Interdum stultus opportuna loquitur...

Friday, September 02, 2005

OzRant: Two Hours, Then Flatline...

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

Fridays. Usually good for an opening move that drags our shop back into line with the States, then a decision in the arvo by the insto boys (depending on how scheisen they got at lunch) as to whether to end the week with a pump or just to switch the machines off and play cricket in the corridor. Today they obviously opted for a bit of hit-and-giggle, becasue the market went nowhere between noon and 4 p.m.; whoever was watching the screens must''ve been distracted.


Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - fell by 24.20 points (-0.54%), finishing at 4435.90 points. The index hit an intraday high of 4476.30 (4475-ish) and its low was 4435.90 - that is, she closed at the low-water mark for the day (ha-harrrr , me hearties). 

That low water mark also coincides exactly with the 40-bar moving average on a 5-minute chart. I dunno if there's anything in that, but it might be interesting; I've always liked the 13-40 MA pair. 

Total volume traded on the ASX was 920 million units - 3.6% below its 10-day average, but not shabby. Of the 486 stocks in the index, 211 fell while 154 managed a gain. Volume was tilted in favour of the losers by a margin of 1.3:1, with 288.95million shares traded in losers while 215.24million 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) - fell by 24.00 points (-0.53%), finishing at 4473.60 points (4475-ish).

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 20.10 points (-0.84%), finishing at 2372.00 points. Within the index members, there were just 3 that rose, and 17 losers. Total volume in rising issues within the ASX20 amounted to 7.77m shares while volume in the losers totalled 128.61m units.

The major winners in the "big guns" were -

  • QBE Insurance Group (QBE), +$0.090 (0.53%) to $17.080 on volume of 2.25m shares;
  • Woodside Petroleum (WPL), +$0.090 (0.27%) to $33.390 on volume of 1.68m shares; and 
  • Alumina (AWC), +$0.010 (0.17%) to $6.000 on volume of 3.84m shares.

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

  • Coles Myer Ltd (CML), -$0.27 (2.6%) to $10.10 on volume of 5.14m shares;
  • News Corporation (NWS), -$0.51 (2.25%) to $22.14 on volume of 3.6m shares; and
  • Amcor (AMC), -$0.14 (2.11%) to $6.50 on volume of 3.56m shares; and
  • News Corporation (NWSLV), -$0.42 (1.96%) to $20.98 on volume of 1.14m shares; and
  • Telstra Corporation (TLS), -$0.09 (1.93%) to $4.58 on volume of 57.97m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index (XSO) fell by 11.70 points (-0.45%), finishing at 2579.70 points. The major winners in the "pop-guns" were -

  • Village Life Ltd (VLL), +$0.050 (13.16%) to $0.430 on volume of 1.61m shares;
  • Perseverance Corporation (PSV), +$0.035 (11.48%) to $0.340 on volume of 9.77m shares; and
  • Great Southern Plantations (GTP), +$0.310 (11.23%) to $3.070 on volume of 5.23m shares; and
  • Rebel Sport (REB), +$0.180 (8.49%) to $2.300 on volume of 265,000 shares; and
  • Virotec International (VTI), +$0.070 (7.95%) to $0.950 on volume of 652,000 shares.

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

  • Sunland Group (SDG), -$0.110 (6.11%) to $1.690 on volume of 326,000 shares;
  • Ridley Corporation (RIC), -$0.085 (5.92%) to $1.350 on volume of 438,000 shares; and
  • MYOB (MYO), -$0.055 (4.95%) to $1.055 on volume of 155,000 shares; and
  • Tap Oil (TAP), -$0.130 (4.56%) to $2.720 on volume of 2.73m shares; and
  • Bendigo Bank (BEN), -$0.480 (4.34%) to $10.570 on volume of 109,000 shares.
Index Changes
XAOAll Ordinaries4435.9-24.2-0.54%609.5m
XTLS&P/ASX 202372-20.1-0.84%136.38m
XFLS&P/ASX 504368.6-25.8-0.59%248.81m
XTOS&P/ASX 1003624-18.7-0.51%387.18m
XJOS&P/ASX 2004473.6-24-0.53%482.51m
XKOS&P/ASX 3004468.1-22.7-0.51%0
XMDS&P/ASX Mid-Cap 504489.9-4.6-0.1%0
XSOS&P/ASX Small Ordinaries2579.7-11.7-0.45%186.54m

All Ordinaries Market Internals

Market Breadth
Advancing Volume7.77m137.44m168.43m215.2461.24398.6
Declining Volume128.61m214.62m264.2m288.9573.63389.83

S&P/ASX200 GICS Sector Indices

The top sector for the day was XPJ Property Trusts which gained 0.54% to 1847.00 points. The sector was helped by

  • Centro Properties Group (CNP), +$0.150 (2.49%) to $6.170 on volume of 2.15m shares;
  • Mirvac Group (MGR), +$0.090 (2.35%) to $3.920 on volume of 4.65m shares;
  • Stockland (SGP), +$0.110 (1.87%) to $6.000 on volume of 6.36m shares;
  • DB Rreef Trust (DRT), +$0.025 (1.85%) to $1.380 on volume of 4.83m shares; and
  • General Property Trust (GPT), +$0.060 (1.53%) to $3.970 on volume of 5.58m shares.

Second in the sector leadership stakes was XUJ Utilities which gained 0.42% to 5179.10 points. The sector leaders were -

  • Envestra (ENV), +$0.035 (3.02%) to $1.195 on volume of 940,000 shares;
  • Energy Developments (ENE), +$0.090 (2.03%) to $4.520 on volume of 574,000 shares;
  • Alinta (ALN), +$0.070 (0.63%) to $11.180 on volume of 667,000 shares;
  • Australian Gas Light Company (AGL), +$0.040 (0.28%) to $14.320 on volume of 910,000 shares; and
  • Pacific Hydro (PHY), -$0.000 (0%) to $5.000 on volume of 0,000 shares.

The bronze today went to XMJ Materials which gained a paltry 0.05% to 8202.20 points. The sector was led by

  • Great Southern Plantations (GTP), +$0.310 (11.23%) to $3.070 on volume of 5.23m shares;
  • Oxiana (OXR), +$0.060 (5.31%) to $1.190 on volume of 18.62m shares;
  • Lihir Gold (LHG), +$0.070 (5.09%) to $1.445 on volume of 20.56m shares;
  • Gunns (GNS), +$0.130 (4.17%) to $3.250 on volume of 6.32m shares; and
  • Kingsgate Consolidated (KCN), +$0.120 (3.8%) to $3.280 on volume of 500,000 shares.

The worst-performed sector today was XTJ Telecommunications which lost 1.61% to 1655.60 points; recall that I was not a fan of "Manuel" Trujillo when he first arrived fomr Barthelona (or wherever he came from).

Ziggy was not a high hurdle, but Trujillo is - to my way of thinking - a "2000-man", per the under-rated KISS track from 'Dynasty' (one of the few KISS songs with lead vocals by Ace Frehley). What I mean by that, is that he cut his teeth by doing 1999/2000-style 'big number' deals which subsequently went to shit. 

Ziggy had his 'big picture' cockups - REACH (good name for a toothbrush, lousy strategy for a Telco) and the idiotic attempt to hook up with PCCW (I said at the time that that wass a stupid plan). But Trujillo is - potentially- an order of magnitude worse, because he will look for 'big number' deals with US/Europe sized numbers in front of them... which means that the 'down the track' write-offs will be that much worse when they go sour. But by the time they go sour, he will have gone back to his job at Fawlty Towers with an 8-figure golden parachute, so I guess he can just tell me to get rooted.

The sector was dragged lower by

  • Telstra Corporation (TLS), -$0.090 (1.93%) to $4.580 on volume of 57.97m shares; and
  • Telecom Corporation Of New Zealand (TEL), -$0.000 (0%) to $5.660 on volume of 4.98m shares.

Just in front of last place on the sector table was XSJ Consumer Staples which lost 1.43% to 5831.40 points. The sector was pulled down by

  • Ridley Corporation (RIC), -$0.085 (5.92%) to $1.350 on volume of 438,000 shares;
  • Coles Myer Ltd (CML), -$0.270 (2.6%) to $10.100 on volume of 5.14m shares;
  • Coca-Cola Amatil (CCL), -$0.150 (1.76%) to $8.380 on volume of 1.49m shares;
  • Woolworths (WOW), -$0.240 (1.47%) to $16.140 on volume of 1.8m shares; and
  • Foodland Associated (FOA), -$0.290 (1.08%) to $26.620 on volume of 109,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XPJProperty Trusts1847100.54%70.05m
XIJInformation Technology440.8-0.7-0.16%7.47m
XXJASX200 Financials ex Property Trusts5295.4-39.9-0.75%58.63m
XDJConsumer Discretionary2320-32.5-1.38%39.18m
XSJConsumer Staples5831.4-84.6-1.43%21.49m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.58-0.09-1.93%57.97m
MOSMosaic Oil0.2500%24.37m
BHPBHP Billiton20.83-0.1-0.48%20.95m
LHGLihir Gold1.450.075.09%20.56m
MIGMacquarie Infrastructure Group4.050.051.25%15.73m
All Ords Percentage Gainers
VLLVillage Life Ltd0.430.0513.16%1.61m
PSVPerseverance Corporation0.340.0411.48%9.77m
GTPGreat Southern Plantations3.070.3111.23%5.23m
ETWEvans & Tate0.270.0310.42%423738
All Ords Percentage Decliners
SDGSunland Group1.69-0.11-6.11%326224
RICRidley Corporation1.35-0.09-5.92%437717
QCHQueensland Cotton Holdings3.7-0.2-5.13%36390
TAPTap Oil2.72-0.13-4.56%2.73m

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503379.90412.130.36%18.11m
JapanNikkei 2251260093.030.74%0
SingaporeStraits Times2302.456.910.3%0
Hong KongHang Seng15227.2783.520.55%137.46m
MalaysiaKLSE Comp910.260.590.06%0