Interdum stultus opportuna loquitur...

Thursday, November 24, 2005

OzRant: 90 Minute Flurry, Then Feh...

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With no guidance forthcoming frrm the US tonight, the market behaved as if it was Friday aready.

In the US tonight it's Thanksgiving, which is when folks celebrate the proclivity of Puritans to spread carnage, disease and death among the Pequot and Wampanoag peoples). The First Thanksgiving was not the 'buckled hat' crowd sitting down like chums with a pack of featherheaded redskins celebrating the harvest.

Not a bit of it... it was a feast of thanks for God helping the newly landed White-folks to uncork a major barrel of death and destruction on the natives. Look it up.

Anyhow... like I said, it was like a Friday; everything happened before midday and from there it just hung on by its toenails.

The broad market - the ASX All Ordinaries (XAO) - rose by 32.50 points (0.71%), finishing at 4594.90 points. The index hit an intraday high of 4598.50 (4600-ish) just after 2:45 p.m. Sydney time, having already traded above 4595 before 11:30 a.m. following a spurt off the open (which was also the session low, at 4562.4). So you would be correct in declaring that after 11:30 a.m. the index went pretty much of nowhere.

Total volume traded on the ASX was a solid 1.13 billion units, 14.7% above its 10-day average. Of the 487 stocks in the index, 172 rose while 107 fell. Volume was tilted in favour of the gainers by a margin of 2.3:1, with 419.98million shares traded in gainers while 186.29million 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 35.70 points (0.77%), finishing at 4652.30 points. There was absolutely no joy on the SPISpy front - not a cracker; not even so much as a hint of a low-probability entry. It would have been easy to jump on the early moonshot, but those suckers have a way of dying the moment they look invincible. Far better to wait for a failure signal - but today none came.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 22.20 points (0.89%), finishing at 2503.10 points. Within the index members, there were 17 that rose, and 3 losers. Total volume in rising issues within the ASX20 amounted to 94.28m shares while volume in the losers totalled 88.91m units.

The major winners in the "big guns" were -

  • AMP Limited (AMP), +$0.230 (3.06%) to $7.750 on volume of 9.86m shares;
  • Alumina (AWC), +$0.150 (2.36%) to $6.510 on volume of 4.93m shares;
  • St George Bank (SGB), +$0.600 (2.07%) to $29.610 on volume of 2.93m shares;
  • Rinker Group (RIN), +$0.300 (1.97%) to $15.500 on volume of 5.72m shares; and
  • Rio Tinto (RIO), +$1.190 (1.96%) to $61.890 on volume of 2.39m shares.

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

  • Telstra Corporation (TLS), -$0.110 (2.74%) to $3.900 on volume of 85.23m shares;
  • Macquarie Bank (MBL), -$0.73 (1.06%) to $68.35 on volume of 1.09m shares;
  • Suncorp-Metway (SUN), -$0.06 (0.3%) to $19.95 on volume of 2.58m shares;
  • Coles Myer Ltd (CML), +$0.04 (0.4%) to $10.03 on volume of 5.76m shares;
  • Westfield Group (WDC), +$0.07 (0.41%) to $17.30 on volume of 6.07m shares.

At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index (XSO) rose by 13.10 points (0.51%), finishing at 2597.70 points. The major winners in the "pop-guns" were -

  • Emperor Mines (EMP), +$0.045 (10.71%) to $0.465 on volume of 279,000 shares;
  • Miller's Retail (MRL), +$0.100 (9.26%) to $1.180 on volume of 6.71m shares; and
  • Petsec Energy (PSA), +$0.105 (6.69%) to $1.675 on volume of 332,000 shares; and
  • Norwood Abbey (NAL), +$0.030 (6.67%) to $0.480 on volume of 48,000 shares; and
  • Bunnings Warehouse Property Trust (BWP), +$0.110 (5.42%) to $2.140 on volume of 634,000 shares.

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

  • Lynas Corporation (LYC), -$0.015 (10.71%) to $0.125 on volume of 840,000 shares;
  • Mcguigan Simeon Wines (MGW), -$0.240 (7.29%) to $3.050 on volume of 2.27m shares; and
  • Croesus Mining (CRS), -$0.025 (7.04%) to $0.330 on volume of 4.71m shares; and
  • Dragon Mining (DRA), -$0.010 (6.9%) to $0.135 on volume of 508,000 shares; and
  • Equigold (EQI), -$0.060 (4.38%) to $1.310 on volume of 66,000 shares.
Index Changes
XAOAll Ordinaries4594.932.50.71%735.02m
XTLS&P/ASX 202503.122.20.89%0
XFLS&P/ASX 504557.337.20.82%342.36m
XTOS&P/ASX 1003778.829.30.78%501.69m
XJOS&P/ASX 2004652.335.70.77%612.23m
XKOS&P/ASX 300464434.90.76%0
XMDS&P/ASX Mid-Cap 504671.825.30.54%0
XSOS&P/ASX Small Ordinaries2597.713.10.51%157.03m

All Ordinaries Market Internals

Market Breadth
Advancing Volume94.28m305.43m380.01m419.98m92.3m617.14m
Declining Volume88.91m139.53m169.76m186.29m43.67m330.66m

S&P/ASX200 GICS Sector Indices

The top sector for the day was XUJ Utilities which gained 1.50% to 5525.90 points. The sector was helped by

  • Alinta (ALN), +$0.240 (2.19%) to $11.200 on volume of 843,000 shares;
  • Diversified Utility And Energy Trusts (DUE), +$0.050 (1.98%) to $2.570 on volume of 1.06m shares;
  • Australian Gas Light Company (AGL), +$0.220 (1.37%) to $16.320 on volume of 2.07m shares;
  • Envestra (ENV), +$0.010 (0.87%) to $1.165 on volume of 532,000 shares; and
  • Australian Pipeline Trust (APA), +$0.030 (0.8%) to $3.800 on volume of 355,000 shares.

Second in the sector leadership stakes was XIJ Information Technology which gained 1.48% to 452.70 points. The sector leaders were -

  • Computershare (CPU), +$0.140 (2.05%) to $6.980 on volume of 2.27m shares;
  • Infomedia Ltd (IFM), +$0.005 (0.93%) to $0.540 on volume of 237,000 shares;
  • MYOB (MYO), +$0.010 (0.88%) to $1.140 on volume of 282,000 shares;
  • Vision Systems (VSL), +$0.015 (0.88%) to $1.710 on volume of 587,000 shares; and
  • Baycorp Advantage (BCA), +$0.030 (0.88%) to $3.430 on volume of 3.15m shares.

The bronze today went to XMJ Materials which gained 1.34% to 8672.60 points. The sector was led by

  • Kimberley Diamond Company (KIM), +$0.070 (5.34%) to $1.380 on volume of 1.23m shares;
  • Newcrest Mining (NCM), +$0.680 (3.39%) to $20.720 on volume of 2.24m shares;
  • Onesteel (OST), +$0.100 (2.83%) to $3.630 on volume of 3.32m shares;
  • Alumina (AWC), +$0.150 (2.36%) to $6.510 on volume of 4.93m shares; and
  • Portman (PMM), +$0.090 (2.04%) to $4.500 on volume of 292,000 shares.

The worst-performed sector today - the only sector that spilt red ink for the session - was XTJ Telecommunications which lost 2.30% to 1444.70 points, thanks laregly to the swoon in Telstra. The sector's 2 components performed as follows:

  • Telstra Corporation (TLS), -$0.110 (2.74%) to $3.900 on volume of 85.23m shares; and
  • Telecom Corporation Of New Zealand (TEL), -$0.020 (0.36%) to $5.530 on volume of 6.97m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XIJInformation Technology452.76.61.48%7.55m
XDJConsumer Discretionary2272.725.71.14%56.99m
XXJASX200 Financials ex Property Trusts5728.151.70.91%73.03m
XSJConsumer Staples6007.852.70.88%34.61m
XPJProperty Trusts1874.18.70.47%125.27m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation3.9-0.11-2.74%85.23m
PNAPan Australian Resources0.210.015%20.83m
MCWMacquarie Countrywide Trust2.040.010.49%17.41m
BHPBHP Billiton21.860.311.44%16.18m
QANQantas Airways3.720.051.36%15.9m
MTSMetcash Trading4.50.132.97%14.89m
All Ords Percentage Gainers
EMPEmperor Mines0.470.0510.71%279280
MRLMiller's Retail1.180.19.26%6.71m
PSAPetsec Energy1.680.116.69%331500
BWPBunnings Warehouse Property Trust2.140.115.42%633572
KIMKimberley Diamond Company1.380.075.34%1.23m
All Ords Percentage Decliners
LYCLynas Corporation0.13-0.02-10.71%840000
MGWMcguigan Simeon Wines3.05-0.24-7.29%2.27m
CRSCroesus Mining0.33-0.03-7.04%4.71m
DRADragon Mining0.14-0.01-6.9%508298

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503316.698.720.26%31.45m
JapanNikkei 22514745.5937.270.25%0
SingaporeStraits Times2300.193.670.16%0
Hong KongHang Seng15065.252.90.02%129.54m
MalaysiaKLSE Comp903.420.520.06%0