Interdum stultus opportuna loquitur...

Monday, August 15, 2005

OzRant: It Can't Happen Here...

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Can the devil speak true? Did the market actually fail to advance? Good God. Next thing you know, Duncan's horses will be eating each other, or Banquo's ghost will stroll through Parliament.

But enough oblique references to the Scottish play... I want to have a whine about the impending loss of freedom of expression.

One of my favourite German folk songs is "Die Gedanke Sind Frei" - "Thoughts are Free". If you're wondering why a 40-year-old would actually have a favourite German folk song - just take it as read for the moment.

Sadly, we are fast approaching a situation where Die Gedanke Sind Nicht Frei - Phony B.Liar and George the Turd PUS are fast undoing all of the social progress that has happened since the Magna Carta, and amongst their malificences is something that was spawned in the Malebolges. It seems that Phony thinks that he can deport anyone who posits that "terrorists" (i.e., freedom fighters, national liberationists, and so on) have a genuine grievance. And of course George the Turd thinks that he can imprison anyone without trial, for as long as he cares to.

Do you recall when Phony's arse-of-choice (tongue-wise) was Slick Willie? When Phony was part of the global "Third Way" movement - all peace, light, and hardly bombing anyone ever? If there was ever a signal lesson as to the pure grubbiness and expediency of Phony B.Liar, his recent political whoring to George the Turd PUS is the case in point. I always maintained that the Third Way was just as wrong as the Left Way, only it was undertaken with more fanfare. I am so glad that Phony has taken an absolute towelling on his £3.5 million house (he is underwater £750k already, and is going backwards at £5k a month).

But back to the fact that thinking (outside government-approved limits) is a crime. This is a creeping nastiness peculiar to the Left - from Stalin's purges and 'correct line' doctrine, through to the Neo-Soviet "Hate speech' legislation that makes some parts of history completely closed to any question (especially the unpleasantness in Western Europe under the Third Reich). A wise man once said that the truth does not need legislation to prevent dissent; truth 'outs' naturally. Only a lie needs a law to back it.

And for those who think that Howard the Chimp would not try and foist the same insane policies in this country, all I say is: WAIT AND SEE. Next time Howard the Chimp raises his face from George the Turd's bumcheeks, you can bet your sweet bippy that he intends to ram through the same sort of fascist tripe. 

The sheeple will not object - the "Good German" in them will kick in and they will go about their business, hand over their papers on demand, and continue to attend the silly little celebrations of past carnage that glorify the State. "If you haf dun nussink wrong, you haff nussink to fear, nicht wahr?"

"They will not alter our way of life"... what a crock of shit that turned out to be: if our way of life includes shoot-to-kill, correct-line ideological speech, warrantless searches, the presumption of guilt, absence of due process... how the fuck is that worth even bothering to defend?

How long will it be until western "democratic" governments attempt to control the Internet?  I think the time remaining before they try will be measured in months, not years.

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - fell by 6.30 points (-0.14%), finishing at 4425.50 points. The index dipped early to its low at 4417.4 (which coincided with the XJO touching 4450), and the XJO-inspired bounce dragged the XAO up with it to an intraday high of 4440.30 (at which point the XJO touched 4475).

Total volume traded on the ASX was a solid 1.04 billion units, 3.0% below its 10-day average. Of the 483 stocks in the All Ords, 187 rose while 167 fell. Volume was tilted in favour of the gainers by a margin of 1.2:1, with 236.04million shares traded in gainers while 190.03million 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) - fell by 9.70 points (-0.22%), finishing at 4459.50 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 9.20 points (-0.38%), finishing at 2387.30 points. Within the index members, there were 11 that rose, and 9 losers. Total volume in rising issues within the ASX20 amounted to 96.96 while volume in the losers totalled 42.71m units.

The major winners in the "big guns" were -

  • Foster's Group (FGL), +$0.110 (1.98%) to $5.670 on volume of 9.9m shares;
  • Telstra Corporation (TLS), +$0.070 (1.48%) to $4.810 on volume of 48.01m shares;
  • Woodside Petroleum (WPL), +$0.460 (1.39%) to $33.600 on volume of 1.38m shares;
  • Amcor (AMC), +$0.060 (0.86%) to $7.060 on volume of 4.9m shares; and
  • Woolworths (WOW), +$0.100 (0.61%) to $16.440 on volume of 1.78m shares.

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

  • Commonwealth Bank Of Australia (CBA), -$1.43 (3.74%) to $36.85 on volume of 17.43m shares;
  • Wesfarmers (WES), -$1.22 (2.94%) to $40.34 on volume of 2.79m shares; and
  • Alumina (AWC), -$0.11 (1.77%) to $6.12 on volume of 2.69m shares; and
  • Australia And New Zealand Banking Group (ANZ), -$0.18 (0.81%) to $21.97 on volume of 6.09m shares; and
  • St George Bank (SGB), -$0.21 (0.79%) to $26.45 on volume of 317,000 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 9.70 points (0.38%), finishing at 2529.60 points. The major winners in the "pop-guns" were -

  • Petsec Energy (PSA), +$0.125 (8.93%) to $1.525 on volume of 1.2m shares;
  • Psivida (PSD), +$0.070 (8%) to $0.945 on volume of 1.06m shares; and
  • Western Areas (WSA), +$0.120 (6.22%) to $2.050 on volume of 1.17m shares; and
  • Roc Oil Company (ROC), +$0.150 (6%) to $2.650 on volume of 1.1m shares; and
  • Mincor Resources (MCR), +$0.045 (5.96%) to $0.800 on volume of 2.67m shares.

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

  • Multiemedia (MUL), -$0.001 (4.35%) to $0.022 on volume of 8.72m shares;
  • Progen Industries (PGL), -$0.100 (3.51%) to $2.750 on volume of 23,000 shares; and
  • PMP (PMP), -$0.050 (3.5%) to $1.380 on volume of 6.09m shares; and
  • Oceana Gold (OGD), -$0.020 (3.45%) to $0.560 on volume of 867,000 shares; and
  • GRD (GRD), -$0.070 (3.26%) to $2.080 on volume of 469,000 shares.
Index Changes
XAOAll Ordinaries4425.5-6.3-0.14%560.55m
XTLS&P/ASX 202387.3-9.2-0.38%139.67m
XFLS&P/ASX 504386.8-14.3-0.32%211.28m
XTOS&P/ASX 1003618.2-9.6-0.26%311.44m
XJOS&P/ASX 2004459.5-9.7-0.22%412.2m
XKOS&P/ASX 3004453.5-9.2-0.21%0
XMDS&P/ASX Mid-Cap 504339.13.10.07%0
XSOS&P/ASX Small Ordinaries2529.69.70.38%159.38m

All Ordinaries Market Internals

Market Breadth
Advancing Volume96.96m156.99m190.7m236.0452.48569.34
Declining Volume42.71m128.76m167.07m190.0353.49344.13

S&P/ASX200 GICS Sector Indices

The top sector for the day was XTJ Telecommunications which gained 1.33% to 1724.00 points thanks to a bounce in Telstra (although the other stock in the sector also rose) - 

  • Telstra Corporation (TLS), +$0.070 (1.48%) to $4.810 on volume of 48.01m shares; and
  • Telecom Corporation Of New Zealand (TEL), +$0.030 (0.53%) to $5.640 on volume of 1.63m shares.

Second in the sector leadership stakes was XSJ Consumer Staples which gained 0.69% to 5813.70 points. The sector leaders were -

  • Foster's Group (FGL), +$0.110 (1.98%) to $5.670 on volume of 9.9m shares;
  • Futuris Corporation (FCL), +$0.040 (1.87%) to $2.180 on volume of 2.6m shares;
  • Ridley Corporation (RIC), +$0.020 (1.38%) to $1.470 on volume of 133,000 shares;
  • Mcguigan Simeon Wines (MGW), +$0.030 (0.77%) to $3.930 on volume of 154,000 shares; and
  • Lion Nathan (LNN), +$0.050 (0.67%) to $7.500 on volume of 746,000 shares.

The bronze today went to XUJ Utilities which gained 0.58% to 5016.00 points. The sector was led by

  • Gasnet Australia Group (GAS), +$0.060 (2.31%) to $2.660 on volume of 163,000 shares;
  • Alinta (ALN), +$0.130 (1.31%) to $10.040 on volume of 387,000 shares;
  • Energy Developments (ENE), +$0.050 (1.18%) to $4.270 on volume of 171,000 shares;
  • Australian Pipeline Trust (APA), +$0.040 (1.08%) to $3.730 on volume of 148,000 shares; and
  • Australian Gas Light Company (AGL), +$0.060 (0.42%) to $14.310 on volume of 732,000 shares.

The worst-performed sector today was XXJ ASX200 Financials ex Property Trusts which lost 0.85% to 5255.00 points. The sector was dragged lower by

  • Commonwealth Bank Of Australia (CBA), -$1.430 (3.74%) to $36.850 on volume of 17.43m shares;
  • Promina Group (PMN), -$0.080 (1.55%) to $5.070 on volume of 2.71m shares;
  • Axa Asia Pacific Holdings (AXA), -$0.070 (1.51%) to $4.570 on volume of 912,000 shares;
  • Record Investments (RCD), -$0.090 (1.39%) to $6.380 on volume of 1.02m shares; and
  • IOOF Holdings (IFL), -$0.100 (1.33%) to $7.400 on volume of 120,000 shares.

Just in front of last place on the sector table was XFJ Financials which lost 0.76% to 5156.50 points. Same story as Financials Ex Plopperty Trusts... Commonwealth Bank.

  • Commonwealth Bank Of Australia (CBA), -$1.430 (3.74%) to $36.850 on volume of 17.43m shares;
  • Promina Group (PMN), -$0.080 (1.55%) to $5.070 on volume of 2.71m shares;
  • Axa Asia Pacific Holdings (AXA), -$0.070 (1.51%) to $4.570 on volume of 912,000 shares;
  • Stockland (SGP), -$0.090 (1.48%) to $5.980 on volume of 2.29m shares; and
  • Record Investments (RCD), -$0.090 (1.39%) to $6.380 on volume of 1.02m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XSJConsumer Staples5813.739.70.69%35.61m
XIJInformation Technology420.80.20.05%5.47m
XDJConsumer Discretionary2331.30.80.03%21.66m
XPJProperty Trusts1837.6-8.4-0.46%46.26m
XXJASX200 Financials ex Property Trusts5255-45.1-0.85%57.09m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.810.071.48%48.01m
CBACommonwealth Bank Of Australia36.85-1.43-3.74%17.43m
BHPBHP Billiton21.160.110.52%15.95m
MOSMosaic Oil0.2300%13.32m
LHGLihir Gold1.470.010.34%13.04m

All Ords Percentage Gainers
BTABiota Holdings0.770.1217.69%11.03m
PSAPetsec Energy1.530.138.93%1.2m
ALKAlkane Exploration0.190.028.82%586100
WSAWestern Areas2.050.126.22%1.17m

All Ords Percentage Decliners
TGRTassal Group0.91-0.05-4.71%99900
CBACommonwealth Bank Of Australia36.85-1.43-3.74%17.43m
PGLProgen Industries2.75-0.1-3.51%23200

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503338.046-1.95-0.06%20.91m
JapanNikkei 22512256.55-5.13-0.04%0
SingaporeStraits Times2272.58-30.62-1.33%0
Hong KongHang Seng15407.07-43.88-0.28%144.07m
MalaysiaKLSE Comp930.92-6.12-0.65%0