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This morning (Australian time) I was curious as to whether our favourite Oz-market Energy short (Woodside) would ride the coat-tails of a US-short-squeeze inspired bounce in our market, or would succumb to overnight weakness in oil prices.
As it turns out, I needn't have bothered wondering - the Australian market did the sensible thing and pretty much ignored the US market's strange behaviour.
Of course the open was a buy-fest, as people with little or no idea figured
"Duh... US up means Australia up... Duuuuhh".
That sort of blinkered thinking might pass for "analysis" if you work for the Bush Administration's Iraq propaganda machine, but frankly if you try to use it as an investment/speculation paradigm you're going to wind up pushing around a shopping trolley full of reclaimed garbage.
The opening squirt lasted almost exactly fifteen minutes... at which time the nuffnuffs were nicely positioned long, and ripe for getting their arses kicked - again. From there, it was one-way traffic, puncutated only by a feeble rally attempt when the ASX200 tried to bounce off the first test of 4400.
Just an aside for a few paragraphs, then we'll get on with it...
I note with a combination of mirth and alarm that Saddam Hussein is being tried for nothing more than signing death warrants (which were completely legal in Iraq under its prevailing laws). Bush had better hope that he never gets dragged to the Hague for his War Crimes... his Iraq-only death toll is higher than Hussein's, and he signed more death warrants in his time as Texas governor than Hussein is accused of doing in the Dujail incident.
Now - do not let it be said that I advocate knocking off one's political opponents... I don't. But it's not a 'Crime Against Humanity'.
- Dropping cluster bombs on civilian areas? Now that's a crime against humanity.
- Bombing civilian water and sanitation infrastructure? That's a crime against humanity.
- Imposing genocidal trade sanctions against a country for no good reason? Now that's a crime against humanity.
- Pursuing a war of aggression and invading and occupying a sovereign state without the approval of the UN Security Council? Now that is defined as "the ultimate crime against humanity, because it includes all others".
(I'm using the Nuremberg Convention definition of a Crime Against Humanity, and explicitly the wording used by the judges during their summation). But you can add the non-observance of the Geneva Conventions and Protocols, the deliberate 'collective punishment' of civilians undertaken at Fallujah and al-Ramadi (which included targetting of hospitals)... the shooting of unarmed wounded prisoners... the list goes on.
Anyhow... the Yanks clearly want to hang poor old Saddam - to prevent any possibility of a 'tell all' outburst that will show just how deep the US was involved in everything he did for 25 years.
But since they US stooge government (illegal in international law) knows that
- it can't make the Halabja charges stick (because the victims of the artillery crossfire at Halabja were killed by Iranian cyanide-canisters, as proved clearly by Steven Pelletiere who was teh CIA case officer for the region at the time); and
- the US gave the 'green light' (via April Glaspie) to Saddam for the invasion of Kuwait; and
- the US was complicit in the 'massacre' (i.e., suppression of internal uprising) in 1991;
the stooges that run the illegal 'court' (which include Ahmed Chalabi's nephew as a judge, for Christ's sake...) have had to plump for a very small-scale 'atrocity'.
Kind of like Al Capone being tried for Tax Evasion rather than bootlegging, extortion, murder, arson and other actual bad stuff.
Oh ... are you concentrating? BIRD FLU. TERR-RRR-RISTS. NUKULAR WEAPONS. IRAN. FREE-DUMB AND DUMB-OCRACY.
Whew... that's better.
Major Market Indices
The broad market - the ASX All Ordinaries (XAO) - fell by 0.80 points (-0.02%), finishing at 4345.10 points. The index hit an intraday high of 4384.60 (at 10:15 or 10:25, depending on whose datafeed you get), and its low of 4334.2 was set at 3 p.m. Sydney time.
Total volume traded on the ASX was 900 million units, 16.6% below its 10-day average. Of the 485 stocks in the All ORdinaries, 199 fell while 150 managed a gain. Volume was tilted in favour of the losers by a margin of 1.2:1, with 230.08million shares traded in losers while 196.69million 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 2.90 points (0.07%), finishing at 4380.10 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 7.00 points (0.30%), finishing at 2349.70 points. Within the index members, there were 14 that rose, and 5 losers. Total volume in rising issues within the ASX20 amounted to 59.57m shares while volume in the losers totalled 41.33m units.
The major winners in the "big guns" were -
- Australia And New Zealand Banking Group (ANZ), +$0.360 (1.55%) to $23.560 on volume of 4.92m shares;
- Amcor (AMC), +$0.080 (1.22%) to $6.620 on volume of 1.98m shares;
- Foster's Group (FGL), +$0.050 (0.9%) to $5.630 on volume of 10.15m shares;
- National Australia Bank (NAB), +$0.280 (0.88%) to $32.200 on volume of 2.38m shares; and
- Commonwealth Bank Of Australia (CBA), +$0.220 (0.59%) to $37.700 on volume of 2.01m shares.
The following stocks made up the biggest percentage losers in the big-guns:
- Woodside Petroleum (WPL), -$0.880 (2.78%) to $30.830 on volume of 3.29m shares;
- AMP Limited (AMP), -$0.02 (0.28%) to $7.20 on volume of 5.03m shares;
- Woolworths (WOW), -$0.04 (0.25%) to $15.75 on volume of 3.73m shares;
- BHP Billiton (BHP), -$0.04 (0.2%) to $20.01 on volume of 23.82m shares; and
- Alumina (AWC), -$0.01 (0.18%) to $5.67 on volume of 5.46m 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 13.70 points (-0.54%), finishing at 2508.30 points. The major winners in the "pop-guns" were -
- Globe International (GLB), +$0.020 (5.88%) to $0.360 on volume of 258,000 shares;
- Emperor Mines (EMP), +$0.010 (3.57%) to $0.290 on volume of 10,000 shares; and
- Institute Of Drug Technology Australia (IDT), +$0.065 (3.57%) to $1.885 on volume of 40,000 shares; and
- Adsteam Marine (ADZ), +$0.055 (3.31%) to $1.715 on volume of 520,000 shares; and
- ERG (ERG), +$0.005 (3.03%) to $0.170 on volume of 1.97m shares.
The losingest-little-guys for the session were (in order of decline):
- Perseverance Corporation (PSV), -$0.035 (10.14%) to $0.310 on volume of 4.21m shares;
- Multiemedia (MUL), -$0.001 (6.67%) to $0.014 on volume of 10.09m shares; and
- Dragon Mining (DRA), -$0.010 (6.67%) to $0.140 on volume of 1.97m shares; and
- Equigold (EQI), -$0.085 (6.39%) to $1.245 on volume of 484,000 shares; and
- Petsec Energy (PSA), -$0.080 (5.41%) to $1.400 on volume of 219,000 shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4345.1 | -0.8 | -0.02% | 521.3m |
| XTL | S&P/ASX 20 | 2349.7 | 7 | 0.3% | 100.9m |
| XFL | S&P/ASX 50 | 4284.6 | 5.6 | 0.13% | 200.16m |
| XTO | S&P/ASX 100 | 3552.2 | 3.6 | 0.1% | 343.66m |
| XJO | S&P/ASX 200 | 4380.1 | 2.9 | 0.07% | 429.96m |
| XKO | S&P/ASX 300 | 4376.2 | 1.7 | 0.04% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4386.9 | -3.8 | -0.09% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2508.3 | -13.7 | -0.54% | 143.58m |
All Ordinaries Market Internals
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 14 | 49 | 76 | 150 | 48 | 374 |
| Declines | 5 | 41 | 85 | 199 | 99 | 550 |
| Advancing Volume | 59.57m | 157.45m | 185.68m | 196.69 | 37.24 | 348.97 |
| Declining Volume | 41.33m | 142.89m | 169.44m | 230.08 | 71.98 | 410.95 |
S&P/ASX200 GICS Sector Indices
The top sector for the day was XUJ Utilities which gained 0.81% to 5096.00 points. The sector was helped by
- Alinta (ALN), +$0.360 (3.56%) to $10.470 on volume of 1.38m shares;
- Australian Pipeline Trust (APA), +$0.020 (0.56%) to $3.580 on volume of 98,000 shares;
- Australian Gas Light Company (AGL), +$0.030 (0.21%) to $14.350 on volume of 896,000 shares;
- Envestra (ENV), -$0.000 (0%) to $1.200 on volume of 290,000 shares; and
- Gasnet Australia Group (GAS), -$0.000 (0%) to $2.800 on volume of 186,000 shares.
Second in the sector leadership stakes was XXJ ASX200 Financials ex Property Trusts which gained 0.55% to 5371.10 points. The sector leaders were -
- Australian Stock Exchange (ASX), +$0.720 (2.65%) to $27.920 on volume of 302,000 shares;
- Bank Of Queensland (BOQ), +$0.280 (2.15%) to $13.300 on volume of 344,000 shares;
- Perpetual Trustees Australia (PPT), +$0.950 (1.55%) to $62.150 on volume of 64,000 shares;
- Australia And New Zealand Banking Group (ANZ), +$0.360 (1.55%) to $23.560 on volume of 4.92m shares; and
- Bendigo Bank (BEN), +$0.100 (0.93%) to $10.910 on volume of 105,000 shares.
The bronze today went to XFJ Financials which gained 0.52% to 5223.80 points. The sector was led by the same stocks that led Financials ex-LPTs. I've said before that I ought to exclude Financials ex-LPTs from the sector lists, but I keep failing to get aropund to it. Here's the lsit again, anyhow...
- Australian Stock Exchange (ASX), +$0.720 (2.65%) to $27.920 on volume of 302,000 shares;
- Bank Of Queensland (BOQ), +$0.280 (2.15%) to $13.300 on volume of 344,000 shares;
- Thakral Holdings Group (THG), +$0.015 (1.92%) to $0.795 on volume of 199,000 shares;
- Perpetual Trustees Australia (PPT), +$0.950 (1.55%) to $62.150 on volume of 64,000 shares; and
- Australia And New Zealand Banking Group (ANZ), +$0.360 (1.55%) to $23.560 on volume of 4.92m shares.
The worst-performed sector today was XEJ Energy which lost 1.38% to 9655.30 points. The sector was dragged lower by Woodside (again), which is now threatening a genuine share price collapse. About bloody time - although it was only $33.09 when first advocated as a high-probability short/put-buy/covered-call-sell candidate, using the same timing as we used for Crude Oil resulted in the ability to reset short positions within about 75c of WPL's recent high above $36... but I'm not claiming that for the RantRecord.
Anyhow... WPL contributed the biggest number of downside points to the Energy sector, but was only third in the list of biggest percentage declines for the session: that list was led by
- Australian Worldwide Exploration (AWE), -$0.085 (4.13%) to $1.975 on volume of 1.49m shares;
- Roc Oil Company (ROC), -$0.070 (2.85%) to $2.390 on volume of 1.03m shares;
- Tap Oil (TAP), -$0.070 (2.83%) to $2.400 on volume of 875,000 shares;
- Woodside Petroleum (WPL), -$0.880 (2.78%) to $30.830 on volume of 3.29m shares; and
- Santos (STO), -$0.170 (1.51%) to $11.110 on volume of 2.39m shares.
Just in front of last place on the sector table was XHJ Healthcare which lost 0.92% to 5737.60 points. The sector was pulled down by
- Sonic Healthcare (SHL), -$0.330 (2.27%) to $14.200 on volume of 1.18m shares;
- Healthscope (HSP), -$0.120 (2.11%) to $5.580 on volume of 412,000 shares;
- Cochlear (COH), -$0.630 (1.7%) to $36.500 on volume of 403,000 shares;
- Ventracor (VCR), -$0.015 (1.35%) to $1.095 on volume of 909,000 shares; and
- Ramsay Health Care (RHC), -$0.110 (1.2%) to $9.030 on volume of 140,000 shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XUJ | Utilities | 5096 | 41 | 0.81% | 3.85m |
| XXJ | ASX200 Financials ex Property Trusts | 5371.1 | 29.4 | 0.55% | 46.83m |
| XFJ | Financials | 5223.8 | 26.9 | 0.52% | 108.21m |
| XPJ | Property Trusts | 1803.7 | 7 | 0.39% | 66.71m |
| XTJ | Telecommunications | 1495.4 | 2.1 | 0.14% | 21.93m |
| XSJ | Consumer Staples | 5673.4 | 4.3 | 0.08% | 27.69m |
| XNJ | Industrials | 4938.6 | -5.3 | -0.11% | 62.12m |
| XDJ | Consumer Discretionary | 2218.2 | -6.3 | -0.28% | 24.52m |
| XMJ | Materials | 8006.1 | -26.1 | -0.32% | 131.19m |
| XIJ | Information Technology | 416.6 | -2.8 | -0.67% | 4.53m |
| XHJ | Healthcare | 5737.6 | -53.3 | -0.92% | 9.19m |
| XEJ | Energy | 9655.3 | -135.5 | -1.38% | 34.93m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BHP | BHP Billiton | 20.01 | -0.04 | -0.2% | 23.82m |
| TLS | Telstra Corporation | 4.08 | 0.01 | 0.25% | 21.19m |
| MAP | Macquarie Airports | 2.98 | 0.02 | 0.68% | 19.82m |
| LHG | Lihir Gold | 1.57 | -0.09 | -5.15% | 17.85m |
| OXR | Oxiana | 1.24 | -0.09 | -6.77% | 16.39m |
| OSH | Oil Search | 3.26 | -0.01 | -0.31% | 14.8m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| IAS | International All Sports | 0.42 | 0.05 | 12.16% | 447712 |
| AGI | Ainsworth Game Technology | 0.6 | 0.04 | 7.14% | 163989 |
| GLB | Globe International | 0.36 | 0.02 | 5.88% | 258300 |
| EPT | Epitan | 0.4 | 0.02 | 3.95% | 579608 |
| AJL | AJ Lucas Group | 0.99 | 0.04 | 3.66% | 81557 |
All Ords Percentage Decliners
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| PSV | Perseverance Corporation | 0.31 | -0.04 | -10.14% | 4.21m |
| OXR | Oxiana | 1.24 | -0.09 | -6.77% | 16.39m |
| MUL | Multiemedia | 0.014 | -0.001 | -6.67% | 10.09m |
| DRA | Dragon Mining | 0.14 | -0.01 | -6.67% | 1.97m |
| SED | Sedimentary Holdings | 0.22 | -0.02 | -6.52% | 298810 |
Elsewhere in the Region...
Regional Indices
| Country | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| New Zealand | NZSE50 | 3288.969 | -12.51 | -0.38% | 20.45m |
| Japan | Nikkei 225 | 13190.46 | 60.97 | 0.46% | 0 |
| Korea | KOSPI | 1162.23 | 9.1 | 0.79% | 503254 |
| Singapore | Straits Times | 2241.44 | 23.31 | 1.05% | 0 |
| Hong Kong | Hang Seng | 14465.27 | 92.51 | 0.64% | 193.8m |
| Malaysia | KLSE Comp | 911.24 | -2.93 | -0.32% | 0 |
