Prologis Trust (MPR), +$0.01 (0.44%) to $1.15 on volume of 10.87m shares.

Second in the sector leadership stakes was Industrials which gained 0.26% to 5199.80 points. The sector leaders were -

  • Macquarie Airports (MAP), +$0.07 (2.01%) to $3.55 on volume of 7.01m shares;
  • Transfield Services (TSE), +$0.14 (1.86%) to $7.66 on volume of 662,000 shares; and
  • United Group (UGL), +$0.17 (1.81%) to $9.58 on volume of 628,000 shares; and
  • Corporate Express Australia (CXP), +$0.10 (1.72%) to $5.90 on volume of 58,000 shares; and
  • Toll Holdings (TOL), +$0.13 (1%) to $13.16 on volume of 490,000 shares.

The bronze today went to Telecommunications which gained 0.17% to 1801.50 points. The sector was led by

  • Telstra Corporation (TLS), +$0.01 (0.2%) to $5.09 on volume of 17.44m shares;
  • Telecom Corporation Of New Zealand (TEL), -$0.00 (0%) to $5.50 on volume of 3.46m shares; and

The worst-performed sector today was Energy which lost 1.06% to 9398.90 points. The sector was dragged lower by

  • Roc Oil Company (ROC), -$0.07 (3.2%) to $1.97 on volume of 1.69m shares;
  • Origin Energy (ORG), -$0.21 (2.75%) to $7.44 on volume of 2.03m shares;
  • Hardman Resources (HDR), -$0.05 (2.24%) to $2.18 on volume of 1.76m shares;
  • Arc Energy (ARQ), -$0.04 (2.01%) to $1.96 on volume of 404,000 shares; and
  • Australian Worldwide Exploration (AWE), -$0.04 (1.96%) to $2.00 on volume of 1.55m shares.

Just in front of last place on the sector table was ASX200 Financials ex Property Trusts which lost 0.54% to 5146.70 points. The sector was pulled down by

  • Bendigo Bank (BEN), -$0.27 (2.7%) to $9.72 on volume of 128,000 shares;
  • IOOF Holdings (IFL), -$0.14 (2.01%) to $6.83 on volume of 51,000 shares;
  • Oamps (OMP), -$0.05 (1.98%) to $2.48 on volume of 918,000 shares;
  • Axa Asia Pacific Holdings (AXA), -$0.08 (1.78%) to $4.42 on volume of 3.31m shares; and
  • Challenger Financial Services Group (CGF), -$0.05 (1.6%) to $3.08 on volume of 1.04m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XPJProperty Trusts1795.96.60.37%120.61m
XIJInformation Technology388.70.50.13%6.72m
XDJConsumer Discretionary2230-2.3-0.1%34.81m
XSJConsumer Staples5595.5-20.3-0.36%32.02m
XXJASX200 Financials ex Property Trusts5146.7-28-0.54%75.13m

All Ordinaries Major Movers

All Ords Volume Leaders
OSHOil Search3.050.041.33%28.14m
BHPBHP Billiton18.130.050.28%19.48m
MIGMacquarie Infrastructure Group4.180.030.72%18.77m
TLSTelstra Corporation5.090.010.2%17.44m
PMNPromina Group4.70-0.05-1.05%15.5m
VLLVillage Life Ltd0.490.1128.95%13.99m

All Ords Percentage Gainers
ETWEvans & Tate0.400.0929.03%9.42m
VLLVillage Life Ltd0.490.1128.95%13.99m
GLBGlobe International0.350.0412.9%1.62m
OECOrbital Corporation0.110.0110%12.38m
IHGIntellect Holdings0.0230.0029.52%4.85m

All Ords Percentage Decliners
LYCLynas Corporation0.135-0.015-10%895760
VTIVirotec International0.705-0.035-4.73%126000

Elsewhere in the Region...

Japan's Nikkei 225 rose 63.61 points (0.55%) to close at 11577.44 points. The index hit a high of 11594.57 (let's call that 11600-ish)just after the lunch break, after dipping opening above 11550 and dipping only so far as 11547.13 points (11550-ish) in the first half-hour.

The Kiwi Market advanced 21.61 points (0.68%) to 3212.797 at the close - as near to the day's high as makes no odds (the actual high, for the record, was 3213.191 set less than a minute from the close). The low (3191.192 points) was actually set fifteen minutes after the open, but it was only a teensy fraction below the opening level anyhow.

A total of 33 stocks within the NZSE50 rose, with volume in advancers totalling 25.5million units. Decliners numbered 5, and total volume traded in losers was just 800 thousand shares. Individual stocks that rose most (in percentage terms) included...

  • The Warehouse Group (WHS), +NZ$0.20 (5.43%) to NZ$3.88 on volume of 364,000 shares;
  • Hallenstein Glass (HLG), +NZ$0.20 (5.19%) to NZ$4.05 on volume of 42,000 shares;
  • Feltex Carpets (FTX), +NZ$0.03 (4.92%) to NZ$0.64 on volume of 2.86m shares;
  • Pumpkin Patch (PPL), +NZ$0.10 (3.57%) to NZ$2.90 on volume of 127,000 shares;
  • Tower Limited (TWR), +NZ$0.07 (3.5%) to NZ$2.07 on volume of 398,000 shares; and
  • Sky City Entertainment (SKC), +NZ$0.14 (3.29%) to NZ$4.40 on volume of 367,000 shares.

Hong Kong's Hang Sengindex advanced 76.44 points (0.54%) to rest at 14363 at lunchtime. The index opened weak, dipping to 14247.04 in the first 26 minutes (let's call that 14250-ish), before rallying hard over the next hour (almost exactly 100 points) before slowing its momentum and eventually setting its morning session high of 14365.05 in the 15 minutes before lunch.

Within the Hang Seng, 28 index components rose, while 2 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 271.9million units, and total volume traded in losers was 4.8million shares - and almost 60:1 tilt. Individual stocks that contributed to the advance included...

  • Wharf Holdings (0004), +HK$0.85 (3.23%) to HK$27.15 on volume of 12.38m shares;
  • Wheelock (0020), +HK$0.35 (2.85%) to HK$12.65 on volume of 1.98m shares;
  • CNOOC (0883), +HK$0.13 (2.72%) to HK$4.73 on volume of 148.53m shares;
  • Li & Fung (0494), +HK$0.40 (2.6%) to HK$15.80 on volume of 3.29m shares;
  • Cosco Pacific (1199), +HK$0.25 (1.66%) to HK$15.35 on volume of 10.44m shares; and
  • China Unicom (0762), +HK$0.10 (1.54%) to HK$6.60 on volume of 6.55m shares.
Regional Indices
New ZealandNZSE503212.79721.610.68%44.1m
JapanNikkei 22511577.4463.610.55%0
SingaporeStraits Times2208.3210.710.49%0
Hong KongHang Seng14363.8876.440.54%308.57m
MalaysiaKLSE Comp894.29-0.38-0.04%0