Interdum stultus opportuna loquitur...

Tuesday, August 23, 2005

OzRant: A Claytons' Pullback...

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

Does the ASX even aspire to be taken seriously as a regulator of capital markets in Australia? It is perhaps satisfied with being the brokers' bitch, and simply lyng back and accepting the transaction fees (and listing fees from companies)?

I only ask because the degree of information provided by large companies is getting worse as time passes. Dual-listed companies (mention no names, but their stock code is BHP) simply don't bother providing $A financials anymore- they just e-mail in the usual 90 pages of marketing bullshit and ten pages of US Dollar financials at the back. If you added up the space in the PDF files dedicated to bloody photographs and god-awful marketing slogans, it would dwarf the amount of space devoted to the Financial Statements.

All of the majors with primary offshore listings are about the same -  they clearly think that their obligation to the suckers who hold their $A-listed securities extends as far as reproducing the offshore document and sending it in without scrawling 

"Hey there, Antipodean sub-investors; we couldn't be bothered having a secretary do the conversion to $A, so too fucking bad... love, BHP (remember us? We were "The Big Australian" when it suited us)".

But the effect is the same - they are sticking the middle finger up at domestic investors, sending in documents that are not conformable with the currency in which their share price is traded in this country.

The answer is straighforward: delist the fuckers until they provide financial statements that are in the same form as every other bugger: and no 100-pages-of-bullshit at the front, either. But to do that, the ASX would have to grow a pair of balls - which is about as likely as a ham-sandwich-tasting competition at Mount Scopus College.

You might say'.. "But you can just convert the numbers to USD using the AUD/USD at balance date" - which is true (for some things), but irrelevant. It's like saying "Anita Cobby should have stayed indoors".

Now NAB - there's a good set of financials (and not in IMAGE-PDF either). Sure, there's the usual 100 pages of complete wank at the front, but in these days when everything is a marketing exercise, that's unavoidable. Every company has its layer of overpaid bullshit artists half-way up the management tree - folks like the ones at AXA who generated the "Be Life Confident" 'slogan' that sounds like it was translated from Indonesian by a German, after being translated into Indonesian from Hebrew by a Frenchman using an amateur Indonesian porn site translation engine. Still, at least they provide high-quality financials.

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - fell by 11.10 points (-0.25%), finishing at 4451.60 points (4450-ish). The index hit an intraday high of 4465.90, set in the five minutes following the open, and from there it was an intermittent waft downward to close within a bee's thingy of the intraday low (4449.8... i.e., 4450-ish).

Total volume traded on the ASX was solid again, at 1.04 billion units - that's pretty much in line with its 10-day average (0.8% above, for those playing at home). 

Of the 483 stocks in the index, 200 fell while 165 managed a gain. Volume was tilted in favour of the losers by a margin of 2.0:1, with 355.65million shares traded in losers while 174.34million shares traded in the day's gainers ..

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 (XJO) - fell by 14.40 points (-0.32%), finishing at 4484.90 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 12.30 points (-0.51%), finishing at 2391.00 points. Within the index members, there were 5 that rose, and 14 losers. Total volume in rising issues within the ASX20 amounted to 52.93 while volume in the losers totalled 59.64m units.

The major winners in the "big guns" were -

  • Coles Myer Ltd (CML), +$0.140 (1.45%) to $9.780 on volume of 4.72m shares;
  • Telstra Corporation (TLS), +$0.030 (0.63%) to $4.760 on volume of 32.83m shares;
  • News Corporation (NWS), +$0.130 (0.56%) to $23.220 on volume of 1.41m shares;
  • Wesfarmers (WES), +$0.200 (0.51%) to $39.800 on volume of 501,000 shares; and
  • AMP Limited (AMP), +$0.010 (0.14%) to $7.330 on volume of 13.46m shares.

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

  • QBE Insurance Group (QBE), -$0.40 (2.26%) to $17.32 on volume of 4.53m shares;
  • Westpac Banking Corporation (WBC), -$0.23 (1.15%) to $19.80 on volume of 4.32m shares; and
  • Westfield Group (WDC), -$0.20 (1.14%) to $17.37 on volume of 3.6m shares; and
  • Australia And New Zealand Banking Group (ANZ), -$0.22 (0.99%) to $21.92 on volume of 7.94m shares; and
  • Alumina (AWC), -$0.06 (0.98%) to $6.05 on volume of 1.93m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index (XSO) - the only place where underexploited value exists with any regularity - fell by 6.80 points (-0.27%), finishing at 2549.90 points. The major winners in the "pop-guns" were -

  • Lynas Corporation (LYC), +$0.015 (10%) to $0.165 on volume of 4.43m shares;
  • Petsec Energy (PSA), +$0.070 (4.46%) to $1.640 on volume of 451,000 shares; and
  • Seven Network (SEV), +$0.330 (4.08%) to $8.410 on volume of 441,000 shares; and
  • Brazin (BRZ), +$0.070 (4.05%) to $1.800 on volume of 44,000 shares; and
  • Peptech (PTD), +$0.055 (3.9%) to $1.465 on volume of 493,000 shares.

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

  • Sirtex Medical (SRX), -$0.250 (10.64%) to $2.100 on volume of 191,000 shares;
  • Capral Aluminium (CAA), -$0.150 (8.82%) to $1.550 on volume of 1.13m shares; and
  • Infomedia Ltd (IFM), -$0.050 (8.62%) to $0.530 on volume of 2.09m shares; and
  • Kingsgate Consolidated (KCN), -$0.250 (7.25%) to $3.200 on volume of 250,000 shares; and
  • Dragon Mining (DRA), -$0.010 (5.13%) to $0.185 on volume of 757,000 shares.
Index Changes
XAOAll Ordinaries4451.6-11.1-0.25%602.52m
XTLS&P/ASX 202391-12.3-0.51%116.31m
XFLS&P/ASX 504388.3-20.3-0.46%229.41m
XTOS&P/ASX 1003637.8-11.9-0.33%379.17m
XJOS&P/ASX 2004484.9-14.4-0.32%445.34m
XKOS&P/ASX 3004478.7-14.4-0.32%0
XMDS&P/ASX Mid-Cap 504489.719.40.43%0
XSOS&P/ASX Small Ordinaries2549.9-6.8-0.27%183.37m

All Ordinaries Market Internals

Market Breadth
Advancing Volume52.93m142.87m154.2m174.3448.19438.43
Declining Volume59.64m208.17m237.99m355.65109.82480.24

S&P/ASX200 GICS Sector Indices

The top sector for the day was XHJ Healthcare which gained 2.03% to 5737.20 points (click on the links for major announcements for each stock). The sector was helped by

  • Sonic Healthcare (SHL), +$1.200 (8.95%) to $14.610 on volume of 1.11m shares;
  • Peptech (PTD), +$0.055 (3.9%) to $1.465 on volume of 493,000 shares;
  • Cochlear (COH), +$1.400 (3.38%) to $42.800 on volume of 386,000 shares;
  • Resmed Inc (RMD), +$0.230 (2.52%) to $9.340 on volume of 334,000 shares; and
  • Ansell (ANN), +$0.230 (2.15%) to $10.930 on volume of 302,000 shares.

Second in the sector leadership stakes was XIJ Information Technology which gained 1.47% to 442.60 points. The sector leaders were -

  • Computershare (CPU), +$0.210 (3.1%) to $6.990 on volume of 2.18m shares;
  • MYOB (MYO), +$0.005 (0.43%) to $1.180 on volume of 236,000 shares;
  • ERG (ERG), -$0.000 (0%) to $0.230 on volume of 2.17m shares;
  • Baycorp Advantage (BCA), -$0.010 (0.26%) to $3.780 on volume of 592,000 shares; and
  • IRESS Market Technology (IRE), -$0.030 (0.68%) to $4.400 on volume of 84,000 shares.

The bronze today went toXUJ Utilities which gained 0.46% to 5197.80 points. The sector was led by

  • Alinta (ALN), +$0.330 (2.93%) to $11.600 on volume of 891,000 shares;
  • Diversified Utility And Energy Trusts (DUE), +$0.010 (0.38%) to $2.670 on volume of 608,000 shares;
  • Pacific Hydro (PHY), -$0.000 (0%) to $5.000 on volume of 0,000 shares;
  • Australian Gas Light Company (AGL), -$0.020 (0.14%) to $14.230 on volume of 623,000 shares; and
  • Envestra (ENV), -$0.005 (0.42%) to $1.180 on volume of 693,000 shares.

The worst-performed sector today was XEJ Energy which lost 0.72% to 10266.80 points. The sector was dragged lower by

  • Tap Oil (TAP), -$0.090 (2.86%) to $3.060 on volume of 558,000 shares;
  • Roc Oil Company (ROC), -$0.060 (2.31%) to $2.540 on volume of 536,000 shares;
  • Hardman Resources (HDR), -$0.050 (2.05%) to $2.390 on volume of 2.46m shares;
  • Arc Energy (ARQ), -$0.040 (1.86%) to $2.110 on volume of 321,000 shares; and
  • Oil Search (OSH), -$0.060 (1.64%) to $3.600 on volume of 10.1m shares.

Just in front of last place on the sector table was XMJ Materials which lost 0.63% to 8236.80 points. The sector was pulled down by

  • Capral Aluminium (CAA), -$0.150 (8.82%) to $1.550 on volume of 1.13m shares;
  • Kingsgate Consolidated (KCN), -$0.250 (7.25%) to $3.200 on volume of 250,000 shares;
  • Bluescope Steel (BSL), -$0.470 (4.66%) to $9.620 on volume of 11.15m shares;
  • Oxiana (OXR), -$0.045 (3.77%) to $1.150 on volume of 16.04m shares; and
  • Portman (PMM), -$0.100 (2.44%) to $4.000 on volume of 40,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology442.66.41.47%7.78m
XDJConsumer Discretionary2343.19.10.39%30.72m
XSJConsumer Staples5796.10.60.01%22.73m
XPJProperty Trusts1849.3-7.9-0.43%53.51m
XXJASX200 Financials ex Property Trusts5294.2-33.4-0.63%77.81m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.760.030.63%32.83m
BHPBHP Billiton21.07-0.15-0.71%20.59m
PRKPatrick Corporation7.25-0.13-1.76%15.28m
IAGInsurance Australia Group5.65-0.07-1.22%14.47m
SGTSingapore Telecommunications2.1-0.02-0.94%14.24m
All Ords Percentage Gainers
CNTCentamin Egypt0.330.0413.79%319446
LYCLynas Corporation0.170.0210%4.43m
SHLSonic Healthcare14.611.28.95%1.11m
MNDMonadelphous Group4.240.246%253458
All Ords Percentage Decliners
SRXSirtex Medical2.1-0.25-10.64%190519
CAACapral Aluminium1.55-0.15-8.82%1.13m
IFMInfomedia Ltd0.53-0.05-8.62%2.09m
KCNKingsgate Consolidated3.2-0.25-7.25%250366
ETWEvans & Tate0.28-0.02-6.78%972873

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503387.4052.710.08%27.34m
JapanNikkei 22512472.9320.420.16%0
SingaporeStraits Times2299.17-1.78-0.08%0
Hong KongHang Seng15213.62-5.01-0.03%129.47m
MalaysiaKLSE Comp927.013.040.33%0