Interdum stultus opportuna loquitur...

Thursday, August 18, 2005

OzRant: Plodding On... Or Trying To...

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

The broad market - the ASX All Ordinaries (XAO) - fell by 19.70 points (-0.44%), finishing at 4410.20 points. The index hit an intraday high of 4430.20 (at the open) and its low was 4401.9 (4400-ish...very -ish). The thing simply could not resist bouncing off 4400-ish... and the obsession with roundish numbers occurred in the first hour when the XJO first tried to test 4450.

It's just another piece of evidence that nobody expects anything bad to happen, ever ever again. Peter Pan syndrome - which is being reinforced by irresponsible hack journalism by the likes of Alan Kohler, who presented a chart of the PE ratio since 2000 as evidence that the market is not overvalued "relative to its long term history". Whackery - but I would expect nothing less from a dingbat journalist whose grasp of finance is shallower than Paris Hilton's grasp of Hegelian dialectic. (Speaking of dingbat journalist types - have you noticed how quiet Paul Clit-hero has become regarding the housing market?).

Total volume traded on the ASX was 930 million units, 12.2% below its recent (rather manic) 10-day average. 

Of the 483 stocks in the index, 221 fell while 157 managed a gain. Volume was tilted in favour of the losers by a margin of 1.8:1, with 316.16million shares traded in losers while 171.20million shares traded in the day's gainers. Not a hugely bearish tilt by any means.

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 (XJO) - fell by 25.00 points (-0.56%), finishing at 4442.90 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 15.20 points (-0.64%), finishing at 2377.00 points. Within the index members, there were 5 that rose, and 14 losers. Total volume in rising issues within the ASX20 amounted to 49.87 while volume in the losers totalled 101.76m units.

The major winners in the "big guns" were -

  • AMP Limited (AMP), +$0.260 (3.7%) to $7.280 on volume of 37.21m shares;
  • News Corporation (NWSLV), +$0.340 (1.56%) to $22.150 on volume of 3.69m shares;
  • News Corporation (NWS), +$0.250 (1.09%) to $23.280 on volume of 3.03m shares;
  • QBE Insurance Group (QBE), +$0.160 (0.93%) to $17.400 on volume of 3.84m shares; and
  • Woolworths (WOW), +$0.140 (0.84%) to $16.840 on volume of 2.1m shares.

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

  • Woodside Petroleum (WPL), -$0.70 (2.17%) to $31.60 on volume of 3.09m shares;
  • Coles Myer Ltd (CML), -$0.13 (1.35%) to $9.50 on volume of 3.31m shares; and
  • BHP Billiton (BHP), -$0.27 (1.31%) to $20.28 on volume of 18.04m shares; and
  • Australia And New Zealand Banking Group (ANZ), -$0.29 (1.29%) to $22.11 on volume of 5m shares; and
  • Amcor (AMC), -$0.09 (1.25%) to $7.12 on volume of 1.83m 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 15.90 points (-0.63%), finishing at 2519.30 points. The major winners in the "pop-guns" were -

  • Miller's Retail (MRL), +$0.060 (7.74%) to $0.835 on volume of 1.06m shares;
  • Macquarie Leisure Trust Group (MLE), +$0.125 (6.27%) to $2.120 on volume of 464,000 shares; and
  • Sirtex Medical (SRX), +$0.120 (5.91%) to $2.150 on volume of 136,000 shares; and
  • SDI (SDI), +$0.045 (5.29%) to $0.895 on volume of 80,000 shares; and
  • Salmat (SLM), +$0.190 (3.88%) to $5.090 on volume of 43,000 shares.

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

  • Macmahon Holdings (MAH), -$0.050 (8.55%) to $0.535 on volume of 3.66m shares;
  • Croesus Mining (CRS), -$0.035 (8.05%) to $0.400 on volume of 3.89m shares; and
  • Agenix (AGX), -$0.025 (7.04%) to $0.330 on volume of 268,000 shares; and
  • Roc Oil Company (ROC), -$0.170 (6.44%) to $2.470 on volume of 1.1m shares; and
  • Tap Oil (TAP), -$0.200 (6.41%) to $2.920 on volume of 1.9m shares.
Index Changes
XAOAll Ordinaries4410.2-19.7-0.44%560.32m
XTLS&P/ASX 202377-15.2-0.64%154.67m
XFLS&P/ASX 504366-26.5-0.6%252.26m
XTOS&P/ASX 1003605.3-20.1-0.55%381.29m
XJOS&P/ASX 2004442.9-25-0.56%461.59m
XKOS&P/ASX 3004437.4-25-0.56%0
XMDS&P/ASX Mid-Cap 504353.3-11.5-0.26%0
XSOS&P/ASX Small Ordinaries2519.3-15.9-0.63%139.99m

All Ordinaries Market Internals

Market Breadth
Advancing Volume49.87m114.32m138.82m171.233.04281.27
Declining Volume101.76m228.75m271.56m316.1683.16503.95

S&P/ASX200 GICS Sector Indices

The top sector for the day was XUJ Utilities which gained 1.48% to 5141.70 points. The sector was helped by

  • Alinta (ALN), +$0.680 (6.56%) to $11.040 on volume of 2.63m shares;
  • Diversified Utility And Energy Trusts (DUE), +$0.050 (1.92%) to $2.650 on volume of 1.51m shares;
  • Gasnet Australia Group (GAS), +$0.050 (1.89%) to $2.700 on volume of 601,000 shares;
  • Envestra (ENV), +$0.015 (1.31%) to $1.160 on volume of 386,000 shares; and
  • Australian Pipeline Trust (APA), +$0.030 (0.8%) to $3.790 on volume of 242,000 shares.

Second in the sector leadership stakes was XDJ Consumer Discretionary which gained 0.28% to 2327.70 points - thanks largely to strength in the New Corpse, which dominates the sector. The sector leaders were -

  • Miller's Retail (MRL), +$0.060 (7.74%) to $0.835 on volume of 1.06m shares;
  • Billabong International (BBG), +$0.420 (3.11%) to $13.920 on volume of 579,000 shares;
  • Aristocrat Leisure (ALL), +$0.210 (1.62%) to $13.200 on volume of 757,000 shares;
  • News Corporation (NWSLV), +$0.340 (1.56%) to $22.150 on volume of 3.69m shares; and
  • News Corporation (NWS), +$0.250 (1.09%) to $23.280 on volume of 3.03m shares.

The bronze today went toXNJ Industrials which gained 0.21% to 5229.90 points. The sector was led by

  • Coates Hire (COA), +$0.170 (3.34%) to $5.260 on volume of 294,000 shares;
  • Macquarie Airports (MAP), +$0.080 (2.48%) to $3.300 on volume of 4.39m shares;
  • Macquarie Infrastructure Group (MIG), +$0.090 (2.33%) to $3.950 on volume of 7.29m shares;
  • PMP (PMP), +$0.025 (1.79%) to $1.425 on volume of 2.4m shares; and
  • Hills Industries (HIL), +$0.080 (1.7%) to $4.790 on volume of 102,000 shares.

The worst-performed sector today was XIJ Information Technology which lost 1.75% to 432.00 points. The sector was dragged lower by

  • Computershare (CPU), -$0.210 (3.1%) to $6.560 on volume of 1.72m shares;
  • Infomedia Ltd (IFM), -$0.005 (0.86%) to $0.575 on volume of 239,000 shares; and
  • Baycorp Advantage (BCA), -$0.030 (0.8%) to $3.720 on volume of 728,000 shares.

Just in front of last place on the sector table was XEJ Energy which lost 1.72% to 9977.10 points. The sector was pulled down by

  • Roc Oil Company (ROC), -$0.170 (6.44%) to $2.470 on volume of 1.1m shares;
  • Tap Oil (TAP), -$0.200 (6.41%) to $2.920 on volume of 1.9m shares;
  • Hardman Resources (HDR), -$0.080 (3.28%) to $2.360 on volume of 2.41m shares;
  • Arc Energy (ARQ), -$0.070 (3.27%) to $2.070 on volume of 927,000 shares; and
  • Australian Worldwide Exploration (AWE), -$0.060 (2.63%) to $2.220 on volume of 1.41m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XDJConsumer Discretionary2327.76.40.28%29.39m
XPJProperty Trusts1838.8-5.3-0.29%75.56m
XSJConsumer Staples5798.1-19.3-0.33%22.56m
XXJASX200 Financials ex Property Trusts5322.8-22.5-0.42%82.41m
XIJInformation Technology432-7.7-1.75%3.95m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.74-0.05-1.04%49.43m
AMPAMP Limited7.280.263.7%37.21m
BHPBHP Billiton20.28-0.27-1.31%18.04m
QANQantas Airways3.320.030.91%11.99m
LHGLihir Gold1.37-0.05-3.52%9m
CPACommonwealth Property Office Fund1.26-0.02-1.56%8.95m

All Ords Percentage Gainers
IASInternational All Sports0.350.0516.67%259023
MSTMetal Storm0.210.0316.67%7.37m
SRISipa Resources0.0760.0115.15%1.84m

All Ords Percentage Decliners
MAHMacmahon Holdings0.54-0.05-8.55%3.66m
FLTFlight Centre14.23-1.27-8.19%573988
CRSCroesus Mining0.4-0.04-8.05%3.89m
ROCRoc Oil Company2.47-0.17-6.44%1.1m

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503366.526-11.62-0.34%46.33m
JapanNikkei 22512307.3734.250.28%0
SingaporeStraits Times2304.0523.821.04%0
Hong KongHang Seng15377.92-71.66-0.46%200.38m
MalaysiaKLSE Comp927.020.640.07%0