Interdum stultus opportuna loquitur...

Wednesday, August 10, 2005

OzRant: Like the Duracell Bunny...

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

When will the last ticketholder get on the bus? It appears that someone has passed legislation requiring that the market be re-priced upwards every day. I've checked on AustLii, but I'm buggered if I can find it ('buggered' is a charting term).

Not to worry - it's running out of steam. I just want a noce pullback so that I can crack the 'shampers' (I've deliberately misspelt it so that it reads like it sounds) on the SS RantFolio. There's no way I'm launching them at a swing high - that's for sure: outperforming a negative number might be easy, but it's thankless (and boring, frankly).

Once I get all my daily data converted over to weekly (and monthly) I will start sticking up some charts about how mindlessly averbought this marlet is - and then we will see if we can't time the reversal.The weekly's the key - and it's overbought - and soon we'll have a 'hit and giggle' at the SPI. Just for laughs. Maybe the Nikkei too, since it's back in kamikaze mode (it's above 12000 now - it almost closed above 12100 today).

I'm scambling trying to learn how to use my nifty new Java watchlist applet (the only component that I've bought rather than built) - more especially, I'm trying to learn how to take the datastream that feeds it, and stickytape the numbers into my intraday database on a continuously-updating basis. I know it can be done, but I refuse to ask anyone how.

The upside, if I get it to work: it will give me a 'streaming' (but delayed) feed. It's a start, on the dynamic side. Anyhow, you only need hourly data to time the Oz market, coz they're a bit slow, the 'Strayans... probably comes from being descended from London's dregs... 1700's human dregs were about as shoddy as you could get - I'm surprised that everyone here doesn't have hereditary scrofula.

I trust that it's not necessary to insert 'emoticons' when I get puckish; I like almost everything about Australia. I would replace its politicians with half-eaten dolmades, and would send 75% of its bureaucracy straight to hell, but the broader Australian society is almost as good as it gets (even the bits that listened to Uncanny X-Men in the 1980s).

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - rose by 10.30 points (0.24%), finishing at 4384.80 points. Another couple of days like that and the XAO will have reached its own version of The 4400.

The index certainly didn't have a 'coast to coast' day though - after an early rise it stalled at 4380 (coinciding with 4425 on the ASX200) and at 2 p.m. it was down about 9 points (at4366.7) . Then someone leant on their keyboard and the thing took off, rising to close at its session high (4384.80).

There was no data that I know of at 2 p.m. - there was an Income and Housing survey out at 11:30, and a report that showed that there is no 'man drought' in the Northern Territory, with 111 males for every female. Oops.. it's 111 males for every 100 females (broadly defined). I am no longer amazed at the things we bother counting (using taxpayers' money). I wonder how many left handed lesbian lawnmower mechanics there are in Moe? Doubtless the ABS will know.

Total volume traded on the ASX was a tad over 1 billion units, 1.7% above its 10-day average. Of the 483 stocks in the All Ords index, 195 rose while 157 fell. Volume was tilted in favour of the gainers by a margin of 1.9:1, with 367.14 million shares traded in gainers while 193.51 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 (XJO) - rose by 7.80 points (0.18%), finishing at 4425.60 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 3.60 points (-0.15%), finishing at 2376.60 points. Within the index members, there were 8 that rose, and 11 losers. Total volume in rising issues within the ASX20 amounted to 44.77 while volume in the losers totalled 74.79m units.

The major winners in the "big guns" were -

  • Westfield Group (WDC), +$0.270 (1.56%) to $17.600 on volume of 5.5m shares;
  • Wesfarmers (WES), +$0.630 (1.55%) to $41.360 on volume of 1.36m shares;
  • News Corporation (NWSLV), +$0.310 (1.47%) to $21.340 on volume of 1.92m shares;
  • News Corporation (NWS), +$0.330 (1.47%) to $22.780 on volume of 2.24m shares; and
  • Australia And New Zealand Banking Group (ANZ), +$0.150 (0.69%) to $21.760 on volume of 10.83m shares.

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

  • Woodside Petroleum (WPL), -$1.20 (3.59%) to $32.20 on volume of 3.93m shares;
  • Commonwealth Bank Of Australia (CBA), -$0.83 (2.1%) to $38.65 on volume of 11.67m shares; and
  • Rio Tinto (RIO), -$0.67 (1.29%) to $51.42 on volume of 12.58m shares; and
  • Foster's Group (FGL), -$0.06 (1.11%) to $5.34 on volume of 6.2m shares; and
  • St George Bank (SGB), -$0.14 (0.53%) to $26.33 on volume of 610,000 shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index (XSO) rose by 6.60 points (0.27%), finishing at 2494.10 points. The major winners in the "pop-guns" were -

  • Tap Oil (TAP), +$0.150 (5%) to $3.150 on volume of 1.06m shares;
  • Norwood Abbey (NAL), +$0.015 (4.69%) to $0.335 on volume of 195,000 shares; and
  • Consolidated Minerals (CSM), +$0.190 (4.62%) to $4.300 on volume of 1.68m shares; and
  • Centennial Coal Company (CEY), +$0.230 (4.55%) to $5.280 on volume of 2.26m shares; and
  • Sirtex Medical (SRX), +$0.070 (4.05%) to $1.800 on volume of 16,000 shares.

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

  • Lynas Corporation (LYC), -$0.015 (8.82%) to $0.155 on volume of 50,000 shares;
  • Progen Industries (PGL), -$0.170 (5.69%) to $2.820 on volume of 82,000 shares; and
  • Genetic Technologies (GTG), -$0.020 (4.71%) to $0.405 on volume of 430,000 shares; and
  • Multiemedia (MUL), -$0.001 (4.35%) to $0.022 on volume of 30.6m shares; and
  • Agenix (AGX), -$0.015 (3.95%) to $0.365 on volume of 718,000 shares.
Index Changes
XAOAll Ordinaries4384.810.30.24%667.28m
XTLS&P/ASX 202376.6-3.6-0.15%122.2m
XFLS&P/ASX 504353.42.10.05%220.12m
XTOS&P/ASX 1003592.260.17%397.28m
XJOS&P/ASX 2004425.67.80.18%535m
XKOS&P/ASX 3004418.77.80.18%0
XMDS&P/ASX Mid-Cap 504318.536.90.86%0
XSOS&P/ASX Small Ordinaries2494.16.60.27%212.04m

All Ordinaries Market Internals

Market Breadth

Advancing Volume44.77m255.63m319.58m367.1486.7537.25
Declining Volume74.79m114.41m153.82m193.5178.42337.64

S&P/ASX200 GICS Sector Indices

The top sector for the day was XPJ Property Trusts which gained 1.39% to 1852.00 points. The sector was helped by

  • Investa Property Group (IPG), +$0.050 (2.51%) to $2.040 on volume of 6.41m shares;
  • Centro Properties Group (CNP), +$0.130 (2.26%) to $5.890 on volume of 2.94m shares;
  • Stockland (SGP), +$0.100 (1.69%) to $6.030 on volume of 4.84m shares;
  • General Property Trust (GPT), +$0.060 (1.62%) to $3.770 on volume of 9.38m shares; and
  • Bunnings Warehouse Property Trust (BWP), +$0.030 (1.6%) to $1.900 on volume of 1.33m shares.

Second in the sector leadership stakes was XDJ Consumer Discretionary which gained 1.12% to 2306.60 points. The sector leaders were -

  • Aristocrat Leisure (ALL), +$0.600 (4.65%) to $13.500 on volume of 1.59m shares;
  • Miller's Retail (MRL), +$0.015 (1.95%) to $0.785 on volume of 368,000 shares;
  • Just Group (JST), +$0.040 (1.91%) to $2.130 on volume of 1.82m shares;
  • Jb Hi-Fi (JBH), +$0.060 (1.73%) to $3.530 on volume of 209,000 shares; and
  • News Corporation (NWSLV), +$0.310 (1.47%) to $21.340 on volume of 1.92m shares.

The bronze today went toXHJ Healthcare which gained 0.53% to 5360.50 points. The sector was led by

  • Mayne Group (MAY), +$0.150 (3.12%) to $4.960 on volume of 3.01m shares;
  • Resmed Inc (RMD), +$0.190 (2.28%) to $8.510 on volume of 463,000 shares;
  • Sonic Healthcare (SHL), +$0.150 (1.16%) to $13.050 on volume of 440,000 shares;
  • Invocare (IVC), +$0.020 (0.47%) to $4.270 on volume of 564,000 shares; and
  • CSL (CSL), +$0.160 (0.46%) to $34.670 on volume of 549,000 shares.

The worst-performed sector today was XEJ Energy which lost 1.48% to 10094.20 points. The sector was dragged lower by

  • Woodside Petroleum (WPL), -$1.200 (3.59%) to $32.200 on volume of 3.93m shares;
  • Caltex Australia (CTX), -$0.460 (2.6%) to $17.250 on volume of 745,000 shares;
  • Roc Oil Company (ROC), -$0.030 (1.23%) to $2.410 on volume of 603,000 shares;
  • Origin Energy (ORG), -$0.070 (0.96%) to $7.210 on volume of 2m shares; and
  • Santos (STO), -$0.100 (0.88%) to $11.280 on volume of 1.56m shares.

Just in front of last place on the sector table was XXJ ASX200 Financials ex Property Trusts which lost 0.28% to 5252.10 points - thanks largely to CommBank's crap result (actually it wasn't a bad result - if you want to see genuinely shit-awful results, wait until all those EquityMate HELOC loans start going sour). The sector was pulled down by

  • SFE Corporation (SFE), -$0.240 (2.15%) to $10.910 on volume of 621,000 shares;
  • Commonwealth Bank Of Australia (CBA), -$0.830 (2.1%) to $38.650 on volume of 11.67m shares;
  • Tower (TWR), -$0.025 (1.31%) to $1.885 on volume of 255,000 shares;
  • IOOF Holdings (IFL), -$0.050 (0.71%) to $6.950 on volume of 30,000 shares; and
  • Adelaide Bank (ADB), -$0.080 (0.67%) to $11.860 on volume of 572,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XPJProperty Trusts185225.31.39%119.1m
XDJConsumer Discretionary2306.625.51.12%47.05m
XIJInformation Technology416.71.10.26%2.62m
XSJConsumer Staples5698.4-5.1-0.09%52.44m
XXJASX200 Financials ex Property Trusts5252.1-14.9-0.28%60.28m

All Ordinaries Major Movers

All Ords Volume Leaders
BHPBHP Billiton20.450.110.54%19.42m
LHGLihir Gold1.390.021.09%16.05m
DRTDB Rreef Trust1.410.010.71%15.24m
TLSTelstra Corporation4.99-0.01-0.2%15.13m
MPRMacquarie Prologis Trust1.150.010.44%14.62m

All Ords Percentage Gainers
ERAEnergy Resources Of Australia17.21.16.83%35469
PNAPan Australian Resources0.240.026.82%10.91m
TAPTap Oil3.150.155%1.06m
AUNAustar United Communications1.220.064.74%634208

All Ords Percentage Decliners
CMKCumnock Coal0.68-0.09-11.69%80800
PGLProgen Industries2.82-0.17-5.69%82350
GTGGenetic Technologies0.41-0.02-4.71%429500

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503324.301-15.4-0.46%30.99m
JapanNikkei 22512098.08197.761.66%0
SingaporeStraits Times2338.54-9.67-0.41%0
Hong KongHang Seng15125.9978.150.52%211.49m
MalaysiaKLSE Comp940.58-4.36-0.46%0