Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Note: there appears to be some problem with comments at the moment - unfortunately I don't have time to investigate it. I'm aware of the problem though, and will get onto it as soon as I get time...
Congratulations to Four Corners for their terrific expose of the Adler-esque behaviour of the management of Multiplex; I've blathered before about management that behave as if the entire equity of the business is theirs tp pfaff around with as they see fit. This MXG debacle seems to be a case in point.
Frankly, I would behave like Judge Roy Bean with any company Director or senior exec who gave misleading or non-timely advice to the exchange (and/or to shareholders). If a senior manager said 'the worst is over' and six months later it turned out 'not so much', I would throw the fucker into a fair-dinkum high security jail - raise their 'sphincter risk premium'.
If corporate execs knew they faced the risk of getting shafted even more brutally than the way they shaft their shareholders, perhaps they would behave a little less like some sort of landed aristocracy and more like custodians. And the very idea that a company would keep schtum about bad news because it would affect a capital raising... if true, they ought to be put into the darkest hole in the dankest 'joint' in the country.
And of course UBS - the broker/investment bank - were also an utter disgrace. About in line with expectations, frankly. What have I said before?...
Never EVER believe any research from a firm that has a ticket-clipping arm. NEVER. You would be better off setting your portfolio and your house on fire. You have been warned.
Major Market Indices
The broad market - the ASX All Ordinaries (XAO) - gave mack the lion's share of an early advance, but still managed to hold on to a gain of 5.10 points (0.12%), finishing at 4422.30 points.
The index hit an intraday high of 4436.30 about 45 minutes into the session, after opening at its low (4415.7).
Total volume traded on the ASX was 930 million units, 2.0% below its 10-day average.
Of the 486 stocks in the All Ords, 177 rose and 171 fell. Volume was tilted in favour of the losers by a margin of 1.1:1, with 253.24 million shares traded in losers while 236.95million shares traded in the day's gainers.
The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 (XJO) - rose by 6.60 points (0.15%), finishing at 4462.00 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 1.70 points (-0.07%), finishing at 2355.10 points. Within the index members, there were 10 that rose, and 8 losers. Total volume in rising issues within the ASX20 amounted to a relatively lame 29.39m shares, while volume in the losers totalled 132.98m units.
The major winners in the "big guns" were -
- QBE Insurance Group (QBE), +$0.210 (1.24%) to $17.210 on volume of 3.7m shares;
- St George Bank (SGB), +$0.230 (0.85%) to $27.240 on volume of 875,000 shares;
- Australia And New Zealand Banking Group (ANZ), +$0.160 (0.72%) to $22.300 on volume of 4m shares;
- Westpac Banking Corporation (WBC), +$0.120 (0.59%) to $20.300 on volume of 5.51m shares; and
- Coles Myer Ltd (CML), +$0.050 (0.51%) to $9.930 on volume of 2.33m shares.
The following stocks made up the biggest percentage losers in the big-guns:
- Rio Tinto (RIO), -$0.96 (1.86%) to $50.60 on volume of 2.36m shares;
- Foster's Group (FGL), -$0.06 (1.07%) to $5.54 on volume of 2.78m shares; and
- Woodside Petroleum (WPL), -$0.34 (1.04%) to $32.42 on volume of 1.27m shares (was last week's call on WPL some kick-ass good timing, or what?);
- BHP Billiton (BHP), -$0.21 (1.03%) to $20.25 on volume of 15.96m shares; and
- Telstra Corporation (TLS), -$0.02 (0.46%) to $4.32 on volume of 105.56m 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 5.10 points (0.20%), finishing at 2581.60 points. The major winners in the "pop-guns" were -
- Multiemedia (MUL), +$0.002 (10.53%) to $0.021 on volume of 38.52m shares;
- Tap Oil (TAP), +$0.160 (6.27%) to $2.710 on volume of 1.85m shares; and
- Sirtex Medical (SRX), +$0.100 (5.38%) to $1.960 on volume of 7,000 shares; and
- Kagara Zinc (KZL), +$0.060 (4.51%) to $1.390 on volume of 1.2m shares; and
- Kresta Holdings (KRS), +$0.010 (4.35%) to $0.240 on volume of 36,000 shares.
The losingest-little-guys for the session were (in order of decline):
- Norwood Abbey (NAL), -$0.045 (9%) to $0.455 on volume of 897,000 shares;
- ERG (ERG), -$0.010 (5.26%) to $0.180 on volume of 3.88m shares; and
- Hills Industries (HIL), -$0.250 (5.08%) to $4.670 on volume of 148,000 shares; and
- Orbital Corporation (OEC), -$0.005 (4.17%) to $0.115 on volume of 363,000 shares; and
- Australian Worldwide Exploration (AWE), -$0.090 (3.95%) to $2.190 on volume of 5.21m shares.
| Index Changes | |||||
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4422.3 | 5.1 | 0.12% | 593.47m |
| XTL | S&P/ASX 20 | 2355.1 | -1.7 | -0.07% | 171.19m |
| XFL | S&P/ASX 50 | 4350.4 | 3.8 | 0.09% | 268.21m |
| XTO | S&P/ASX 100 | 3613.4 | 5 | 0.14% | 361.06m |
| XJO | S&P/ASX 200 | 4462 | 6.6 | 0.15% | 455.53m |
| XKO | S&P/ASX 300 | 4456.5 | 6.4 | 0.14% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4507.7 | 18.6 | 0.41% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2581.6 | 5.1 | 0.2% | 200.65m |
All Ordinaries Market Internals
| Market Breadth | ||||||
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 10 | 56 | 92 | 177 | 68 | 403 |
| Declines | 8 | 33 | 69 | 171 | 73 | 463 |
| Advancing Volume | 29.39m | 145.62m | 165.7m | 236.95 | 91.97 | 339.22 |
| Declining Volume | 132.98m | 172.15m | 204.53m | 253.24 | 65.91 | 411.64 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was XPJ Property Trusts which gained 0.72% to 1866.70 points. The sector was helped by
- Multiplex Group (MXG), +$0.120 (3.73%) to $3.340 on volume of 2.89m shares;
- Mirvac Group (MGR), +$0.130 (3.29%) to $4.080 on volume of 3.94m shares;
- Investa Property Group (IPG), +$0.050 (2.37%) to $2.160 on volume of 4.36m shares;
- ING Office Fund (IOF), +$0.020 (1.47%) to $1.380 on volume of 1.28m shares; and
- Stockland (SGP), +$0.080 (1.34%) to $6.060 on volume of 4.66m shares.
Second in the sector leadership stakes was XNJ Industrials which gained 0.56% to 5362.90 points. The sector leaders were -
- Transurban Group (TCL), +$0.180 (2.52%) to $7.310 on volume of 4.4m shares;
- Spotless Group (SPT), +$0.120 (2.4%) to $5.120 on volume of 209,000 shares;
- Macquarie Infrastructure Group (MIG), +$0.080 (1.96%) to $4.170 on volume of 14.96m shares;
- Crane Group (CRG), +$0.130 (1.25%) to $10.540 on volume of 172,000 shares; and
- Leighton Holdings (LEI), +$0.150 (1%) to $15.200 on volume of 898,000 shares.
The bronze today went to XFJ Financials which gained 0.47% to 5232.80 points. The sector was led by
- Multiplex Group (MXG), +$0.120 (3.73%) to $3.340 on volume of 2.89m shares - a contrarian punt based on last night's story, perhaps?;
- Australand Property Group (ALZ), +$0.065 (3.6%) to $1.870 on volume of 1.17m shares;
- Mirvac Group (MGR), +$0.130 (3.29%) to $4.080 on volume of 3.94m shares;
- Oamps (OMP), +$0.090 (2.93%) to $3.160 on volume of 209,000 shares; and
- IOOF Holdings (IFL), +$0.200 (2.75%) to $7.480 on volume of 297,000 shares.
The worst-performed sector today was XMJ Materials which lost 0.59% to 8076.80 points. The sector was dragged lower by
- Sims Group (SMS), -$1.070 (5.82%) to $17.330 on volume of 774,000 shares;
- Rio Tinto (RIO), -$0.960 (1.86%) to $50.600 on volume of 2.36m shares;
- Newcrest Mining (NCM), -$0.270 (1.55%) to $17.200 on volume of 566,000 shares;
- Lihir Gold (LHG), -$0.020 (1.4%) to $1.405 on volume of 5.26m shares; and
- Timbercorp (TIM), -$0.030 (1.36%) to $2.180 on volume of 184,000 shares.
Just in front of last place on the sector table was "Telstra-and-a-bit" - the two-stock XTJ Telecommunications index, which lost 0.41% to 1574.40 points. The sector was pulled down by
- Telstra Corporation (TLS), -$0.020 (0.46%) to $4.320 on volume of 105.56m shares; and
- Telecom Corporation Of New Zealand (TEL), -$0.010 (0.18%) to $5.600 on volume of 3.63m shares.
| Sector Indices | |||||
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XPJ | Property Trusts | 1866.7 | 13.4 | 0.72% | 59.59m |
| XNJ | Industrials | 5362.9 | 30.1 | 0.56% | 46.14m |
| XFJ | Financials | 5232.8 | 24.5 | 0.47% | 110.97m |
| XDJ | Consumer Discretionary | 2320.4 | 10.6 | 0.46% | 35.69m |
| XXJ | ASX200 Financials ex Property Trusts | 5331.1 | 21.2 | 0.4% | 55.89m |
| XHJ | Healthcare | 5723.9 | 8.7 | 0.15% | 8.87m |
| XIJ | Information Technology | 433.6 | 0.5 | 0.12% | 5.67m |
| XSJ | Consumer Staples | 5775.4 | 3.8 | 0.07% | 19.75m |
| XUJ | Utilities | 5218.6 | -15.6 | -0.3% | 3.6m |
| XEJ | Energy | 10204.2 | -31 | -0.3% | 24.92m |
| XTJ | Telecommunications | 1574.4 | -6.5 | -0.41% | 109.19m |
| XMJ | Materials | 8076.8 | -47.7 | -0.59% | 77.77m |
All Ordinaries Major Movers
| All Ords Volume Leaders | |||||
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TLS | Telstra Corporation | 4.32 | -0.02 | -0.46% | 105.56m |
| BHP | BHP Billiton | 20.25 | -0.21 | -1.03% | 15.96m |
| MIG | Macquarie Infrastructure Group | 4.17 | 0.08 | 1.96% | 14.96m |
| BPT | Beach Petroleum | 0.76 | -0.02 | -1.95% | 14.29m |
| CSM | Consolidated Minerals | 3.97 | -0.03 | -0.75% | 14.2m |
| MOS | Mosaic Oil | 0.24 | 0.01 | 2.13% | 13.1m |
| All Ords Percentage Gainers | |||||
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MUL | Multiemedia | 0.021 | 0.002 | 10.53% | 38.52m |
| UNW | Unwired Group | 0.59 | 0.06 | 10.38% | 1.58m |
| TAP | Tap Oil | 2.71 | 0.16 | 6.27% | 1.85m |
| KZL | Kagara Zinc | 1.39 | 0.06 | 4.51% | 1.2m |
| WOTCA | Westpac Office Trust | 0.62 | 0.03 | 4.24% | 82000 |
| All Ords Percentage Decliners | |||||
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| WFL | Willmott Forests | 1.78 | -0.18 | -9.18% | 54953 |
| NAL | Norwood Abbey | 0.46 | -0.05 | -9% | 897240 |
| SMS | Sims Group | 17.33 | -1.07 | -5.82% | 774364 |
| ETW | Evans & Tate | 0.25 | -0.02 | -5.66% | 384407 |
| ERG | ERG | 0.18 | -0.01 | -5.26% | 3.88m |
Elsewhere in the Region...
| Regional Indices | |||||
| Country | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| New Zealand | NZSE50 | 3362.175 | -11.54 | -0.34% | 20.34m |
| Japan | Nikkei 225 | 12599.43 | -35.45 | -0.28% | 0 |
| Korea | KOSPI | 1122.65 | 8.15 | 0.73% | 489310 |
| Singapore | Straits Times | 2287.64 | -6.33 | -0.28% | 0 |
| Hong Kong | Hang Seng | 15213.25 | -14.58 | -0.1% | 116.86m |
| Malaysia | KLSE Comp | 914.07 | 4.33 | 0.48% | 0 |
