Interdum stultus opportuna loquitur...

Wednesday, July 06, 2005

OzRant: It All Looked So Promising at 10:10...

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

Well, I never. Yesterday I fulminate about Howard the Chimp getting a free pass on Iraq, and then I read (on the BBC site) about the fact that 40-odd former diplomats and defence personnel co-signed a letter of complaint about that very thing.

Long-time readers will recall that I've mentioned several times things like this - strange synchronicities, where something gets me all aflutter (usually in the 'incandescent rage' end of the spectrum) and lo and behold, someone else has the same idea halfway around the world. The Cosmic Consciousness at work. Now maybe if I think hard enough about a brain embolism for George the Turd...

Still, it begs the question - why hasn't this been front page news? Like the US, we are being distracted with bullshit  - in our case, it's about some drug-smuggling chicksie who has been found guilty by a court of law (unlike Mamdou Habib, who was detained for two years without charge or right to counsel). The Yanks are lucky - at least they get a better looking bird - their 'Runaway Bride' misdirection is a lot easier on the eye than Schappelle Corby.

Why isn't Downer - a key component of the avalanche of bullshit tipped into a compliant media before the 'war' - getting slapped silly by an outraged Press Gallery? Instead they are prepared (rightly) to go after Fatty Vanstone for things that occurred before she was even Minister, while that pasty little inbred shithead Downer gets a pass for leading the lying pack of hounds right into a contravention of the Nuremberg Doctrine.

It is my firm belief that John Howard and Alexander Downer have weapons of mass destruction hidden on their persons - in the form of a complete void where their consciences and principles would usually be found in a normal human. Both of them should be jailed for their complicity in the War Crime in Iraq, prior to being executed for violation of the Constitution and of the Nuremberg War Crimes charter.

Oh yes... the markets...

Major Market Indices

The broad market - the ASX All Ordinaries - fell by 19.50 points (-0.46%), finishing at 4234.10 points. It allstarted so well - the nuffies jumped on the bandwagon after the positive lead from the US overnight, taking the index to its intraday high of 4269.50 within 15 minutes of the open. From there it was one-way traffic - down - with the market eventually closing  on its low tick for the day, at 4234.1 points.

Obviously 35 points is not a 'stunning' reversal, but it should make people think a bit harder before chasing every opening uptick... it never does actually make people think a bit harder, though - that's why 70% of 'everybody' winds up with an inadequately-funded retirement (and the Superannuation Guarantee Levy is not going to make one iota of difference to that).

Total volume traded on the ASX was 790 million units - 10% lower than yesterday's volume and 12.5% below its 10-day average. Of the 483 stocks in the All Ords, 200 fell and 164 managed a gain. Volume was tilted in favour of the losers by a margin of 1.9:1, with 264.92 million shares traded in losers compared to 139.43 million shares traded in winners.

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 - fell by 26.70 points (-0.62%), finishing at 4275.10 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 14.00 points (-0.61%), finishing at 2296.60 points. Within the index members, there were 6 that rose, and 14 losers. Total volume in rising issues within the ASX20 amounted to 24.73m shares while volume in the losers totalled 69.18m units; iof it wasn't for hopeful idiots lining up to buy New Corpse, the damage would've been considerably greater.

The major winners in the "big guns" were -

  • News Corporation (NWSLV), +$0.26 (1.21%) to $21.72 on volume of 1.31m shares;
  • Amcor (AMC), +$0.08 (1.17%) to $6.89 on volume of 3.21m shares; and
  • News Corporation (NWS), +$0.22 (0.98%) to $22.68 on volume of 940,000 shares; and
  • Alumina (AWC), +$0.03 (0.54%) to $5.63 on volume of 7.92m shares; and
  • Foster's Group (FGL), +$0.02 (0.38%) to $5.35 on volume of 9.19m shares.

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

  • Wesfarmers (WES), -$0.58 (1.43%) to $39.85 on volume of 493,000 shares;
  • Telstra Corporation (TLS), -$0.06 (1.19%) to $4.98 on volume of 15.5m shares; and
  • National Australia Bank (NAB), -$0.36 (1.17%) to $30.37 on volume of 2.8m shares; and
  • Woodside Petroleum (WPL), -$0.35 (1.17%) to $29.55 on volume of 1.4m shares; and
  • Woolworths (WOW), -$0.19 (1.17%) to $16.06 on volume of 3.66m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index suffered a good deal less than the big-cap indices, falling by just 7.30 points (-0.31%), finishing at 2362.30 points. The major winners in the "pop-guns" were -

  • Mincor Resources (MCR), +$0.04 (6.45%) to $0.66 on volume of 2.54m shares;
  • Orbital Corporation (OEC), +$0.005 (4.55%) to $0.115 on volume of 653,000 shares; and
  • Schaffer Corporation (SFC), +$0.24 (4.49%) to $5.59 on volume of 8,000 shares; and
  • Macmahon Holdings (MAH), +$0.02 (4.44%) to $0.47 on volume of 618,000 shares; and
  • GRD (GRD), +$0.08 (3.98%) to $2.09 on volume of 495,000 shares.

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

  • Dragon Mining (DRA), -$0.015 (6.98%) to $0.20 on volume of 373,000 shares;
  • SDI (SDI), -$0.05 (6.54%) to $0.715 on volume of 715,000 shares; and
  • Mosaic Oil (MOS), -$0.01 (5.71%) to $0.17 on volume of 3.54m shares; and
  • Village Life Ltd (VLL), -$0.025 (5.38%) to $0.44 on volume of 1.06m shares; and
  • Metabolic Pharmaceuticals (MBP), -$0.03 (4.65%) to $0.615 on volume of 485,000 shares.
Index Changes
XAOAll Ordinaries4234.1-19.5-0.46%511.04m
XTLS&P/ASX 202296.6-14-0.61%93.9m
XFLS&P/ASX 504220.7-26.1-0.61%192.28m
XTOS&P/ASX 1003475.6-22.5-0.64%319.27m
XJOS&P/ASX 2004275.1-26.7-0.62%419.15m
XKOS&P/ASX 3004267.1-26.2-0.61%0
XMDS&P/ASX Mid-Cap 504129.4-33.3-0.8%0
XSOS&P/ASX Small Ordinaries2362.3-7.3-0.31%163.91m

All Ordinaries Market Internals

Market Breadth

Advancing Volume24.73m71.64m120.33m139.4355.76278
Declining Volume69.18m219.9m238.69m264.9267.29398.98

S&P/ASX200 GICS Sector Indices

From next Monday, those who want to see the sector component outcomes will be able to click on each sector's code in the table below and the sector components will be listed. Clicking on the sector component code will then bring up a RantBox (much as it does now by clicking on the codes within the dot-point lists below).

The top sector for the day - and the only sector to gain ground - was Consumer Discretionary which gained 0.17% to 2244.10 points. The sector was helped by

  • David Jones (DJS), +$0.05 (2.31%) to $2.00 on volume of 3.37m shares;
  • Miller's Retail (MRL), +$0.02 (2%) to $0.77 on volume of 688,000 shares; and
  • Billabong International (BBG), +$0.24 (1.77%) to $13.79 on volume of 419,000 shares; and
  • Austereo Group (AEO), +$0.03 (1.45%) to $1.75 on volume of 97,000 shares; and
  • News Corporation (NWSLV), +$0.26 (1.21%) to $21.72 on volume of 1.31m shares.
The worst-performed sector today was Energy which lost 1.28% to 9546.80 points. The sector was dragged lower by
  • Santos (STO), -$0.31 (2.77%) to $10.89 on volume of 3.22m shares;
  • Origin Energy (ORG), -$0.19 (2.5%) to $7.40 on volume of 2.67m shares;
  • Oil Search (OSH), -$0.05 (1.45%) to $3.41 on volume of 14.36m shares;
  • Woodside Petroleum (WPL), -$0.35 (1.17%) to $29.55 on volume of 1.4m shares; and
  • Caltex Australia (CTX), +$0.02 (0.12%) to $16.17 on volume of 1.14m shares.

Just in front of last place on the sector table was Industrials which lost 0.94% to 5146.40 points. The sector was pulled down by

  • Macquarie Airports (MAP), -$0.08 (2.27%) to $3.45 on volume of 10.87m shares;
  • Leighton Holdings (LEI), -$0.25 (2.13%) to $11.50 on volume of 457,000 shares;
  • Patrick Corporation (PRK), -$0.11 (1.94%) to $5.57 on volume of 1.47m shares; and
  • Spotless Group (SPT), -$0.10 (1.89%) to $5.20 on volume of 83,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XDJConsumer Discretionary2244.13.70.17%30.98m
XPJProperty Trusts1840.4-10.7-0.58%105.31m
XSJConsumer Staples5532.9-39-0.7%42.19m
XXJASX200 Financials ex Property Trusts5135.4-38.1-0.74%57.59m
XIJInformation Technology379.4-2.9-0.76%3.66m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.98-0.06-1.19%15.5m
OSHOil Search3.41-0.05-1.45%14.36m
BHPBHP Billiton18.40-0.05-0.27%12.7m
AMPAMP Limited6.40-0.07-1.08%12.7m
MXGMultiplex Group2.94-0.11-3.61%11.7m
MAPMacquarie Airports3.45-0.08-2.27%10.87m


All Ords Percentage Gainers
TAWTawana Resources0.850.1114.86%69450
SPLStarpharma Holdings0.5450.0459%114133
MSTMetal Storm0.1350.018%810875


All Ords Percentage Decliners
AJLAJ Lucas Group1.21-0.1-7.63%193804
DRADragon Mining0.2-0.015-6.98%372578
MOSMosaic Oil0.165-0.01-5.71%3.54m
VLLVillage Life Ltd0.44-0.025-5.38%1.06m

Elsewhere in the Region...

Japan's Nikkei 225 fell 13.17 points (-0.11%) to close at 11603.53 points (call it 11600-ish). The index hit a high of 11676.2 just at the end of the first half-hour, and closed at its low.

The Kiwi Market - like all the markets in the region - opened strong, advancing to just under 3291 points within the first half hour and then losing steam. It eventually topped out at 3291.535 points just after 11 a.m. Auckland time, before sagging for the rest of the session as a regional malaise saw all markets soften. The Kiwi market trumped most regional bourses though, in that it managed to close with a gain - a modest 9.43 points (0.29%) and a closing print of 3276.753 points. Although my data says that the NZSE50 hit an intraday low of 3267.324 points, a secondary source shows a chart that never fell below 3270 (and which indicates that the market closed at its session low).

A total of 17 stocks within the NZSE50 rose, with volume in advancers totalling 26.3million units. Decliners numbered 20, and total volume traded in losers was 9.6 million shares. Individual stocks that dud well included...

  • Hellaby Holdings (HBY), +NZ$0.23 (4%) to NZ$5.98 on volume of 32,000 shares;
  • NGC Holdings  (NGC), +NZ$0.15 (3.95%) to NZ$3.95 on volume of 2.6m shares;
  • Fisher & Paykel A (FPA), +NZ$0.11 (3.35%) to NZ$3.39 on volume of 1.78m shares;
  • Sky City Entertainment (SKC), +NZ$0.15 (3.13%) to NZ$4.95 on volume of 2.43m shares;
  • Freightways (FRE), +NZ$0.08 (2.54%) to NZ$3.23 on volume of 104,000 shares; and
  • Carter Holt Harvey (CAH), +NZ$0.05 (2.34%) to NZ$2.19 on volume of 11.5m shares.

Hong Kong's Hang Seng index advanced 40.29 points (0.29%) to rest at 14165.09 at lunchtime. Hong Kong replicated the region-wide pattern: a strong open followed by a distinct mushiness after the first hour. The index hit a high of 14202.09 (let's call it 14200-ish) after eighty minutes of trade, after a tiny dip after the open to 14149.53 points.

Within the Hang Seng, 18 index components rose, while 11 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 137.3million units, and total volume traded in losers was 57.5million shares. Individual stocks that contributed to the advance included...

  • CNOOC (0883), +HK$0.23 (4.74%) to HK$4.98 on volume of 94.12m shares;
  • Esprit Holdings (0330), +HK$1.05 (1.89%) to HK$56.50 on volume of 1.67m shares;
  • Cosco Pacific (1199), +HK$0.20 (1.35%) to HK$15.00 on volume of 5.01m shares;
  • Li & Fung (0494), +HK$0.20 (1.22%) to HK$16.60 on volume of 2.7m shares;
  • Johnson Electrics H (0179), +HK$0.05 (0.68%) to HK$7.35 on volume of 5.32m shares; and
  • MTR Corporation (0066), +HK$0.10 (0.68%) to HK$14.90 on volume of 1.36m shares.
Regional Indices
New ZealandNZSE503276.7539.430.29%37.8m
JapanNikkei 22511603.53-13.17-0.11%0
SingaporeStraits Times2229.667.050.32%0
Hong KongHang Seng14165.0940.290.29%198.22m
MalaysiaKLSE Comp901.032.160.24%0