Interdum stultus opportuna loquitur...

Tuesday, July 12, 2005

OzRant: There Was Movement (Just)...

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

Sometimes you just want to sag into a chair, eat peanut butter toast, and listen to Dave Gilmour's masterful closing guitar solo from Comfortably Numb. Sometimes? Try to convince me that there's any other way to spend a cold afternoon when there's no snow.

Sure, a chap could spend hours cobbling together the case for Randomocracy (also known as Civilocracy, as I found out today). Sure, that same chap could potter around making adjustments to a Grand Project that seems to be taking an interminable time to get finished. These are options for the cold afternoon, I grant ye. But think a bit harder.

I mean - Peanut Butter Toast... do I have to spell it out? Let Wolfowitz, Cheney and the rest of the psychic vampires continue their rapine for an afternoon, unmolested. Let ex-Mossad chief Ephraim Halevi campaign for absolute tyranny in response to the London blowback  ... after all, if stupid and tyrannical foreign policy caused the asymmetric warfare to begin with, why not implement stupid and tyrannical domestic policy to counterbalance?

Halevi also lied through his teeth about the Congressional vote to enter WWII (he said it passed by just one vote - in fact there was only one 'Nay'). Still, let's not be harsh - he only lied through his teeth (like a lying dog) so that his story would sound better... typical spook. Funny how many ex-Mossad chaps were about, pinning the London event on Muslimists within about ten minutes; are there any security experts on TV who aren't ex-Mossad?

Anyhow - with toast, the ills of the world are just vapours. Toast - even at its most basic - is the stuff that Moses and his crowd were after... and I bet they were secretly disappointed whenall they got was manna. But toast with peanut butter... now that's something. Imagine how far we've come - from wheat, all the way to toast. If they had presented the Palestinians with offers of toast in exchange for Gaza, you can bet there would have been some takers. Or maybe not...

Yes, I'm in quite a good mood...

Major Market Indices

The broad market - the ASX All Ordinaries - fell by a meagre 1.50 points (-0.04%), finishing at 4225.10 points. The index hit an intraday high of 4235.40 at about 12:30 (just shading its prior intraday high set just before 10:10 a.m.) before softening to its low at 4223.8 about 20 minutes before the close.

Looking at charts of the major regional indices, it appears time for a pullback. as you know, I favour a multi-timescale approach, but  one very good indicator of a short-term reversal is the presence on a weekly chart of

(a) a highly overbought Williams %R; and

(b) a divergence on the CCI (Commodity Channel Index).

I always set the 'overbought' hurdle high during uptrends - requiring a trigger for the %R above 90, and a CCI divergence as well. At the moment those appear on most of the regional indices; if I can summon up the energy this week I will build the charts and put them up. Suffice it to say that everything looks ripe for little (but tradable) another leg down.

Total volume traded on the ASX was 880 million units, 2.5% above its 10-day average. Of the 483 stocks in the index, 188 rose while 172 fell. Volume was still tilted in favour of the gainers by a margin of 1.4:1, with 210.81million shares traded in gainers while 152.17million 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 - fell by 2.00 points (-0.05%), finishing at 4262.10 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders - fell by 3.30 points (-0.14%), finishing at 2290.50 points. Within the index members, there were 10 that rose, and 9 losers. Total volume in rising issues within the ASX20 amounted to 28.24m shares while volume in the losers totalled 54.09m units.

The major winners in the "big guns" were -

  • National Australia Bank (NAB), +$0.24 (0.79%) to $30.59 on volume of 3.13m shares;
  • News Corporation (NWS), +$0.11 (0.48%) to $23.03 on volume of 3.78m shares; and
  • QBE Insurance Group (QBE), +$0.07 (0.44%) to $15.98 on volume of 2.95m shares; and
  • Woolworths (WOW), +$0.06 (0.38%) to $16.05 on volume of 1.29m shares; and
  • St George Bank (SGB), +$0.09 (0.35%) to $25.64 on volume of 505,000 shares.

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

  • Woodside Petroleum (WPL), -$0.38 (1.29%) to $29.00 on volume of 1.82m shares;
  • Rio Tinto (RIO), -$0.55 (1.19%) to $45.86 on volume of 2m shares; and
  • Amcor (AMC), -$0.08 (1.17%) to $6.77 on volume of 4.76m shares; and
  • BHP Billiton (BHP), -$0.20 (1.06%) to $18.60 on volume of 11.83m shares; and
  • Wesfarmers (WES), -$0.22 (0.56%) to $38.97 on volume of 513,000 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 - rose by 4.00 points (0.17%), finishing at 2349.40 points. The major winners in the "pop-guns" were -

  • ERG (ERG), +$0.06 (24%) to $0.31 on volume of 27.32m shares;
  • Emperor Mines (EMP), +$0.035 (15.22%) to $0.265 on volume of 45,000 shares; and
  • Agenix (AGX), +$0.035 (11.29%) to $0.345 on volume of 791,000 shares; and
  • Resolute Mining (RSG), +$0.065 (6.81%) to $1.02 on volume of 190,000 shares; and
  • Village Life Ltd (VLL), +$0.025 (6.76%) to $0.395 on volume of 2.18m shares.

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

  • Kresta Holdings (KRS), -$0.02 (7.27%) to $0.26 on volume of 329,000 shares;
  • Macmahon Holdings (MAH), -$0.025 (5.56%) to $0.425 on volume of 1.54m shares; and
  • Invocare (IVC), -$0.22 (5.15%) to $4.05 on volume of 333,000 shares; and
  • SP Telemedia (SOT), -$0.075 (4.97%) to $1.435 on volume of 289,000 shares; and
  • Salmat (SLM), -$0.23 (4.75%) to $4.61 on volume of 270,000 shares.
Index Changes
XAOAll Ordinaries4225.1-1.5-0.04%480.47m
XTLS&P/ASX 202290.5-3.3-0.14%90.43m
XFLS&P/ASX 504208-4.2-0.1%172.37m
XTOS&P/ASX 1003466.3-2.2-0.06%276.72m
XJOS&P/ASX 2004262.1-2-0.05%365.63m
XKOS&P/ASX 3004254.6-1.8-0.04%0
XMDS&P/ASX Mid-Cap 504126.86.60.16%0
XSOS&P/ASX Small Ordinaries2349.440.17%160.06m

All Ordinaries Market Internals

Market Breadth

Advancing Volume28.24m121.66m157.13m210.8177.44521.13
Declining Volume54.09m112.33m131.35m152.1737.74266.55

S&P/ASX200 GICS Sector Indices

The top sector for the day was Information Technology which gained 1.17% to 379.30 points. The sector was helped by

  • ERG (ERG), +$0.06 (24%) to $0.31 on volume of 27.32m shares;
  • Baycorp Advantage (BCA), +$0.14 (4.93%) to $2.98 on volume of 249,000 shares; and
  • Infomedia Ltd (IFM), +$0.01 (1.82%) to $0.56 on volume of 339,000 shares; and
  • Computershare (CPU), +$0.07 (1.22%) to $5.83 on volume of 1.62m shares; and
  • IRESS Market Technology (IRE), +$0.04 (0.98%) to $4.14 on volume of 339,000 shares.

Second in the sector leadership stakes was ASX200 Financials ex Property Trusts which gained 0.27% to 5117.90 points. The sector leaders were -

  • Record Investments (RCD), +$0.15 (2.71%) to $5.69 on volume of 755,000 shares;
  • Challenger Financial Services Group (CGF), +$0.06 (1.99%) to $3.07 on volume of 439,000 shares; and
  • FKP Property Group (FKP), +$0.05 (1.8%) to $2.83 on volume of 325,000 shares; and
  • Adelaide Bank (ADB), +$0.20 (1.75%) to $11.65 on volume of 333,000 shares; and
  • Oamps (OMP), +$0.04 (1.61%) to $2.52 on volume of 129,000 shares.

The bronze today went to Consumer Staples which gained 0.26% to 5555.00 points. The sector was led by

  • Ridley Corporation (RIC), +$0.05 (3.73%) to $1.39 on volume of 2.92m shares;
  • Foodland Associated (FOA), +$0.23 (0.87%) to $26.65 on volume of 329,000 shares; and
  • Lion Nathan (LNN), +$0.04 (0.55%) to $7.35 on volume of 209,000 shares; and
  • Futuris Corporation (FCL), +$0.01 (0.51%) to $1.99 on volume of 964,000 shares; and
  • Woolworths (WOW), +$0.06 (0.38%) to $16.05 on volume of 1.29m shares.

The worst-performed sector today was Energy which lost 1.08% to 9437.70 points. The sector was dragged lower by

  • Origin Energy (ORG), -$0.24 (3.17%) to $7.32 on volume of 1.1m shares;
  • Roc Oil Company (ROC), -$0.03 (1.39%) to $2.13 on volume of 856,000 shares;
  • Woodside Petroleum (WPL), -$0.38 (1.29%) to $29.00 on volume of 1.82m shares;
  • Tap Oil (TAP), -$0.02 (0.79%) to $2.50 on volume of 802,000 shares; and
  • Arc Energy (ARQ), -$0.02 (0.79%) to $1.88 on volume of 465,000 shares.

Just in front of last place on the sector table was Industrials which lost 0.49% to 5064.40 points. The sector was pulled down by

  • Corporate Express Australia (CXP), -$0.15 (2.62%) to $5.58 on volume of 165,000 shares;
  • Coates Hire (COA), -$0.07 (1.49%) to $4.63 on volume of 617,000 shares;
  • Macquarie Infrastructure Group (MIG), -$0.06 (1.49%) to $3.97 on volume of 3.65m shares;
  • GWA International (GWT), -$0.04 (1.38%) to $2.86 on volume of 277,000 shares; and
  • Patrick Corporation (PRK), -$0.06 (1.07%) to $5.53 on volume of 881,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology379.34.41.17%30.87m
XXJASX200 Financials ex Property Trusts5117.913.90.27%45.27m
XSJConsumer Staples555514.60.26%34.51m
XPJProperty Trusts1819.33.70.2%72.78m
XDJConsumer Discretionary2237.34.10.18%25.94m

All Ordinaries Major Movers

All Ords Volume Leaders
DYLDeep Yellow0.140.0053.7%42.85m
TLSTelstra Corporation5.00-0.01-0.2%21.74m
TTSTattersall's (yaay - a win, finally)
LHGLihir Gold1.280.064.92%14.47m
BHPBHP Billiton18.60-0.20-1.06%11.65m

All Ords Percentage Gainers
GDMGoldstream Mining0.340.0621.43%208052

All Ords Percentage Decliners
CNPCentro Properties Group5.47-0.45-7.6%1.15m
KRSKresta Holdings0.26-0.02-7.27%328730
MAHMacmahon Holdings0.425-0.025-5.56%1.54m
TIRTitan Resources0.055-0.003-5.17%1.15m

Elsewhere in the Region...

Japan's Nikkei 225 rose 17.35 points (0.15%) to close at 11692.14 points. The index gapped up at the open, opening above 11700 and hitting a high of 11738.3 after just ten minutes of trade. Conversely, it dipped ten minutes after the lunch break to set its low (so far) at 11672.94 points.

The Kiwi Market advanced 15.63 points (0.47%). The index hit a high of 3313.249 about 20 minutes before the close, after opening at its session low (3292.045). It was basically a slow-motion waft upwards that stabilised in the last half-hour.

A total of 24 stocks within the NZSE50 rose, with volume in advancers totalling 18.8million units. Decliners numbered 11, and total volume traded in losers was 8.7million shares. Individual stocks that dud well included...

  • Fisher & Paykel A (FPA), +NZ$0.09 (2.55%) to NZ$3.62 on volume of 317,000 shares;
  • Carter Holt Harvey (CAH), +NZ$0.05 (2.2%) to NZ$2.32 on volume of 7.26m shares;
  • Rubicon Limited (RBC), +NZ$0.02 (1.9%) to NZ$1.07 on volume of 90,000 shares;
  • Trustpower  (TPW), +NZ$0.10 (1.69%) to NZ$6.00 on volume of 59,000 shares;
  • AMP Limited  (AMP), +NZ$0.11 (1.59%) to NZ$7.05 on volume of 19,000 shares; and
  • Baycorp Advantage (BCA), +NZ$0.05 (1.56%) to NZ$3.25 on volume of 35,000 shares.

Like Japan and New Zealand, Hong Kong's Hang Seng index opened with a gap up. Like Japan, it set its high (14215.48  in the first few minutes of trade, and then softened, dropping as low as 14127.01 at the middle of the morning session. By the start of the lunch break it was showing an advance of just 4.56 points (0.03%) at 14161.8 points. The index hit a high of during the session, and fell to 14127.01points during the session.

Within the Hang Seng, 9 index components rose, while 12 stocks fell. Volume in the gainers in Hong Kong's big-cap index totalled 40million units, and total volume traded in losers was 20million shares. Individual stocks that contributed to the advance included...

  • Wheelock (0020), +HK$0.30 (2.42%) to HK$12.70 on volume of 2.21m shares;
  • Yue Yuen Industrials (0551), +HK$0.35 (1.48%) to HK$23.95 on volume of 784,000 shares;
  • Swire Pacific A (0019), +HK$0.75 (1.07%) to HK$70.80 on volume of 1.14m shares;
  • Hutchison (0013), +HK$0.55 (0.77%) to HK$71.95 on volume of 13.69m shares;
  • Cheung Kong (0001), +HK$0.40 (0.53%) to HK$75.45 on volume of 5.17m shares; and
  • MTR Corporation (0066), +HK$0.05 (0.34%) to HK$14.75 on volume of 2.4m shares.
Regional Indices
New ZealandNZSE503307.67315.630.47%30.24m
JapanNikkei 22511692.1417.350.15%0
SingaporeStraits Times2238.61-2.58-0.12%0
Hong KongHang Seng14161.84.560.03%135.98m
MalaysiaKLSE Comp916.47.080.78%0