Interdum stultus opportuna loquitur...

Monday, November 21, 2005

OzRant: A Decline? On A Monday?

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Well, the first day of this week sure stank; having missed an opening short by 3 SPI points (looking for an entry at 4700, and the thing got to 4697), the 11 a.m. SPISpy long entry was up a single tick at its absolute peak, and closed on the one-hour rule at 12:02 with a loss of a couple of points. (12:02 because the e-mail went out at 11:02... I hit 'send' and the stupid thing invoked a spell-checker which took almost 2 minutes to shut off - and what's worse it left some shocking spelling in!)

That adds a passably-rare dud (a loss of 3-5 SPI points depending on the entry) to the RantRecord. It was an 'if only' day (if only the SPI had made that extra three ticks upwards and permitted a short entry... if only the thing had given us some technical opportunity to ride the afternoon reversal...). 

That phrase - if only - should be banned from the language; the trade sucked ass, end of story.

Major Market Indices

The broad market - the ASX All Ordinaries (XAO) - fell by 12.40 points (-0.27%), finishing at 4598.20 points (4600-ish). The index hit an intraday high of 4613.90 at about 5 minutes past 11 (ironic, n'est-ce pas?) and the thing sank from there until it closed at its session low of 4598.2 points.

Total volume traded on the ASX was 0.82 billion units, 12.1% below its 10-day average. Of the 483 stocks in the index, 139 fell while 139 managed a gain. Volume was tilted in favour of the losers by a margin of 1.2:1, with 196.98million shares traded in losers while 158.87million 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 16.90 points (-0.36%), finishing at 4654.20 points. It spent the majority of the day trying to hold support at 4660, but gave up in the last 10 minutes to close at its low.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 14.60 points (-0.58%), finishing at 2503.50 points. Within the index members, there were 9 that rose, and 11 losers. Total volume in rising issues within the ASX20 amounted to 26.64m shares while volume in the losers totalled 84.73m units.

The major winners in the "big guns" were -

  • Woodside Petroleum (WPL), +$0.230 (0.69%) to $33.420 on volume of 957,000 shares;
  • Woolworths (WOW), +$0.120 (0.69%) to $17.470 on volume of 4.41m shares;
  • AMP Limited (AMP), +$0.040 (0.53%) to $7.650 on volume of 5.28m shares;
  • Suncorp-Metway (SUN), +$0.100 (0.5%) to $20.150 on volume of 1.34m shares; and
  • Wesfarmers (WES), +$0.170 (0.45%) to $37.550 on volume of 1m shares.

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

  • Macquarie Bank (MBL), -$1.580 (2.2%) to $70.320 on volume of 4.81m shares;
  • National Australia Bank (NAB), -$0.69 (2.06%) to $32.76 on volume of 14.93m shares;
  • Telstra Corporation (TLS), -$0.07 (1.7%) to $4.05 on volume of 20.3m shares;
  • Rinker Group (RIN), -$0.26 (1.64%) to $15.63 on volume of 3.58m shares;
  • Commonwealth Bank Of Australia (CBA), -$0.36 (0.86%) to $41.64 on volume of 3.11m 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 4.50 points (-0.17%), finishing at 2578.90 points. The major winners in the "pop-guns" were -

  • Institute Of Drug Technology Australia (IDT), +$0.250 (13.89%) to $2.050 on volume of 107,000 shares;
  • Silex Systems (SLX), +$0.220 (13.54%) to $1.845 on volume of 1.76m shares; and
  • Sally Malay Mining (SMY), +$0.040 (6.35%) to $0.670 on volume of 793,000 shares; and
  • Resolute Mining (RSG), +$0.055 (4.91%) to $1.175 on volume of 431,000 shares; and
  • Coffey International (COF), +$0.160 (4.51%) to $3.710 on volume of 191,000 shares.

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

  • Multiemedia (MUL), -$0.001 (7.14%) to $0.013 on volume of 9.02m shares;
  • Perilya (PEM), -$0.050 (5.43%) to $0.870 on volume of 138,000 shares; and
  • Wattyl (WYL), -$0.110 (4.18%) to $2.520 on volume of 181,000 shares; and
  • Ridley Corporation (RIC), -$0.055 (3.79%) to $1.395 on volume of 201,000 shares; and
  • Schaffer Corporation (SFC), -$0.180 (3.47%) to $5.000 on volume of 32,000 shares.
Index Changes
XAOAll Ordinaries4598.2-12.4-0.27%448.91m
XTLS&P/ASX 202503.5-14.6-0.58%0
XFLS&P/ASX 504563.9-20-0.44%188.09m
XTOS&P/ASX 1003783.2-13.7-0.36%270.99m
XJOS&P/ASX 2004654.2-16.9-0.36%347.09m
XKOS&P/ASX 3004645.8-16-0.34%0
XMDS&P/ASX Mid-Cap 50466950.11%0
XSOS&P/ASX Small Ordinaries2578.9-4.5-0.17%94.82m

All Ordinaries Market Internals

Market Breadth
Advancing Volume26.64m104.17m123.53m158.87m28.71m379.58m
Declining Volume84.73m143.26m164.97m196.98m36.76m289.93m

S&P/ASX200 GICS Sector Indices

The top sector for the day was XEJ Energy which gained 0.94% to 10156.40 points. The sector was helped by

  • Oil Search (OSH), +$0.120 (3.69%) to $3.370 on volume of 5.17m shares;
  • Caltex Australia (CTX), +$0.520 (2.43%) to $21.900 on volume of 485,000 shares;
  • Hardman Resources (HDR), +$0.025 (1.42%) to $1.780 on volume of 3.33m shares;
  • Arc Energy (ARQ), +$0.020 (1.1%) to $1.840 on volume of 447,000 shares; and
  • Worleyparsons (WOR), +$0.100 (0.92%) to $11.000 on volume of 543,000 shares.

Second in the sector leadership stakes was XHJ Healthcare which gained 0.74% to 6297.00 points. The sector leaders were -

  • Cochlear (COH), +$0.820 (2.06%) to $40.700 on volume of 168,000 shares;
  • Invocare (IVC), +$0.080 (2.03%) to $4.020 on volume of 60,000 shares;
  • CSL (CSL), +$0.750 (1.86%) to $41.050 on volume of 623,000 shares;
  • DCA Group (DVC), +$0.040 (1.05%) to $3.840 on volume of 2.13m shares; and
  • Resmed Inc (RMD), +$0.060 (1.03%) to $5.880 on volume of 543,000 shares.

The bronze today went to XDJ Consumer Discretionary which gained 0.22% to 2252.20 points. The sector was led by

  • Miller's Retail (MRL), +$0.045 (4.37%) to $1.075 on volume of 1.04m shares;
  • Jb Hi-Fi (JBH), +$0.110 (2.97%) to $3.810 on volume of 330,000 shares;
  • Pacific Brands (PBG), +$0.040 (1.48%) to $2.740 on volume of 2.9m shares; and
  • Village Roadshow (VRLPA), +$0.030 (1.4%) to $2.180 on volume of 204,000 shares.

The worst-performed sector today was XTJ Telecommunications which lost 1.56% to 1491.70 points thanks to another little downwards wiggle in Telstra (although TEL also fell). The two index components performed as follows:

  • Telstra Corporation (TLS), -$0.070 (1.7%) to $4.050 on volume of 20.3m shares; and
  • Telecom Corporation Of New Zealand (TEL), -$0.050 (0.89%) to $5.570 on volume of 1.32m shares.

Just in front of last place on the sector table was XXJ ASX200 Financials ex Property Trusts which lost 0.74% to 5721.20 points. The sector was pulled down by

  • SFE Corporation (SFE), -$0.380 (2.63%) to $14.050 on volume of 1.21m shares;
  • Macquarie Bank (MBL), -$1.580 (2.2%) to $70.320 on volume of 4.81m shares;
  • Perpetual Trustees Australia (PPT), -$1.410 (2.07%) to $66.850 on volume of 44,000 shares;
  • National Australia Bank (NAB), -$0.690 (2.06%) to $32.760 on volume of 14.93m shares; and
  • Tower (TWR), -$0.030 (1.78%) to $1.655 on volume of 1.15m shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XDJConsumer Discretionary2252.24.90.22%28.51m
XIJInformation Technology445.70.40.09%3.54m
XPJProperty Trusts1882.3-0.8-0.04%46.32m
XSJConsumer Staples5998.1-7.9-0.13%23.91m
XXJASX200 Financials ex Property Trusts5721.2-42.8-0.74%57.99m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.05-0.07-1.7%20.3m
NABNational Australia Bank32.76-0.69-2.06%14.93m
BHPBHP Billiton21.71-0.14-0.64%12.79m
FGLFoster's Group5.8-0.04-0.68%10.3m
BGFBallarat Goldfields0.330.013.17%8.93m
All Ords Percentage Gainers
ADAAdacel Technologies0.40.0615.94%269335
IDTInstitute Of Drug Technology Australia2.050.2513.89%107423
SLXSilex Systems1.850.2213.54%1.76m
ALKAlkane Exploration0.180.029.09%1.98m
EOSElectro Optic Systems Holdings3.640.267.69%29487
All Ords Percentage Decliners
CLTCellnet Group0.99-0.1-8.76%2.64m
CBHCBH Resources0.17-0.01-5.56%879333

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503333.9827.960.24%16.96m
JapanNikkei 22514658.0834.960.24%0
SingaporeStraits Times2293.430.230.01%0
Hong KongHang Seng14881.44-1.88-0.01%114.82m
MalaysiaKLSE Comp905.153.430.38%0