Interdum stultus opportuna loquitur...

Friday, November 18, 2005

OzRant: Like A Souffle...

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 40.50 points (0.89%), finishing at 4610.60 points (also its high for the session and only 15 points from a new all-time high). The day's low was 4570.1, set at the open.

Total volume traded on the ASX was 868 million units, 7.8% below its 10-day average. Of the 487 stocks in the All Ords, 198 rose while 85 fell. Volume was tilted in favour of the gainers by the staggering margin of 4.1:1, with 371.49million shares traded in gainers while 90.72million shares traded in the day's losers. In other words, investors are pricing in better-than-perfect future subrises, in perpetuity - although to be fair 55 million of the advancing volume was in Telstra (and nobody can be blamed for buying TLS... it's one of only about 18 stocks worth holding in the whole market).

The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 (XJO) - rose by 42.00 points (0.91%), finishing at 4671.10 points. The SPI itself did nothing that could be construed as a worthwhile 'signal' - except that it hugged its rising moving averages until late in the session, when it started to drive up and awaaaaay. The CCI divergence mentioned in the morning's SPISpy e-mail did give a 12-point pullback - so it should have been a cinch to snaffle the  required 3 SPI points (and - no surprise - the divergence occurred at... 10:30 a.m. Sydney time). But as far as a decent oversold on the smoothed %R (to enable a reversal to long), forget it. Never even got close.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - rose by 18.60 points (0.74%), finishing at 2518.10 points. Within the index members, there were 15 that rose, and 4 losers. Total volume in rising issues within the ASX20 amounted to 101.67. units - more than half of which were transacted in Telstra, which repays our faith in it every time it dips (although on record as having no faith whatsoever in the moustachioe'd dill in charge, we're on record as loving the company's free cash flow and low leverage). Volume in the losers totalled 15.7m units.

The major winners in the "big guns" were -

  • Telstra Corporation (TLS), +$0.110 (2.74%) to $4.120 on volume of 55.1m shares;
  • Rio Tinto (RIO), +$1.660 (2.73%) to $62.450 on volume of 1.91m shares;
  • BHP Billiton (BHP), +$0.450 (2.1%) to $21.850 on volume of 13.85m shares;
  • Macquarie Bank (MBL), +$1.400 (1.99%) to $71.900 on volume of 736,000 shares; and
  • Woodside Petroleum (WPL), +$0.420 (1.28%) to $33.190 on volume of 2.53m shares.

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

  • Foster's Group (FGL), -$0.140 (2.34%) to $5.840 on volume of 6.95m shares;
  • Wesfarmers (WES), -$0.25 (0.66%) to $37.38 on volume of 664,000 shares;
  • National Australia Bank (NAB), -$0.16 (0.48%) to $33.45 on volume of 5.9m shares; and
  • Coles Myer Ltd (CML), -$0.01 (0.1%) to $10.06 on volume of 2.18m 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 - rose by 14.20 points (0.55%), finishing at 2583.40 points. The major winners in the "pop-guns" were -

  • Emperor Mines (EMP), +$0.075 (18.99%) to $0.470 on volume of 1.45m shares;
  • Multiemedia (MUL), +$0.001 (7.69%) to $0.014 on volume of 5.81m shares; and
  • Prime Television (PRT), +$0.200 (5.8%) to $3.650 on volume of 176,000 shares; and
  • Perilya (PEM), +$0.045 (5.14%) to $0.920 on volume of 900,000 shares; and
  • Ventracor (VCR), +$0.050 (4.33%) to $1.205 on volume of 1.28m shares.

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

  • Orbital Corporation (OEC), -$0.010 (9.09%) to $0.100 on volume of 93,000 shares;
  • Village Roadshow (VRLPA), -$0.170 (7.33%) to $2.150 on volume of 5,000 shares; and
  • ERG (ERG), -$0.010 (6.9%) to $0.135 on volume of 3.57m shares; and
  • Antares Energy (AZZ), -$0.035 (6.67%) to $0.490 on volume of 173,000 shares; and
  • Progen Industries (PGL), -$0.140 (4.68%) to $2.850 on volume of 41,000 shares.
Index Changes
XAOAll Ordinaries4610.640.50.89%505.07m
XTLS&P/ASX 202518.118.60.74%0
XFLS&P/ASX 504583.940.30.89%217.73m
XTOS&P/ASX 1003796.9350.93%340.05m
XJOS&P/ASX 2004671.1420.91%393.16m
XKOS&P/ASX 3004661.841.40.9%0
XMDS&P/ASX Mid-Cap 50466454.91.19%0
XSOS&P/ASX Small Ordinaries2583.414.20.55%120.5m

All Ordinaries Market Internals

Market Breadth
Advancing Volume101.67m276.78m307.03m371.49m66.29m543.67m
Declining Volume15.7m36.3m73.14m90.72m44.56m197.2m

S&P/ASX200 GICS Sector Indices

The top sector for the day was XHJ Healthcare which gained 2.18% to 6250.70 points. The sector was helped by

  • Ventracor (VCR), +$0.050 (4.33%) to $1.205 on volume of 1.28m shares;
  • Resmed Inc (RMD), +$0.210 (3.74%) to $5.820 on volume of 533,000 shares;
  • CSL (CSL), +$1.050 (2.68%) to $40.300 on volume of 680,000 shares;
  • Mayne Group (MAY), +$0.140 (2.42%) to $5.930 on volume of 4.09m shares; and
  • Cochlear (COH), +$0.830 (2.13%) to $39.880 on volume of 134,000 shares.

Second in the sector leadership stakes was XTJ Telecommunications which gained 2.14% to 1515.30 points thanks to the high-volume rebound in Telstra. The sector leaders were -

  • Telstra Corporation (TLS), +$0.110 (2.74%) to $4.120 on volume of 55.1m shares; and
  • Telecom Corporation Of New Zealand (TEL), -$0.030 (0.53%) to $5.620 on volume of 1.83m shares.

The bronze today went to XMJ Materials which gained 1.92% to 8735.10 points. The sector was led by

  • Gunns (GNS), +$0.090 (3.06%) to $3.030 on volume of 1.74m shares;
  • Paperlinx (PPX), +$0.100 (3.05%) to $3.380 on volume of 881,000 shares;
  • Iluka Resources (ILU), +$0.240 (2.98%) to $8.300 on volume of 1.04m shares;
  • Lihir Gold (LHG), +$0.060 (2.79%) to $2.210 on volume of 9.67m shares; and
  • Nufarm (NUF), +$0.300 (2.74%) to $11.240 on volume of 222,000 shares.

The worst-performed sector today was XSJ Consumer Staples which lost 0.29% to 6006.00 points. The sector was dragged lower by

  • Burns, Philp & Company (BPC), -$0.015 (1.36%) to $1.090 on volume of 8.56m shares;
  • AWB (AWB), -$0.030 (0.56%) to $5.350 on volume of 469,000 shares; and
  • Coles Myer Ltd (CML), -$0.010 (0.1%) to $10.060 on volume of 2.18m shares.

Just in front of last place on the sector table was XIJ Information Technology which lost 0.22% to 445.30 points. The sector was pulled down by

  • ERG (ERG), -$0.010 (6.9%) to $0.135 on volume of 3.57m shares;
  • Computershare (CPU), -$0.080 (1.16%) to $6.820 on volume of 742,000 shares;
  • IRESS Market Technology (IRE), +$0.020 (0.45%) to $4.460 on volume of 141,000 shares;
  • MYOB (MYO), +$0.010 (0.87%) to $1.160 on volume of 215,000 shares; and
  • Infomedia Ltd (IFM), +$0.005 (0.93%) to $0.540 on volume of 81,000 shares.
Sector Indices
CodeGICS SectorClose+/-%Volume
XPJProperty Trusts1883.117.50.94%78.71m
XXJASX200 Financials ex Property Trusts576424.60.43%48.13m
XDJConsumer Discretionary2247.39.50.42%27.97m
XIJInformation Technology445.3-1-0.22%5.1m
XSJConsumer Staples6006-17.7-0.29%25.64m

All Ordinaries Major Movers

All Ords Volume Leaders
TLSTelstra Corporation4.120.112.74%55.1m
BTABiota Holdings1.960.126.52%15.61m
BHPBHP Billiton21.850.452.1%13.85m
QANQantas Airways3.790.112.99%13.51m
CPACommonwealth Property Office Fund1.240.010.81%12.87m
SIBSiberia Mining Corporation0.150.0211.11%11.25m
All Ords Percentage Gainers
EMPEmperor Mines0.470.0818.99%1.45m
CLTCellnet Group1.090.087.43%69113
BTABiota Holdings1.960.126.52%15.61m
PRTPrime Television3.650.25.8%176184
All Ords Percentage Decliners
AZZAntares Energy0.49-0.04-6.67%173212
PNAPan Australian Resources0.17-0.01-5.71%5.76m
PGLProgen Industries2.85-0.14-4.68%41272
GOWGowing Bros2.7-0.1-3.57%28169

Elsewhere in the Region...

Regional Indices
New ZealandNZSE503326.0251.410.04%45.95m
JapanNikkei 22514626.7214.911.49%0
SingaporeStraits Times2283.0921.60.96%0
Hong KongHang Seng14873.0685.080.58%214.51m
MalaysiaKLSE Comp901.477.170.8%0