Interdum stultus opportuna loquitur...

Tuesday, September 27, 2005

OzRant: Where Will It End? And WHEN? (A: Soon...)

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

You know how it goes... faced with a small but very boring task, you think "I'll do that a bit later..."; next thing you know it's a week since New Corpse left the indices and the damn thing keeps showing up in your tables. It's gone now (from the Top20 and the other "TopX" indices, as well as from the GICS Consumer Discretionary subindex). I'm glad - it's a piece of crap that shouldn't be listed anywhere; buying revenue streams for $1.50 in the dollar and then paying $100 mill to have Merrill Lynch whore it for you, is not a business... it's a recipe for biennial capital raisings and/or debt accumulation.

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - rose by 11.40 points (0.25%), finishing at 4576.70 points (4575-ish). The index hit an intraday high of 4596.70 (4600-ish) and its low was 4565.3.

Total volume traded on the ASX was strong at 1.28 billion units, 17.1% above its 10-day average. Of the 483 stocks in the index, 188 fell while 172 managed a gain. Volume was tilted in favour of the gainers by a margin of 1.2:1, with 356.02million shares traded in gainers while 306.45million 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 10.30 points (0.22%), finishing at 4629.20 points; the index hit a high of ... go on, guess. If you guessed 4650-ish you can declare yourself a Wizard.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 11.10 points (0.45%), finishing at 2468.50 points. Within the index members, there were 11 that rose, and 8 losers. Total volume in rising issues within the ASX20 amounted to 69.13m units while volume in the losers totalled 101.41m units.

The major winners in the "big guns" were -

  • QBE Insurance Group (QBE), +$0.400 (2.23%) to $18.320 on volume of 2.56m shares;
  • Rio Tinto (RIO), +$1.010 (1.75%) to $58.560 on volume of 5.96m shares;
  • Foster's Group (FGL), +$0.070 (1.22%) to $5.790 on volume of 6.8m shares;
  • Woodside Petroleum (WPL), +$0.320 (0.93%) to $34.680 on volume of 1.52m shares; and
  • National Australia Bank (NAB), +$0.280 (0.85%) to $33.230 on volume of 7.73m shares.

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

  • Telstra Corporation (TLS), -$0.06 (1.46%) to $4.05 on volume of 83.04m shares;
  • Alumina (AWC), -$0.08 (1.31%) to $6.02 on volume of 5.61m shares; and
  • Amcor (AMC), -$0.04 (0.6%) to $6.64 on volume of 2.94m 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 7.70 points (-0.29%), finishing at 2656.70 points. The major winners in the "pop-guns" were -

  • Highlands Pacific (HIG), +$0.035 (5.34%) to $0.690 on volume of 1.57m shares;
  • Multiemedia (MUL), +$0.001 (5.26%) to $0.020 on volume of 123.19m shares; and
  • Kagara Zinc (KZL), +$0.070 (4.67%) to $1.570 on volume of 2.51m shares; and
  • Perilya (PEM), +$0.035 (4.67%) to $0.785 on volume of 1.83m shares; and
  • Macmahon Holdings (MAH), +$0.025 (4.5%) to $0.580 on volume of 5.11m shares.

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

  • Agenix (AGX), -$0.020 (6.67%) to $0.280 on volume of 288,000 shares;
  • ERG (ERG), -$0.010 (5.71%) to $0.165 on volume of 3.19m shares; and
  • Keycorp (KYC), -$0.090 (5.63%) to $1.510 on volume of 175,000 shares; and
  • Psivida (PSD), -$0.050 (5.56%) to $0.850 on volume of 239,000 shares; and
  • Progen Industries (PGL), -$0.120 (4.8%) to $2.380 on volume of 11,000 shares.
Index Changes
XAOAll Ordinaries4576.711.40.25%740.08m
XTLS&P/ASX 202468.511.10.45%177.71m
XFLS&P/ASX 504525.514.30.32%304.93m
XTOS&P/ASX 1003751.310.10.27%439.43m
XJOS&P/ASX 2004629.210.30.22%530.34m
XKOS&P/ASX 3004622.8100.22%0
XMDS&P/ASX Mid-Cap 504628.8-0.6-0.01%0
XSOS&P/ASX Small Ordinaries2656.7-7.7-0.29%272.91m

All Ordinaries Market Internals

Market Breadth
Advancing Volume69.13m153.62m189.45m356.02193.35663.04
Declining Volume101.41m247.66m271.24m306.4548.05480.1

S&P/ASX200 GICS Sector Indices

The top sector for the day was XEJ Energy which gained 0.61% to 10771.20 points. The sector was helped by

  • Oil Search (OSH), +$0.070 (1.87%) to $3.820 on volume of 6.24m shares;
  • Worleyparsons (WOR), +$0.190 (1.84%) to $10.520 on volume of 688,000 shares;
  • Origin Energy (ORG), +$0.070 (0.96%) to $7.370 on volume of 2.47m shares;
  • Woodside Petroleum (WPL), +$0.320 (0.93%) to $34.680 on volume of 1.52m shares; and
  • Caltex Australia (CTX), +$0.150 (0.77%) to $19.750 on volume of 421,000 shares.

Second in the sector leadership stakes was XXJ ASX200 Financials ex Property Trusts which gained 0.55% to 5578.70 points. The sector leaders were -

  • QBE Insurance Group (QBE), +$0.400 (2.23%) to $18.320 on volume of 2.56m shares;
  • Lend Lease Corporation (LLC), +$0.230 (1.69%) to $13.850 on volume of 1.5m shares;
  • Adelaide Bank (ADB), +$0.200 (1.52%) to $13.400 on volume of 395,000 shares;
  • SFE Corporation (SFE), +$0.140 (1.14%) to $12.390 on volume of 402,000 shares; and
  • National Australia Bank (NAB), +$0.280 (0.85%) to $33.230 on volume of 7.73m shares.

The bronze today went to XMJ Materials which gained 0.47% to 8727.90 points. The sector was led by

  • Zinifex (ZFX), +$0.110 (2.52%) to $4.480 on volume of 6.2m shares;
  • Rio Tinto (RIO), +$1.010 (1.75%) to $58.560 on volume of 5.96m shares;
  • Boral (BLD), +$0.130 (1.63%) to $8.130 on volume of 2.07m shares;
  • Minara Resources (MRE), +$0.025 (1.43%) to $1.770 on volume of 673,000 shares; and
  • Croesus Mining (CRS), +$0.005 (1.41%) to $0.360 on volume of 1m shares.

The worst-performed sector today was XTJ Telecommunications which lost 1.24% to 1487.30 points. You might recall that some time ago I mentioned that there would be a load of dills who would not realise that TLS had gone ex-Div and would sell simply on price action... well, that's what happened today. The sector was dragged lower by

  • Telstra Corporation (TLS), -$0.060 (1.46%) to $4.050 on volume of 83.04m shares; and
  • Telecom Corporation Of New Zealand (TEL), -$0.010 (0.18%) to $5.480 on volume of 5.15m shares.

Just in front of last place on the sector table was XDJ Consumer Discretionary which lost 0.58% to 2320.50 points. The sector was pulled down by

  • Miller's Retail (MRL), -$0.040 (4.3%) to $0.890 on volume of 603,000 shares;
  • Billabong International (BBG), -$0.380 (2.86%) to $12.920 on volume of 982,000 shares;
  • Aristocrat Leisure (ALL), -$0.340 (2.86%) to $11.560 on volume of 3.15m shares;
  • JB Hi-Fi (JBH), -$0.070 (2.06%) to $3.320 on volume of 324,000 shares; and
  • David Jones (DJS), -$0.050 (1.95%) to $2.510 on volume of 1.5m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XXJASX200 Financials ex Property Trusts5578.730.30.55%60.32m
XSJConsumer Staples5918.68.90.15%28.91m
XPJProperty Trusts1875.12.40.13%96.16m
XIJInformation Technology436.8-0.1-0.02%6.71m
XDJConsumer Discretionary2320.5-13.5-0.58%33.71m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.05-0.06-1.46%83.04m
DYLDeep Yellow0.180.0212.5%42.47m
LHGLihir Gold1.78-0.03-1.39%21.12m
CTFCitrofresh International0.540.33154.76%19.44m
BHPBHP Billiton22.010.150.69%18.37m
BILBrambles Industries90.070.78%14.35m
All Ords Percentage Gainers
SPLStarpharma Holdings0.590.0814.56%369790
PMEPro Medicus1.250.086.84%100080
HIGHighlands Pacific0.690.045.34%1.57m
All Ords Percentage Decliners
IASInternational All Sports0.31-0.02-4.62%211569

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503431.92519.360.57%21.58m
JapanNikkei 22513310.04-82.59-0.62%0
SingaporeStraits Times2310.78-6.8-0.29%0
Hong KongHang Seng15248.91-25.4-0.17%135.32m
MalaysiaKLSE Comp926.181.050.11%0