Interdum stultus opportuna loquitur...

Thursday, August 11, 2005

OzRant: A Cloud of Dust, and a Mighty...

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

W ith the thundering of hooves, you only have to visualise half-pissed secretaries and louts in rented tuxedos and it's like Oaks Day; you can almost hear the nasal, whiny voices...

Of course the overwhelming bulk of punters are backing the favourite (i.e., that this market will continue its straight-line advance) and the bulk of the money is being plonked down by people who couldn't tell the biting end of a horse from the shitting end (or an MACD from a balance sheet).

Still, this is an important period; it's like late 99 early 00, when everybody was convinced that things could only get better for stocks-now-past like DavNet. Th rush onf money to the upside creates the conditions - when coupled with leverage - that will generate traction that helps transfer all that money to smart hands. Again - just like the racetrack, where smart gamblers "buy value" rather than what's hot. (And just like the racetrack, the game is a dirty one run by absolute scoundrels - which is why it's so natural for stockbrokers to wind up in horse syndicates).

Plus, the housing market has stalled. Big time.

So let's have a hearty 'Hi Ho Silver' as everybody celebrates today's reason for the charge - which will be put down, Oh, I dunno... to that absolutely piddling increase in employment released at 11:30 a.m., or to the feeble growth in wages. "That will stay the hand of the RBA" may be the mantra.

Still, good economic numbers here don't help explain why Hongkers and Tokyo are also going parabolic.

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - rose by 39.50 points (0.90%), finishing at 4424.30 points. After setting its low in the frst five minutes of trade at 4384.8, the index put on a spurt to hit 4417 after half an hour; from there it took 4 hours to move the remaining 3 points between there and 4420. Another hour later the markethit its intraday high with the XAO at 4425.30 points.

Total volume traded on the ASX was a very solid 1.26 billion units, 21.5% above its 10-day average. Of the 483 stocks in the index, 261 rose while 117 fell. Volume was tilted in favour of the gainers by a margin of 1.5:1, with 419.31 million shares traded in gainers while 281.16million 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 (XJO) - rose by 35.00 points (0.79%), finishing at 4460.60 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 16.50 points (0.69%), finishing at 2393.10 points. Within the index members, there were 17 that rose, and just 3 losers. Total volume in rising issues within the ASX20 amounted to 85.76 while volume in the losers totalled 145.05m units.

The major winners in the "big guns" were -

  • Woodside Petroleum (WPL), +$1.040 (3.23%) to $33.240 on volume of 2.44m shares;
  • News Corporation (NWSLV), +$0.610 (2.86%) to $21.950 on volume of 3.47m shares;
  • News Corporation (NWS), +$0.530 (2.33%) to $23.310 on volume of 5.9m shares;
  • Alumina (AWC), +$0.120 (2%) to $6.130 on volume of 7.01m shares; and
  • Rio Tinto (RIO), +$0.880 (1.71%) to $52.300 on volume of 5.54m shares.

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

  • Telstra Corporation (TLS), -$0.14 (2.81%) to $4.85 on volume of 132.94m shares;
  • Commonwealth Bank Of Australia (CBA), -$0.15 (0.39%) to $38.50 on volume of 10.66m shares; and
  • Amcor (AMC), -$0.01 (0.14%) to $7.06 on volume of 1.45m 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 - rose by 23.60 points (0.95%), finishing at 2517.70 points. The major winners in the "pop-guns" were -

  • Perseverance Corporation (PSV), +$0.030 (10%) to $0.330 on volume of 3.1m shares;
  • Arc Energy (ARQ), +$0.150 (7.69%) to $2.100 on volume of 2.85m shares; and
  • Excel Coal (EXL), +$0.550 (7.19%) to $8.200 on volume of 1.89m shares; and
  • Genetic Technologies (GTG), +$0.025 (6.17%) to $0.430 on volume of 308,000 shares; and
  • Beach Petroleum (BPT), +$0.045 (6.16%) to $0.775 on volume of 3.94m shares.

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

  • Virotec International (VTI), -$0.055 (6.51%) to $0.790 on volume of 403,000 shares;
  • PMP (PMP), -$0.070 (4.55%) to $1.470 on volume of 7.92m shares; and
  • Multiemedia (MUL), -$0.001 (4.55%) to $0.021 on volume of 14.81m shares; and
  • Technology One (TNE), -$0.025 (4.07%) to $0.590 on volume of 669,000 shares; and
  • Brazin (BRZ), -$0.070 (3.85%) to $1.750 on volume of 38,000 shares.
Index Changes
XAOAll Ordinaries4424.339.50.9%796.84m
XTLS&P/ASX 202393.116.50.69%230.81m
XFLS&P/ASX 504388.635.20.81%366.49m
XTOS&P/ASX 100362027.80.77%533.94m
XJOS&P/ASX 2004460.6350.79%662.71m
XKOS&P/ASX 3004453.634.90.79%0
XMDS&P/ASX Mid-Cap 504343.224.70.57%0
XSOS&P/ASX Small Ordinaries2517.723.60.95%198.66m

All Ordinaries Market Internals


Market Breadth
Advancing Volume85.76m297.82m353.45m419.31101.74681.07
Declining Volume145.05m214.99m253.11m281.1650434.44

S&P/ASX200 GICS Sector Indices

The top sector for the day was XEJ Energy which gained 2.53% to 10349.30 points. The sector was helped by

  • Arc Energy (ARQ), +$0.150 (7.69%) to $2.100 on volume of 2.85m shares;
  • Oil Search (OSH), +$0.120 (3.47%) to $3.580 on volume of 11.18m shares;
  • Woodside Petroleum (WPL), +$1.040 (3.23%) to $33.240 on volume of 2.44m shares;
  • Origin Energy (ORG), +$0.220 (3.05%) to $7.430 on volume of 3.45m shares; and
  • Caltex Australia (CTX), +$0.380 (2.2%) to $17.630 on volume of 770,000 shares.

Second in the sector leadership stakes was XIJ Information Technology which gained 1.39% to 422.50 points. The sector leaders were -

  • Vision Systems (VSL), +$0.025 (2.16%) to $1.185 on volume of 59,000 shares;
  • Computershare (CPU), +$0.120 (1.94%) to $6.290 on volume of 2.35m shares;
  • MYOB (MYO), +$0.015 (1.35%) to $1.125 on volume of 604,000 shares;
  • IRESS Market Technology (IRE), +$0.010 (0.22%) to $4.530 on volume of 142,000 shares; and
  • Infomedia Ltd (IFM), -$0.000 (0%) to $0.590 on volume of 304,000 shares.

The bronze today went toXMJ Materials which gained 1.35% to 8185.50 points. The sector was led by

  • Excel Coal (EXL), +$0.550 (7.19%) to $8.200 on volume of 1.89m shares;
  • Portman (PMM), +$0.130 (3.29%) to $4.080 on volume of 49,000 shares;
  • Centennial Coal Company (CEY), +$0.170 (3.22%) to $5.450 on volume of 1.83m shares;
  • Adelaide Brighton (ABC), +$0.060 (2.97%) to $2.080 on volume of 402,000 shares; and
  • Lion Selection Group (LSG), +$0.050 (2.86%) to $1.800 on volume of 201,000 shares.

The worst-performed sector today was XTJ Telecommunications which lost 2.49% to 1732.10 points. The sector was dragged lower by

  • Telstra Corporation (TLS), -$0.140 (2.81%) to $4.850 on volume of 132.94m shares; and
  • Telecom Corporation Of New Zealand (TEL), -$0.040 (0.71%) to $5.560 on volume of 8.89m shares.

Just in front of last place on the sector table was XUJ Utilities which gained 0.40% to 4981.60 points. The sector was aided by

  • Australian Pipeline Trust (APA), +$0.050 (1.37%) to $3.700 on volume of 84,000 shares;
  • Alinta (ALN), +$0.080 (0.81%) to $9.900 on volume of 352,000 shares;
  • Diversified Utility And Energy Trusts (DUE), +$0.020 (0.78%) to $2.600 on volume of 934,000 shares;
  • Gasnet Australia Group (GAS), +$0.020 (0.77%) to $2.610 on volume of 130,000 shares; and
  • Envestra (ENV), +$0.005 (0.44%) to $1.150 on volume of 200,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology422.55.81.39%5.13m
XDJConsumer Discretionary233326.41.14%44.06m
XSJConsumer Staples5744.245.80.8%40.51m
XXJASX200 Financials ex Property Trusts529138.90.74%72.22m
XPJProperty Trusts1859.57.50.4%138.09m

All Ordinaries Major Movers


All Ords Volume Leaders
TLSTelstra Corporation4.85-0.14-2.81%132.94m
BHPBHP Billiton20.740.291.42%20.57m
CPACommonwealth Property Office Fund1.360.031.87%18.18m
MDTMacquarie Ddr Trust1.210.021.69%11.21m
OSHOil Search3.580.123.47%11.18m


All Ords Percentage Gainers
BTABiota Holdings0.610.0916.35%7.14m
UNWUnwired Group0.530.0510.42%3.74m
PSVPerseverance Corporation0.330.0310%3.1m
ARQArc Energy2.10.157.69%2.85m
EXLExcel Coal8.20.557.19%1.89m


All Ords Percentage Decliners
AATAutron Corporation0.14-0.02-9.68%853545
VTIVirotec International0.79-0.06-6.51%402520
PNAPan Australian Resources0.22-0.02-6.38%7.06m
CLTCellnet Group1.32-0.07-5.04%58340

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503330.4196.120.18%39.21m
JapanNikkei 22512263.32165.241.37%0
SingaporeStraits Times2318.4-20.09-0.86%0
Hong KongHang Seng15439.0392.620.6%351.73m
MalaysiaKLSE Comp937.45-2.03-0.22%0