Interdum stultus opportuna loquitur...

Wednesday, September 07, 2005

OzRant: Blast-Off... Shaky Foundations...

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

On the one hand, everything is just tickety-boo; Woodside is doing what it's supposed to (i.e., declining... moving in the direction demanded by the piece I wrote two Sundays ago), Sol Trujillo is making himself look like a dolt by trying brinkmanship with the Gummint, and the first tranche of special things is on its way to subscribers (you'll know what I mean when you see them, folks).

My massive task (which has now required me to recode 170 individual include files, and to completely overhaul 17  database tables) will end tomorrow afternoon with a reboot: I plan to celebrate on Friday evening with eighteen G&T's, a kebab and a general display of 'mutton dressed as lamb' steam-blowing-off. (I hope you're reading this, RedMenace... prepare your innards for a proper rinsing; I'll try to get Woggo in on the act, but he will probably be under starter's orders). 

But back to Sol "My Other Moustache Is Even Gayer" Trujillo. The fact that he blundered so badly by failing to notify all shareholders of the impending fan-splat at the time he notified the Gummint, simply reinforces what I said about him when he was first hired.

Trujillo made a basic mistake. It was an understandable mistake, based on an analysis of Howard's behaviour whenever George Bush says "You look mighty fine in them jeans, boy"... namely, that Howard simply bends over and whores Australia's national interests. So Trujillo probably thought that all you needed was an American accent and a swagger, and Howard would just flop right on his back and smile his shit-eating "even-with-caps-these-teeth-look-awful" grimace.

Problem is, domestically Howard is the National party's bitch - just as much as he's America's bitch in foreign policy. And the Nationals are shit-scared of the Bush Backlash - Rool'n'Reejn'lStraya actually does vote its own interests from time to time...

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - rose by 34.00 points (0.77%), finishing at 4456.30 points. The index hit an intraday high of 4456.60 (4450-ish, coinciding with 4500-ish on the XJO) and its low was 4422.3 (4425-ish) set at the open. 

Total volume traded on the ASX was 1.04 billion units, 7.5% above its 10-day average. Of the 483 stocks in the index, 225 rose while 138 fell. Volume was tilted in favour of the gainers by a margin of 2.4:1, with 412.88million shares traded in gainers while 172.87million 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 30.00 points (0.67%), finishing at 4492.00 points. It had one crack at 4500 in teh half-hour after the open, then gave up and sank back to 4475-ish just after 12:45... upon which it decided to have another crack at 4500 (and failed again) 

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 22.80 points (0.97%), finishing at 2377.90 points. Within the index members, there were 18 that rose, and 1 losers (Woodside, off $0.27 (0.83%) on volume of 1.45m shares). The odd man out was Amcor, which was unchanged.

Total volume in rising issues within the ASX20 amounted to 153.76m shares while volume in the loser (WPL) totalled 1.45m units.

The major winners in the "big guns" were -

  • News Corporation (NWSLV), +$0.660 (3.18%) to $21.440 on volume of 2.13m shares;
  • News Corporation (NWS), +$0.630 (2.88%) to $22.480 on volume of 3.85m shares;
  • QBE Insurance Group (QBE), +$0.470 (2.73%) to $17.680 on volume of 2.56m shares;
  • Foster's Group (FGL), +$0.120 (2.17%) to $5.660 on volume of 7.04m shares; and
  • Rio Tinto (RIO), +$0.940 (1.86%) to $51.540 on volume of 1.17m shares.

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

  • Woodside Petroleum (WPL), -$0.27 (0.83%) to $32.15 on volume of 1.45m shares;
  • Amcor (AMC), -$0.00 (0%) to $6.49 on volume of 2.66m shares; and
  • St George Bank (SGB), +$0.04 (0.15%) to $27.28 on volume of 799,000 shares; and
  • Wesfarmers (WES), +$0.07 (0.18%) to $39.25 on volume of 561,000 shares; and
  • Commonwealth Bank Of Australia (CBA), +$0.12 (0.32%) to $37.74 on volume of 2.66m 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 17.70 points (0.69%), finishing at 2599.30 points. The major winners in the "pop-guns" were -

  • GRD (GRD), +$0.580 (27.1%) to $2.720 on volume of 6.74m shares;
  • Ale Property Group (LEP), +$0.260 (11.61%) to $2.500 on volume of 47,000 shares; and
  • Healthscope (HSP), +$0.550 (9.53%) to $6.320 on volume of 3.74m shares; and
  • Vision Systems (VSL), +$0.110 (8.66%) to $1.380 on volume of 761,000 shares; and
  • Novogen (NRT), +$0.350 (7.78%) to $4.850 on volume of 69,000 shares.

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

  • Integrated Group (IWF), -$0.280 (14.51%) to $1.650 on volume of 1.6m shares;
  • Emperor Mines (EMP), -$0.040 (13.33%) to $0.260 on volume of 31,000 shares; and
  • Kresta Holdings (KRS), -$0.015 (6.25%) to $0.225 on volume of 41,000 shares; and
  • Lynas Corporation (LYC), -$0.010 (6.06%) to $0.155 on volume of 171,000 shares; and
  • Dragon Mining (DRA), -$0.010 (5.56%) to $0.170 on volume of 166,000 shares.
Index Changes
XAOAll Ordinaries4456.3340.77%667.13m
XTLS&P/ASX 202377.922.80.97%157.87m
XFLS&P/ASX 504382.131.70.73%292.84m
XTOS&P/ASX 1003637.624.20.67%415.08m
XJOS&P/ASX 2004492300.67%541.77m
XKOS&P/ASX 3004486.5300.67%0
XMDS&P/ASX Mid-Cap 504523.315.60.35%0
XSOS&P/ASX Small Ordinaries2599.317.70.69%216.8m

All Ordinaries Market Internals


Market Breadth
Advancing Volume153.76m272.28m353.72m412.88138.3655.22
Declining Volume1.45m94.98m125.72m172.8761.01243.97

S&P/ASX200 GICS Sector Indices

The top sector for the day was XIJ Information Technology which gained 2.21% to 443.20 points. The sector was helped by

  • Vision Systems (VSL), +$0.110 (8.66%) to $1.380 on volume of 761,000 shares;
  • Computershare (CPU), +$0.190 (2.81%) to $6.950 on volume of 1.04m shares;
  • Infomedia Ltd (IFM), +$0.010 (1.96%) to $0.520 on volume of 103,000 shares;
  • Baycorp Advantage (BCA), +$0.050 (1.37%) to $3.700 on volume of 1.79m shares; and
  • IRESS Market Technology (IRE), +$0.010 (0.22%) to $4.460 on volume of 156,000 shares.

Second in the sector leadership stakes was XMJ Materials which gained 1.34% to 8184.90 points. The sector leaders were -

  • Zinifex (ZFX), +$0.170 (4.33%) to $4.100 on volume of 2.88m shares;
  • James Hardie Industries N.V. (JHX), +$0.380 (4.28%) to $9.250 on volume of 1.18m shares;
  • Orica (ORI), +$0.720 (3.76%) to $19.870 on volume of 1.18m shares;
  • Aquarius Platinum (AQP), +$0.310 (3.48%) to $9.210 on volume of 59,000 shares; and
  • Nufarm (NUF), +$0.270 (2.55%) to $10.870 on volume of 431,000 shares.

The bronze today went toXSJ Consumer Staples which gained 1.20% to 5844.80 points. The sector was led by

  • Coca-Cola Amatil (CCL), +$0.200 (2.33%) to $8.770 on volume of 1.45m shares;
  • Foster's Group (FGL), +$0.120 (2.17%) to $5.660 on volume of 7.04m shares;
  • Coles Myer Ltd (CML), +$0.150 (1.51%) to $10.080 on volume of 3.42m shares;
  • Futuris Corporation (FCL), +$0.030 (1.42%) to $2.140 on volume of 963,000 shares; and
  • Woolworths (WOW), +$0.190 (1.18%) to $16.240 on volume of 1.71m shares.

The worst-performed sector today was XEJ Energy which lost 0.89% to 10113.00 points. The sector was dragged lower by

  • Oil Search (OSH), -$0.120 (3.33%) to $3.480 on volume of 9.11m shares;
  • Hardman Resources (HDR), -$0.070 (3.08%) to $2.200 on volume of 4.51m shares;
  • Arc Energy (ARQ), -$0.035 (1.76%) to $1.955 on volume of 381,000 shares;
  • Santos (STO), -$0.180 (1.62%) to $10.950 on volume of 2.71m shares; and
  • Australian Worldwide Exploration (AWE), -$0.030 (1.37%) to $2.160 on volume of 1.7m shares.

Just in front of last place on the sector table was XNJ Industrials which lost 0.26% to 5348.80 points. The sector was pulled down by

  • PMP (PMP), -$0.035 (2.67%) to $1.275 on volume of 1.44m shares;
  • Macquarie Infrastructure Group (MIG), -$0.110 (2.64%) to $4.060 on volume of 21.24m shares;
  • Corporate Express Australia (CXP), -$0.150 (2.38%) to $6.150 on volume of 170,000 shares;
  • Hills Industries (HIL), -$0.080 (1.71%) to $4.590 on volume of 98,000 shares; and
  • United Group (UGL), -$0.160 (1.37%) to $11.490 on volume of 286,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology443.29.62.21%6.02m
XSJConsumer Staples5844.869.41.2%30.67m
XDJConsumer Discretionary2344.724.31.05%34.73m
XXJASX200 Financials ex Property Trusts536331.90.6%59.93m
XPJProperty Trusts1876.69.90.53%133.62m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.340.020.46%86.59m
MPRMacquarie Prologis Trust1.190.021.71%27.74m
MOSMosaic Oil0.260.026.25%27.21m
MIGMacquarie Infrastructure Group4.06-0.11-2.64%21.24m
GPTGeneral Property Trust4.010.041.01%19.72m
BHPBHP Billiton20.550.31.48%13.92m
All Ords Percentage Gainers
UNIUnilife Medical Solutions0.480.0614.29%1.03m
LEPAle Property Group2.50.2611.61%47250
HMEHome Building Society11.811.019.35%28330
All Ords Percentage Decliners
IWFIntegrated Group1.65-0.28-14.51%1.6m
OMIOccupational & Medical Innovations0.94-0.08-7.84%61845
AGIAinsworth Game Technology0.55-0.03-5.17%170229

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503366.9114.740.14%29.82m
JapanNikkei 22512607.598.160.06%0
SingaporeStraits Times2299.8810.510.46%0
Hong KongHang Seng15224.9764.190.42%130.31m
MalaysiaKLSE Comp918.476.830.75%0