Interdum stultus opportuna loquitur...

Monday, July 04, 2005

OzRant: Low Volume Drawl...

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

Sometimes things go well for a reason. After whooping it up regarding the concatenation of timetables that enabled a round-trip to a parts supplier (to acquire a brake caliper piston fluid seal for the Morris 1100 RantMobile), I fitted the kit and then found that the metal faces of the outer caliper piston housing and the rest of the disc brake assembly were leaking fluid. Bugger. It's hand brakes and prayers for the next jaunt, I fear (just kidding... I've gasket-goo'ed the thing to within an inch of its life).

Classic cars (and the Morris 1100 is a classic, and I will never hear otherwise) are so much more rewarding than the vile soul-less chunks of plastic that are produced nowadays. I like the shape of several of them, but frankly that's where the allure ends. Give me a day spent wresting with the CVJs on the RantMobile, or bending over the engine bay of a 1960's Mini, and I go to my bed that night a satisfied chap - a sore back and skinned knuckles, to be sure, but a soul cleansed of all blemish.

Major Market Indices

The broad market - the ASX All Ordinaries - rose by 10.60 points (0.25%), finishing at 4234.70 points - it would have been hard-pressed to be more 'mid range' at the close - the intraday range spanned 4224.10 to 4244.1... so the close missed the exact midpoint by 0.6 points (3% of the day's range, but  0.01% of the close).

The intraday high of 4244.10 was hit at 11 a.m., but most of the movement towards that mark was achieved in the first ten minutes of trade. It was a Monday, after all. To good news (for the bulls) is that the opening low at 4224.1 was never broken.

Total volume traded on the ASX was a pathetic 650 million units, 42.1% below its 10-day average. that puts into perspective all of the year-end chicanery that we saw over the last two weeks, with volume much, much higher... but now the professional mis-managers can go back to lunching with their BDMs and feeling out the job market.

Of the 483 stocks in the index, 187 rose and 170 fell. Volume was tilted in favour of the gainers by a margin of 1.7:1, with 188.13 million shares traded in gainers while 111.30 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 - rose by 9.30 points (0.22%), finishing at 4281.90 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders - rose by a mere 2.30 points (0.10%), finishing at 2299.40 points. Within the index members, there were 11 that rose, and 7 losers. Total volume in rising issues within the ASX20 amounted to 26.19 while volume in the losers totalled 35.54m units.

The major winners in the "big guns" were -

  • Woodside Petroleum (WPL), +$0.52 (1.82%) to $29.10 on volume of 1.65m shares;
  • Amcor (AMC), +$0.11 (1.63%) to $6.85 on volume of 2.59m shares; and
  • News Corporation (NWSLV), +$0.17 (0.8%) to $21.40 on volume of 1.11m shares; and
  • News Corporation (NWS), +$0.16 (0.72%) to $22.36 on volume of 1.52m shares; and
  • BHP Billiton (BHP), +$0.11 (0.61%) to $18.20 on volume of 9.57m shares.

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

  • Westpac Banking Corporation (WBC), -$0.16 (0.8%) to $19.81 on volume of 2.48m shares;
  • Foster's Group (FGL), -$0.04 (0.74%) to $5.35 on volume of 4.76m shares; and
  • Telstra Corporation (TLS), -$0.02 (0.4%) to $5.00 on volume of 17.69m shares; and
  • Australia And New Zealand Banking Group (ANZ), -$0.08 (0.37%) to $21.74 on volume of 2.79m shares; and
  • AMP Limited (AMP), -$0.02 (0.31%) to $6.52 on volume of 5.08m 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 1.50 points (-0.06%), finishing at 2365.40 points. The major winners in the "pop-guns" were -

  • Chemeq (CMQ), +$0.10 (8.89%) to $1.23 on volume of 397,000 shares;
  • Infomedia Ltd (IFM), +$0.04 (7%) to $0.54 on volume of 541,000 shares; and
  • Dragon Mining (DRA), +$0.02 (6.98%) to $0.23 on volume of 194,000 shares; and
  • Lynas Corporation (LYC), +$0.01 (6.67%) to $0.16 on volume of 182,000 shares; and
  • Progen Industries (PGL), +$0.17 (6.46%) to $2.80 on volume of 69,000 shares.

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

  • Sirtex Medical (SRX), -$0.10 (6.9%) to $1.35 on volume of 34,000 shares;
  • Agenix (AGX), -$0.02 (6.45%) to $0.29 on volume of 139,000 shares; and
  • Norwood Abbey (NAL), -$0.02 (5.41%) to $0.35 on volume of 436,000 shares; and
  • Psivida (PSD), -$0.04 (4.46%) to $0.75 on volume of 193,000 shares; and
  • Sai Global (SAI), -$0.12 (4.33%) to $2.65 on volume of 38,000 shares.
Index Changes
XAOAll Ordinaries4234.710.60.25%415.77m
XTLS&P/ASX 202299.42.30.1%66.38m
XFLS&P/ASX 504228.49.90.23%146.66m
XTOS&P/ASX 1003481.18.40.24%245.83m
XJOS&P/ASX 2004281.99.30.22%332.75m
XKOS&P/ASX 3004273.89.20.22%0
XMDS&P/ASX Mid-Cap 504130.412.10.29%0
XSOS&P/ASX Small Ordinaries2365.4-1.5-0.06%153.11m

All Ordinaries Market Internals

Market Breadth

Advancing Volume26.19m124.43m165.14m188.1358.07340.8
Declining Volume35.54m88.23m94.98m111.343.01210.79

S&P/ASX200 GICS Sector Indices

The top sector for the day was Energy which gained 2.16% to 9576.40 points - didn't I say that oil would reverse upwards? The sector was helped by

  • Oil Search (OSH), +$0.19 (6.33%) to $3.19 on volume of 9.49m shares;
  • Santos (STO), +$0.45 (4.08%) to $11.49 on volume of 1.76m shares; and
  • Roc Oil Company (ROC), +$0.08 (3.92%) to $1.99 on volume of 772,000 shares; and
  • Tap Oil (TAP), +$0.07 (2.92%) to $2.47 on volume of 783,000 shares; and
  • Caltex Australia (CTX), +$0.45 (2.89%) to $16.00 on volume of 421,000 shares.

Second in the sector leadership stakes was Utilities which gained 0.99% to 5014.60 points. The sector leaders were -

  • Alinta (ALN), +$0.14 (1.41%) to $10.05 on volume of 691,000 shares;
  • Australian Gas Light Company (AGL), +$0.19 (1.34%) to $14.33 on volume of 648,000 shares;
  • Gasnet Australia Group (GAS), +$0.03 (1.13%) to $2.69 on volume of 208,000 shares;
  • Australian Pipeline Trust (APA), +$0.01 (0.26%) to $3.81 on volume of 108,000 shares; and
  • Diversified Utility And Energy Trusts (DUE), -$0.00 (0%) to $2.49 on volume of 803,000 shares.

The bronze today went to Property Trusts which gained 0.48% to 1821.30 points. The sector was led by

  • Macquarie Ddr Trust (MDT), +$0.03 (2.5%) to $1.23 on volume of 6.49m shares;
  • Centro Properties Group (CNP), +$0.11 (1.84%) to $6.08 on volume of 1.77m shares; and
  • Mirvac Group (MGR), +$0.06 (1.63%) to $3.75 on volume of 2.19m shares; and
  • Macquarie Countrywide Trust (MCW), +$0.03 (1.31%) to $1.94 on volume of 4.23m shares; and
  • Thakral Holdings Group (THG), +$0.01 (1.29%) to $0.79 on volume of 113,000 shares.

The worst-performed sector today was the 2-stock Telecommunications, which lost a modest 0.31% to 1772.90 points. The sector was dragged lower by Telstra Corporation (TLS), -$0.02 (0.4%) to $5.00 on volume of 17.69m shares, while the minnow of the sector -Telecom Corporation Of New Zealand (TEL), added a cent (0.18%) to $5.47 on volume of 2.87m shares.

Just in front of last place on the sector table was Consumer Staples which lost 0.20% to 5592.10 points. The sector was pulled down by

  • Ridley Corporation (RIC), -$0.05 (3.33%) to $1.31 on volume of 36,000 shares;
  • Lion Nathan (LNN), -$0.12 (1.6%) to $7.40 on volume of 531,000 shares;
  • AWB (AWB), -$0.04 (0.85%) to $4.65 on volume of 1.25m shares;
  • Foster's Group (FGL), -$0.04 (0.74%) to $5.35 on volume of 4.76m shares; and
  • Foodland Associated (FOA), -$0.05 (0.19%) to $26.81 on volume of 405,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XPJProperty Trusts1821.38.70.48%86.71m
XIJInformation Technology381.80.40.1%4.75m
XDJConsumer Discretionary2232.90.10%22.43m
XXJASX200 Financials ex Property Trusts5174.3-4.3-0.08%36.46m
XSJConsumer Staples5592.1-11.3-0.2%27.64m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation5-0.02-0.4%17.69m
MXGMultiplex Group3-0.03-0.99%14m
GPTGeneral Property Trust3.710.010.27%9.9m
BHPBHP Billiton18.20.110.61%9.57m
OSHOil Search3.190.196.33%9.49m
GTPGreat Southern Plantations3.550.051.43%9.2m

All Ords Percentage Gainers
IFMInfomedia Ltd0.540.047%541011
PGLProgen Industries2.80.176.46%68860
OSHOil Search3.190.196.33%9.49m
BPTBeach Petroleum0.680.046.25%1.44m

All Ords Percentage Decliners
ETWEvans & Tate0.47-0.04-7.84%1.07m
TKRTriako Resources1.13-0.07-5.83%88421
NALNorwood Abbey0.35-0.02-5.41%436000
UNWUnwired Group0.31-0.02-4.62%235997

Elsewhere in the Region...


Japan's Nikkei 225 rose 21.42 points (0.18%) to close at 11651.55 points. The index hit a high of 11664.22 (at the open), and fell as low as 11629.16 in the first 25 minutes of the post-lunch session.

The Kiwi Market advanced 13.99 points (0.43%). The index hit a high of 3249.951 5 minutes before the close, after dipping to its session low at 3229.547 points at 5 minutes before midday, NZ time.

A total of 19 stocks within the NZSE50 rose, with volume in advancers totalling 16.8million units. Decliners numbered 14, and total volume traded in losers was 9.8million shares. Individual stocks that dud well included...

  • Skellmax Industries (SKX), +NZ$0.03 (2.46%) to NZ$1.25 on volume of 75,000 shares;
  • Sky City Entertainment (SKC), +NZ$0.11 (2.44%) to NZ$4.61 on volume of 1.2m shares;
  • Promina Group  (PMN), +NZ$0.12 (2.31%) to NZ$5.32 on volume of 27,000 shares;
  • Kiwi Income Property (KIP), +NZ$0.02 (1.85%) to NZ$1.10 on volume of 2.89m shares;
  • Contact Energy  (CEN), +NZ$0.14 (1.83%) to NZ$7.77 on volume of 181,000 shares; and
  • Hallenstein Glass (HLG), +NZ$0.07 (1.74%) to NZ$4.10 on volume of 62,000 shares.

Hong Kong's Hang Seng index declined 40.13 points (-0.28%) to rest at 14160.93 at lunch. After opening at its high thus far (14188.47) the index dipped towards 14100 in the early going, bottoming at 14122.97 points after 20 minutes of trade. It rose from there to test the high, but as of lunchtime the open has not been exceeded.

Within the Hang Seng, 8 index components rose, while 15 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 17.1million units, and total volume traded in losers was 49.6million shares. Individual stocks that contributed to the decline included...

  • China Resources (0291), -HK$0.20 (1.67%) to HK$11.80 on volume of 1.18m shares;
  • Cosco Pacific (1199), -HK$0.20 (1.32%) to HK$14.90 on volume of 3.07m shares;
  • Lenovo Group (0992), -HK$0.03 (1.09%) to HK$2.28 on volume of 2.63m shares;
  • HSBC Holdings (0005), -HK$1.00 (0.8%) to HK$124.00 on volume of 15.73m shares;
  • Wheelock (0020), -HK$0.10 (0.79%) to HK$12.50 on volume of 117,000 shares; and
  • China Mer Hold (0144), -HK$0.10 (0.66%) to HK$15.00 on volume of 1.84m shares.
Regional Indices
New ZealandNZSE503249.33113.990.43%29.74m
JapanNikkei 22511651.5521.420.18%0
SingaporeStraits Times2220.0410.090.46%0
Hong KongHang Seng14160.93-40.13-0.28%165.35m
MalaysiaKLSE Comp897.923.90.44%0