Interdum stultus opportuna loquitur...

Monday, October 17, 2005

OzRant: Monday Burst Fades Early...

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) - rose by 18.60 points (0.43%), finishing at 4389.90 points. The index hit an intraday high of 4412.60 just before 11:30 a.m. before reversing pretty hard, although the market never seriously tested its opening low (the opening low was the 'statistical artefact' of Friday's close, i.e., 4371.3 points). Still, the most cursory perusal of an intraday chart will attest to the fact that aside from the usual Monday morning opening orgasm,  the day should be characterised as 'weak'.

Total volume traded on the ASX was 980 million units, 10.0% below its 10-day average. Of the 485 stocks in the index, 206 rose while 157 fell. Volume was tilted in favour of the gainers by a margin of 1.3:1, with 235.36million shares traded in gainers while 183.35million 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 19.20 points (0.44%), finishing at 4425.30 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 11.10 points (0.47%), finishing at 2358.90 points. Within the index members, there were 11 that rose, and 7 losers. Total volume in rising issues within the ASX20 amounted to 58.49m while volume in the losers totalled 25.49m units.

The major winners in the "big guns" were -

  • Australia And New Zealand Banking Group (ANZ), +$0.450 (1.95%) to $23.470 on volume of 3.45m shares;
  • Westpac Banking Corporation (WBC), +$0.390 (1.92%) to $20.710 on volume of 3.85m shares;
  • Telstra Corporation (TLS), +$0.060 (1.46%) to $4.180 on volume of 24.57m shares;
  • Alumina (AWC), +$0.080 (1.41%) to $5.740 on volume of 1.77m shares; and
  • Amcor (AMC), +$0.090 (1.37%) to $6.650 on volume of 1.84m shares.

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

  • Woodside Petroleum (WPL), -$0.300 (0.94%) to $31.600 on volume of 1.31m shares;
  • Coles Myer Ltd (CML), -$0.08 (0.81%) to $9.74 on volume of 5.44m shares;
  • Westfield Group (WDC), -$0.08 (0.48%) to $16.46 on volume of 8.01m shares;

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index (XSO) rose by 17.60 points (0.69%), finishing at 2562.30 points. The major winners in the "pop-guns" were -

  • Croesus Mining (CRS), +$0.030 (8.96%) to $0.365 on volume of 4.18m shares;
  • Austal (ASB), +$0.190 (8.84%) to $2.340 on volume of 2.34m shares; and
  • Silex Systems (SLX), +$0.120 (7.95%) to $1.630 on volume of 1.32m shares; and
  • Australian Infrastructure Fund (AIX), +$0.170 (7.62%) to $2.400 on volume of 1.41m shares; and
  • Ventracor (VCR), +$0.065 (5.7%) to $1.205 on volume of 1.7m shares.

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

  • Emperor Mines (EMP), -$0.020 (6.9%) to $0.270 on volume of 15,000 shares;
  • Lynas Corporation (LYC), -$0.005 (3.57%) to $0.135 on volume of 290,000 shares; and
  • Pacifica Group (PBB), -$0.060 (3.19%) to $1.820 on volume of 774,000 shares; and
  • Arc Energy (ARQ), -$0.065 (3.16%) to $1.995 on volume of 657,000 shares; and
  • Auspine (ANE), -$0.110 (3.13%) to $3.400 on volume of 18,000 shares.
Index Changes
XAOAll Ordinaries4389.918.60.43%474.45m
XTLS&P/ASX 202358.911.10.47%83.99m
XFLS&P/ASX 504323.120.40.47%189.47m
XTOS&P/ASX 1003585.915.20.43%318.94m
XJOS&P/ASX 2004425.319.20.44%395.6m
XKOS&P/ASX 3004422.619.70.45%0
XMDS&P/ASX Mid-Cap 504441.650.11%0
XSOS&P/ASX Small Ordinaries2562.317.60.69%130.31m

All Ordinaries Market Internals

Market Breadth
Advancing Volume58.49m149.61m189.45m235.3674.88507.7
Declining Volume25.49m148.65m169.06m183.3531.14358.86

S&P/ASX200 GICS Sector Indices

The top sector for the day was XTJ Telecommunications which gained 1.33% to 1527.40 points. Both sector components rose relatively strongly, and Telstra is performing precisely as suggested almost a month before it went ex-dividend. 

As I said at the time, there are a load of would-be day- and swing-traders who have no idea what they're doing, and who would view a 20c fall in TLS as a bearish signal, not realising that the stock had gone ex- its special dividend. Those idiots would then sell the following day... thus setting a nice low from which TLS could rally. The first rally after that incident was the 'options ride' - it provided a 5% gain in the stock in 4 sessions. The subsequent pullback and re-test of $4 was another opportunity.

Today, the sector components performed as follows:

  • Telstra Corporation (TLS), +$0.060 (1.46%) to $4.180 on volume of 24.57m shares; and
  • Telecom Corporation Of New Zealand (TEL), +$0.040 (0.73%) to $5.500 on volume of 500,000 shares.

Second in the sector leadership stakes was XHJ Healthcare which gained 1.29% to 5877.00 points. The sector leaders were -

  • Ventracor (VCR), +$0.065 (5.7%) to $1.205 on volume of 1.7m shares;
  • CSL (CSL), +$1.500 (4.04%) to $38.650 on volume of 629,000 shares;
  • Peptech (PTD), +$0.035 (2.76%) to $1.305 on volume of 416,000 shares;
  • Sigma Company (SIG), +$0.300 (2.54%) to $12.100 on volume of 72,000 shares; and
  • Chemeq (CMQ), +$0.025 (2.16%) to $1.180 on volume of 72,000 shares.

The bronze today went to XIJ Information Technology which gained 0.94% to 418.30 points. The sector was led by

  • IRESS Market Technology (IRE), +$0.080 (1.95%) to $4.180 on volume of 41,000 shares;
  • Baycorp Advantage (BCA), +$0.040 (1.18%) to $3.440 on volume of 177,000 shares;
  • Computershare (CPU), +$0.040 (0.63%) to $6.360 on volume of 907,000 shares;
  • ERG (ERG), -$0.000 (0%) to $0.165 on volume of 580,000 shares; and
  • Infomedia Ltd (IFM), -$0.000 (0%) to $0.465 on volume of 304,000 shares.

The worst-performed sector today was XEJ Energy which lost 0.89% to 9921.90 points (which is interesting since Crude is up over $1 in the Sunday night ACCESS session on NYMEX... do people simply not watch these inter-market relationships?). The sector was dragged lower by another pullback in Woodside (which absolutely dominates the sector by market cap - it's 3x as big as the next largest stock [STO]), while the biggest percentage losers in the index were:

  • Arc Energy (ARQ), -$0.065 (3.16%) to $1.995 on volume of 657,000 shares;
  • Roc Oil Company (ROC), -$0.080 (3.1%) to $2.500 on volume of 481,000 shares;
  • Hardman Resources (HDR), -$0.050 (2.37%) to $2.060 on volume of 4.88m shares;
  • Origin Energy (ORG), -$0.110 (1.64%) to $6.600 on volume of 2.15m shares; and
  • Oil Search (OSH), -$0.040 (1.18%) to $3.360 on volume of 10.36m shares.

Just in front of last place on the sector table was XPJ Property Trusts which lost 0.83% to 1817.40 points. The sector was pulled down by

  • Valad Property Group (VPG), -$0.040 (2.82%) to $1.380 on volume of 723,000 shares;
  • CFS Gandel Retail Trust (GAN), -$0.040 (2.05%) to $1.910 on volume of 8.91m shares; and
  • General Property Trust (GPT), -$0.060 (1.53%) to $3.850 on volume of 15.12m shares; and
  • Centro Properties Group (CNP), -$0.090 (1.5%) to $5.930 on volume of 1.43m shares; and
  • ING Office Fund (IOF), -$0.020 (1.49%) to $1.320 on volume of 979,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology418.33.90.94%2.8m
XDJConsumer Discretionary2234.616.80.76%19.39m
XXJASX200 Financials ex Property Trusts5396.540.50.76%40.91m
XSJConsumer Staples5636.800%30.78m
XPJProperty Trusts1817.4-15.3-0.83%99.38m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.180.061.46%24.57m
MAPMacquarie Airports2.940.020.68%19.19m
BHPBHP Billiton20.050.070.35%16.16m
BPCBurns, Philp & Company1.080.032.37%16.06m
CPACommonwealth Property Office Fund1.22-0.02-1.22%15.9m
BTABiota Holdings2.420.29.01%15.32m
All Ords Percentage Gainers
PAYPayce Consolidated3.350.517.54%261375
BTABiota Holdings2.420.29.01%15.32m
CRSCroesus Mining0.370.038.96%4.18m
All Ords Percentage Decliners
AJLAJ Lucas Group0.95-0.05-5%159851
MBLMacquarie Bank62.75-2.95-4.49%2.1m
REHReece Australia13.8-0.6-4.17%71574
CBHCBH Resources0.27-0.01-3.57%827333

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503358.61470.21%15.27m
JapanNikkei 22513400.29-20.25-0.15%0
SingaporeStraits Times2288.73-14.51-0.63%0
Hong KongHang Seng14525.9740.090.28%172.42m
MalaysiaKLSE Comp924.74-0.85-0.09%0