Interdum stultus opportuna loquitur...

Friday, July 29, 2005

OzRant: Can't Get Through...

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

Fridays.  Usually boring, usually pretty predictable (action in the a.m., torpor in the p.m.). Usually schmusually. Today was nothing special - except for a quiet insight from an English chum that gave me food for thought. The aforementioned English chum is a strait-laced sort of fellow - not given to tin-foil-hatted stuff like me.

His sources (he is the sort of chap who has sources as a result of his line of work) tell him that Mr Menezes was scared not because of a loud challenge from some armed police, but because he knew he was going to be killed. He wasn't in danger as a result of anything he had done, but for seeing something he oughtn't have seen, at a place in his apartment block that he had the misfortune to be outside when things were done that governments genuinely like to keep quiet about.

So the B-Liar government - like all governments - has a "wet" team. I'm not shocked - most governments have several: apparently an important part of 'democracy' is a clique of pet psychopaths who have no compunction about killing people when ordered to do so... and killing more people if required, to cover their tracks. It is this latter group of victims into which poor Mr Menezes' stumbled.

Wrong place, wrong time. Bang, bang, bang, bang, bang, bang, bang bang. (Or  more accurately, tiw, tiw, tiw, tiw , tiw, tiw, tiw , tiw - the weapons used had silencers). Nice way to get the Norse God for whom Tuesday is named into a story, even if it's not quite phonetically accurate in describing the firing sound of a silenced Glock (Tiw is an Old English variant spelling of the Old Norse Tyr... and he was a god of War).

Why would a wet team be working in Mr Menezes' building? Does the (Israeli-provided) training for these 'specialists' extend to extra-judicial killing? If so, on whose authoritaah?

This story has the potential to open up - but I doubt that it will, ever. Folks simply can't get their heads around the idea that their political leaders are psychopaths who don't give a flying monkey's ass about having citizens killed, so long as they can keep hold of power.

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - rose by 17.60 points (0.41%), finishing at 4346.70 points. The index hit an intraday high of 4351.20 (4350-ish) and its low was 4329.1 (4325-ish). The low was registered at the open, and the high was actually touched twice - once just after 11:35 a.m., and once at 3:10 p.m. Sydney time. It was very nearly hit again at 3:55, but fell less than half a point short before the last-second dip to the close.

The reason for the apparent vacillation today, is that nobody is prepared to buy the market up through 4400 (XJO) and 4350 (XAO) until Wall Street gives them the confidence to do so. In other words, the market has nothing to do with fundamentals anymore - it's just 'pass the parcel'. That's fine so long as you realise that's what it actually is, but bear in mind that the super-funds that will show good results from buying loads of beta on the way up, will be stuck (like BT was with ONE) overloaded with shit in their portfolios if the market suddenly turns sour.

Given that another little piece of scuttlebutt doing the rounds recently is that there will be another Reichstag Fire in August so that the US can bomb Iran (even though Iran will not be an obvious perpetrator), a sour market might just be on the cards. Cheney apparently just has a yearning, deep in his groinal area, to nuke Isfahan. It probably stems from the same deep-seated inhumanity that helps he and Opus Dei whackball Antonin Scalia feel macho when they stand and shoot ducks which are released right in front of them. I hope the prick dies of a heart attack the day before his plan is put into action, just to deprive him of his sadistic rush.

Total volume traded on the ASX was strong at 1.12 billion units, 11.3% above its 10-day average. Of the 483 stocks in the All Ords index, 231 rose while 132 fell. Volume was tilted in favour of the gainers by a margin of 3.8:1, with 402.03 million shares traded in gainers while 104.95 million shares traded in the day's losers.

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 (XJO) - rose by 21.00 points (0.48%), finishing at 4388.80 points. It vacillated between 4385 and 4395 for pretty much the entire day.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 11.10 points (0.47%), finishing at 2355.90 points. Within the index members, there were 16 that rose, and 4 losers. Total volume in rising issues within the ASX20 amounted to 139.59 while volume in the losers totalled 21.76m units.

The major winners in the "big guns" were -

  • Rio Tinto (RIO), +$1.210 (2.52%) to $49.190 on volume of 7.15m shares;
  • Woolworths (WOW), +$0.330 (2.05%) to $16.420 on volume of 5.09m shares;
  • Westfield Group (WDC), +$0.300 (1.69%) to $18.000 on volume of 9.72m shares;
  • Alumina (AWC), +$0.090 (1.57%) to $5.830 on volume of 5.25m shares; and
  • BHP Billiton (BHP), +$0.250 (1.31%) to $19.400 on volume of 28.13m shares.

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

  • Wesfarmers (WES), -$0.50 (1.23%) to $40.02 on volume of 2.29m shares;
  • News Corporation (NWS), -$0.21 (0.91%) to $22.98 on volume of 8.03m shares;
  • News Corporation (NWSLV), -$0.16 (0.73%) to $21.70 on volume of 2.55m shares; and
  • National Australia Bank (NAB), -$0.14 (0.45%) to $31.26 on volume of 8.89m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index (XSO) rose by 12.80 points (0.52%), finishing at 2460.00 points. The major winners in the "pop-guns" were -

  • Chemeq (CMQ), +$0.180 (14.63%) to $1.410 on volume of 2.6m shares;
  • Psivida (PSD), +$0.070 (8.81%) to $0.865 on volume of 1.5m shares; and
  • Beach Petroleum (BPT), +$0.045 (6.62%) to $0.725 on volume of 3.21m shares; and
  • Croesus Mining (CRS), +$0.015 (4.35%) to $0.360 on volume of 1.76m shares; and
  • Kresta Holdings (KRS), +$0.010 (4.17%) to $0.250 on volume of 69,000 shares.

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

  • ERG (ERG), -$0.020 (7.69%) to $0.240 on volume of 13.88m shares;
  • Emperor Mines (EMP), -$0.020 (6.06%) to $0.310 on volume of 6,000 shares; and
  • Kagara Zinc (KZL), -$0.060 (4.84%) to $1.180 on volume of 424,000 shares; and
  • Vision Systems (VSL), -$0.050 (3.97%) to $1.210 on volume of 829,000 shares; and
  • Sydney Gas Ltd (SGL), -$0.020 (3.77%) to $0.510 on volume of 1.49m shares.
Index Changes
XAOAll Ordinaries4346.717.60.41%664.53m
XTLS&P/ASX 202355.911.10.47%161.35m
XFLS&P/ASX 504322.119.60.46%277.61m
XTOS&P/ASX 1003564.317.10.48%413.4m
XJOS&P/ASX 2004388.8210.48%499.38m
XKOS&P/ASX 300438221.20.49%0
XMDS&P/ASX Mid-Cap 504270.927.20.64%0
XSOS&P/ASX Small Ordinaries246012.80.52%212.17m

All Ordinaries Market Internals

Market Breadth

Advancing Volume139.59m336.2m375.76m402.0378.69688.45
Declining Volume21.76m53.35m71.17m104.9538.51215.59

S&P/ASX200 GICS Sector Indices

The top sector for the day was XMJ Materials which gained 1.37% to 7780.30 points. The sector was helped by

  • Lihir Gold (LHG), +$0.055 (4.42%) to $1.300 on volume of 22.37m shares;
  • Croesus Mining (CRS), +$0.015 (4.35%) to $0.360 on volume of 1.76m shares;
  • Paperlinx (PPX), +$0.130 (3.82%) to $3.530 on volume of 2.73m shares;
  • Sims Group (SMS), +$0.500 (3.23%) to $16.000 on volume of 302,000 shares; and
  • Zinifex (ZFX), +$0.100 (3.23%) to $3.200 on volume of 4.49m shares.

Second in the sector leadership stakes was XPJ Property Trusts which gained 1.35% to 1839.00 points. The sector leaders were -

  • Multiplex Group (MXG), +$0.090 (3.04%) to $3.050 on volume of 9.29m shares;
  • Bunnings Warehouse Property Trust (BWP), +$0.055 (3.01%) to $1.885 on volume of 194,000 shares;
  • General Property Trust (GPT), +$0.080 (2.14%) to $3.820 on volume of 11.65m shares;
  • Commonwealth Property Office Fund (CPA), +$0.025 (1.95%) to $1.305 on volume of 5.46m shares; and
  • Macquarie Countrywide Trust (MCW), +$0.035 (1.86%) to $1.915 on volume of 5.19m shares.

The bronze today went toXSJ Consumer Staples which gained 0.89% to 5678.90 points. The sector was led by

  • Woolworths (WOW), +$0.330 (2.05%) to $16.420 on volume of 5.09m shares;
  • Coca-Cola Amatil (CCL), +$0.090 (1.16%) to $7.840 on volume of 1.78m shares;
  • Foodland Associated (FOA), +$0.300 (1.11%) to $27.300 on volume of 441,000 shares;
  • Coles Myer Ltd (CML), +$0.070 (0.75%) to $9.460 on volume of 5.04m shares; and
  • Lion Nathan (LNN), +$0.050 (0.68%) to $7.410 on volume of 527,000 shares.

The worst-performed sector today was XHJ Healthcare which lost 0.37% to 5423.70 points. The sector was dragged lower by

  • CSL (CSL), -$0.570 (1.61%) to $34.820 on volume of 1.39m shares;
  • DCA Group (DVC), -$0.060 (1.5%) to $3.930 on volume of 3.32m shares;
  • Cochlear (COH), -$0.380 (0.93%) to $40.440 on volume of 355,000 shares;
  • Sigma Company (SIG), -$0.080 (0.85%) to $9.350 on volume of 147,000 shares; and
  • Peptech (PTD), -$0.010 (0.62%) to $1.600 on volume of 487,000 shares.

Just in front of last place on the sector table was XNJ Industrials which lost a scant 0.04% to 5180.40 points. The sector was pulled down by

  • Adsteam Marine (ADZ), -$0.030 (1.44%) to $2.060 on volume of 151,000 shares;
  • Wesfarmers (WES), -$0.500 (1.23%) to $40.020 on volume of 2.29m shares;
  • Corporate Express Australia (CXP), -$0.050 (0.82%) to $6.050 on volume of 103,000 shares;
  • Qantas Airways (QAN), -$0.020 (0.6%) to $3.320 on volume of 7.32m shares; and
  • Patrick Corporation (PRK), -$0.030 (0.51%) to $5.800 on volume of 1.85m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XPJProperty Trusts183924.51.35%97.72m
XSJConsumer Staples5678.949.90.89%43.65m
XIJInformation Technology416.51.40.34%19.68m
XXJASX200 Financials ex Property Trusts5276.740.08%78.71m
XDJConsumer Discretionary2295.70.10%34.86m

All Ordinaries Major Movers

All Ords Volume Leaders
BHPBHP Billiton19.40.251.31%28.13m
ADYAdmiralty Resources.0.1300%24.51m
LHGLihir Gold1.30.064.42%22.37m
CUECue Energy Resources0.28-0.04-12.5%15.45m
OSHOil Search3.360.061.82%14.53m
FGLFoster's Group5.470.030.55%14.38m

All Ords Percentage Gainers
GGNGallery Gold0.380.0410.14%2.81m
BPTBeach Petroleum0.730.056.62%3.21m

All Ords Percentage Decliners
BTABiota Holdings0.49-0.03-4.9%419487
KZLKagara Zinc1.18-0.06-4.84%423563

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503359.2792.360.07%38.06m
JapanNikkei 22511899.641.290.35%0
SingaporeStraits Times2341.55-4.64-0.2%0
Hong KongHang Seng14876.5263.20.43%212.57m
MalaysiaKLSE Comp936.82.420.26%0