Interdum stultus opportuna loquitur...

Monday, July 11, 2005

OzRant: Huzzahs For Monday... TTS Stinks...

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Ahhhh, Monday. Is there anything more exciting for investors than the fact that a weekend just passed? I only ask because Mondays have such a mindlessly bullish bias - it's as if everyone is too chicken to place a bet on Friday afternoons, and when nothing explodes on a weekend they're all twitterpated about stocks. (That, plus the usual lack of memory for 99.9% of nuffnuffs, who have a long side bias).

Still and all, it was a pretty low-volume affair; the All Ords opened with a gain of 27 points in the first ten minutes (and 36 points in the first 40 minutes), then tried to hold on to that for the rest of the day. If you look a little farther down. you will notice that we all get to laugh (again) at those who bought TTS; the thing has now fallen almost 15% from the high it achieved in its first hour of listed life.

It's pretty clear that the market just took its lead from the short-squeeze in the US on Friday. In other words, Australian 'investors' take the same approach as that taken by Howard the Chimp and Downer the Puffy Inbred Retard with regard to Australian foreign policy - namely, find out what the Yanks are doing, and do the same thing. We know how well that works (although as yet there's still no widespread call for Chimpie and the Puffy Retard to be executed for War Crimes).

I don't mind - after all, the US is not timed to reverse until Wednesday, per my outline after the US session: even then, if the Dow closes above 10500 for more than 2 days, the year-end target of 1300 for the S&P is firmly back on the table. Still, when you lie down with dogs (e.g., US investors and/or George the Turd PUS), you might get worse than fleas. Phony B.Liar has known that all along, but his populace only found out about it last week.

Major Market Indices

The broad market - the ASX All Ordinaries - rose by 32.80 points (0.78%), finishing at 4226.60 points. The index hit an intraday high of 4230.00 about forty minutes after the open - the low was at the open (i.e., last Friday's close of 4193.8, which registers in most datafeeds as today's open).

Total volume traded on the ASX was a feeble 650 million units, 30.4% below its 10-day average. Of the 483 stocks in the index, 227 rose while 134 fell. Volume was tilted in favour of the gainers by a margin of 4.3:1, with 218.73 million shares traded in gainers while 50.60million shares traded in the day's losers - see, our 'investors' are not to be outdone by the mindless volume tilt on the US exchanges on Friday. I am not sure what it achieves to show that our 'investors' can be just as idiotic as the Yanks - but since Howard the Chimp seems to have implemented blind adherence to US dictates as a policy, perhaps Oz 'investors' can be forgiven.

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - rose by 34.90 points (0.83%), finishing at 4264.10 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by 19.30 points (0.85%), finishing at 2293.80 points. Within the index members, there were 17 that rose, and 1 losers. Total volume in rising issues within the ASX20 amounted to 63.27 while volume in the losers totalled 5.91m units.

Notice that - the close you got to the ASX20, the bigger the index's percentage gain for the session. In other words, the bets that are being taken are 'tight' around the core index components. Circling the wagons...

The major winners in the "big guns" were -

  • Alumina (AWC), +$0.20 (3.67%) to $5.65 on volume of 5.09m shares;
  • BHP Billiton (BHP), +$0.42 (2.29%) to $18.80 on volume of 11.27m shares; and
  • AMP Limited (AMP), +$0.12 (1.91%) to $6.40 on volume of 5.27m shares; and
  • News Corporation (NWS), +$0.39 (1.73%) to $22.92 on volume of 1.89m shares; and
  • Rio Tinto (RIO), +$0.65 (1.42%) to $46.41 on volume of 1.71m shares.

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

  • Australia And New Zealand Banking Group (ANZ), -$0.15 (0.7%) to $21.15 on volume of 5.91m shares;
  • Westfield Group (WDC), -$0.00 (0%) to $17.71 on volume of 2.39m shares; and
  • Westpac Banking Corporation (WBC), -$0.00 (0%) to $19.24 on volume of 6.29m shares; and
  • Woodside Petroleum (WPL), +$0.03 (0.1%) to $29.38 on volume of 808,000 shares; and
  • Woolworths (WOW), +$0.03 (0.19%) to $15.99 on volume of 1.13m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index rose by 9.60 points (0.41%), finishing at 2345.40 points. The major winners in the "pop-guns" were -

  • Ventracor (VCR), +$0.185 (14.8%) to $1.435 on volume of 2.22m shares;
  • Agenix (AGX), +$0.03 (8.77%) to $0.31 on volume of 314,000 shares; and
  • Virotec International (VTI), +$0.06 (8.22%) to $0.79 on volume of 488,000 shares; and
  • Roc Oil Company (ROC), +$0.15 (7.46%) to $2.16 on volume of 1.47m shares; and
  • Psivida (PSD), +$0.045 (5.63%) to $0.845 on volume of 614,000 shares.

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

  • Village Life Ltd (VLL), -$0.065 (14.94%) to $0.37 on volume of 2.44m shares;
  • Dragon Mining (DRA), -$0.01 (5%) to $0.19 on volume of 335,000 shares; and
  • Genetic Technologies (GTG), -$0.015 (3.9%) to $0.37 on volume of 82,000 shares; and
  • Sally Malay Mining (SMY), -$0.03 (3.41%) to $0.85 on volume of 225,000 shares; and
  • Oceana Gold (OGD), -$0.02 (3.36%) to $0.575 on volume of 174,000 shares.
Index Changes
XAOAll Ordinaries4226.632.80.78%356.28m
XTLS&P/ASX 202293.819.30.85%77.85m
XFLS&P/ASX 504212.2360.86%143.01m
XTOS&P/ASX 1003468.529.50.86%231.65m
XJOS&P/ASX 2004264.134.90.83%284.32m
XKOS&P/ASX 3004256.434.60.82%0
XMDS&P/ASX Mid-Cap 504120.234.10.83%0
XSOS&P/ASX Small Ordinaries2345.49.60.41%112.94m

All Ordinaries Market Internals

Market Breadth

Advancing Volume63.27m162.64m196.97m218.7344.13389.42
Declining Volume5.91m38.52m35.84m50.627.53167.88

S&P/ASX200 GICS Sector Indices

The top sector for the day was Materials which gained 1.70% to 7447.50 points. The sector was helped by

  • Orica (ORI), +$0.66 (3.78%) to $18.11 on volume of 542,000 shares;
  • Alumina (AWC), +$0.20 (3.67%) to $5.65 on volume of 5.09m shares; and
  • CSR (CSR), +$0.08 (2.97%) to $2.77 on volume of 2.57m shares; and
  • Centennial Coal Company (CEY), +$0.13 (2.68%) to $4.98 on volume of 1.01m shares; and
  • BHP Billiton (BHP), +$0.42 (2.29%) to $18.80 on volume of 11.27m shares.

Second in the sector leadership stakes was Healthcare which gained 1.55% to 5343.20 points. The sector leaders were -

  • Ventracor (VCR), +$0.19 (14.8%) to $1.44 on volume of 2.22m shares;
  • DCA Group (DVC), +$0.23 (6.25%) to $3.91 on volume of 3.38m shares; and
  • Mayne Group (MAY), +$0.08 (1.71%) to $4.77 on volume of 3.61m shares; and
  • Healthscope (HSP), +$0.08 (1.69%) to $4.80 on volume of 716,000 shares; and
  • Resmed Inc (RMD), +$0.15 (1.68%) to $9.07 on volume of 472,000 shares.

The bronze today went to Industrials which gained 0.97% to 5089.10 points. The sector was led by

  • Leighton Holdings (LEI), +$0.33 (2.85%) to $11.92 on volume of 553,000 shares;
  • Macquarie Airports (MAP), +$0.08 (2.37%) to $3.46 on volume of 7.79m shares; and
  • Macquarie Infrastructure Group (MIG), +$0.08 (2.03%) to $4.03 on volume of 4.04m shares; and
  • Toll Holdings (TOL), +$0.22 (1.77%) to $12.65 on volume of 567,000 shares; and
  • Australian Infrastructure Fund (AIX), +$0.03 (1.2%) to $2.53 on volume of 701,000 shares.

There was no GICS sector that declined for the session. It was all Happy Happy Happy, Joy Joy Joy.

Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology374.93.20.86%3.17m
XDJConsumer Discretionary2233.216.20.73%20.28m
XSJConsumer Staples5540.433.30.6%18.09m
XXJASX200 Financials ex Property Trusts510423.20.46%41.52m
XPJProperty Trusts1815.66.50.36%57.31m

All Ordinaries Major Movers

All Ords Volume Leaders
DYLDeep Yellow0.1350.0328.57%41.62m
TTSTattersall's (ha ha ha)
NDONido Petroleum0.10-0.01-9.09%16.89m
TLSTelstra Corporation5.010.051.01%14.82m
BHPBHP Billiton18.80.422.29%11.27m
MXGMultiplex Group2.88-0.01-0.35%9.43m

All Ords Percentage Gainers
CNTCentamin Egypt0.320.0414.29%180000

All Ords Percentage Decliners
VLLVillage Life Ltd0.37-0.065-14.94%2.44m
BBBB Digital0.35-0.02-5.41%592878
DRADragon Mining0.19-0.01-5%335000
AJLAJ Lucas Group1.2-0.05-4%78750

Elsewhere in the Region...

Japan's Nikkei 225 rose 108.80 points (0.94%) to close at 11674.79 points. Like the Australian market, the index surged at the open, hitting its high of 11713.12 after less than 30 minutes of trade. The low (11668.77) was hit after just on ten minutes of trade points during the session. from there it was sideways to the close - which made for a VERY boring day, with the trading range after 11 a.m. Tokyo time being less than 25 points.

The Kiwi Market advanced 34.53 points (1.06%). Although most of the move happened in the first hour, the Kiwi market actually managed a coast-to-coast rally, finishing at its high (3293.282) after opening at its low (3257.517).

A total of 30 stocks within the NZSE50 rose, with volume in advancers totalling 18.5million units. Decliners numbered 6, and total volume traded in losers was 1.9million shares. Individual stocks that dud well included...

  • Fisher & Paykel H (FPH), +NZ$0.10 (2.92%) to NZ$3.53 on volume of 1.67m shares;
  • Ryman Healthcare (RYM), +NZ$0.11 (2.8%) to NZ$4.04 on volume of 58,000 shares;
  • Carter Holt Harvey (CAH), +NZ$0.06 (2.71%) to NZ$2.27 on volume of 1.25m shares;
  • Waste Management (WAM), +NZ$0.16 (2.45%) to NZ$6.68 on volume of 226,000 shares;
  • Infratil Limited (IFT), +NZ$0.08 (2.12%) to NZ$3.85 on volume of 263,000 shares; and
  • Guinness Peat Group (GPG), +NZ$0.04 (2%) to NZ$2.04 on volume of 690,000 shares.

No foolin' around for Hong Kong's Hang Seng index: it opened gap up and set its session high (14086.31) in the first five minutes. Over the following hour it dipped to 14047.01 (let's call that "14050-ish")before settling at lunchtime with a gain of 115.41 points (0.83%) at 14079.88.

Within the Hang Seng, 27 index components rose, while 4 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 113.2million units, and total volume traded in losers was 4.8million shares. Individual stocks that contributed to the advance included...

  • Yue Yuen Industries (0551), +HK$0.50 (2.17%) to HK$23.55 on volume of 705,000 shares;
  • China Mobile (0941), +HK$0.45 (1.63%) to HK$28.00 on volume of 12.32m shares;
  • Henderson Land (0012), +HK$0.55 (1.55%) to HK$36.10 on volume of 1.18m shares;
  • Cathay Pacific Airways (0293), +HK$0.20 (1.43%) to HK$14.20 on volume of 2.09m shares;
  • Cosco Pacific (1199), +HK$0.20 (1.39%) to HK$14.60 on volume of 2.52m shares; and
  • Hang Lung Properties (0101), +HK$0.15 (1.32%) to HK$11.55 on volume of 5.09m shares.
Regional Indices
New ZealandNZSE503292.04534.531.06%24.08m
JapanNikkei 22511674.79108.80.94%0
SingaporeStraits Times2223.837.840.35%0
Hong KongHang Seng14079.88115.410.83%128.53m
MalaysiaKLSE Comp907.724.110.45%0