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Now it gets interesting. Although I had forewarned everybody not to pin their hopes on a rally that was driven entirely by US-market options-expiration manipulation, I had not expected Monday's Asian session to be quite as unattractive as it turned out. It's hard to find a bright spot in the ass-kicking that the Australian market got - the only thing I can venture is that the decline took place on very modest volume.
"Cauchemar" is Froggish for 'nightmare' - like Friday night's dream about being chased by a partially decomposed supernatural clown.... or (and what is worse) what I face at the moment. I STILL get the BSoD ("Blue Screen of Death" if I try to do anytihng that is computer-resource-intensive (like, say, using a 25x25 matrix of historical index correlations to try and calculate sensible industry 'tilts' in the portfolios... that shouldn't be too hard since the matrix is symmetric). Anyhow - I thought I would dash of a quick OzRant before getting back to the Portfolio stuff.
Major Market Indices
The broad market - the ASX All Ordinaries (XAO) - fell by 62.30 points (-1.26%), finishing at 4869.90 points. The index hit an intraday high of 4925.90 (at the open) and a relentless afternoon decline saw the index finish at its low (4869.9 points).
Total volume traded on the ASX was 830 million units, 31.0% below its 10-day average. Of the 495 active stocks in the All Ordinaries index, 194 fell while 79 managed a gain. Volume was tilted in favour of the losers by a margin of 4.0:1, with 309.49million shares traded in losers while 78.18million 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 67.80 points (-1.36%), finishing at 4901.20 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - fell by 36.60 points (-1.36%), finishing at 2658.80 points. Within the index members, only 1 rose, and the other 19 lost ground for the day. Total volume in rising issues within the ASX20 amounted to 3.29m untis while volume in the losers totalled 89.17m units.
The only winners in the "big guns" was Rinker Group (RIN), +$0.010 (0.06%) to $16.970 on volume of 3.29m shares.
The following stocks made up the biggest percentage losers in the big-guns:
- Alumina (AWC), -$0.220 (3.38%) to $6.280 on volume of 8.81m shares;
- Rio Tinto (RIO), -$2.10 (2.73%) to $74.80 on volume of 1.47m shares;
- BHP Billiton (BHP), -$0.63 (2.3%) to $26.80 on volume of 14.6m shares;
- AMP Limited (AMP), -$0.20 (2.29%) to $8.52 on volume of 3.82m shares;
- Coles Myer Ltd (CML), -$0.23 (1.96%) to $11.48 on volume of 3.72m shares.
At the smaller end of the market's capitalisation scale, the ASX Small Ordinaries Index (XSO) fell by 32.30 points (-1.15%), finishing at 2775.60 points. The major winners in the "pop-guns" were -
- Globe International (GLB), +$0.045 (20.45%) to $0.265 on volume of 649,000 shares;
- Kagara Zinc (KZL), +$0.370 (10%) to $4.070 on volume of 2.05m shares; and
- Agenix (AGX), +$0.015 (10%) to $0.165 on volume of 864,000 shares; and
- Gasnet Australia Group (GAS), +$0.230 (9.62%) to $2.620 on volume of 1.82m shares; and
- Sirtex Medical (SRX), +$0.200 (8.89%) to $2.450 on volume of 10,000 shares.
The losingest-little-guys for the session were (in order of decline):
- Kingsgate Consolidated (KCN), -$0.410 (8.47%) to $4.430 on volume of 237,000 shares;
- Zinifex (ZFX), -$0.800 (7.97%) to $9.240 on volume of 6.5m shares; and
- Great Southern Plantations (GTP), -$0.270 (7.46%) to $3.350 on volume of 7.59m shares; and
- Kimberley Diamond Company (KIM), -$0.090 (7.03%) to $1.190 on volume of 377,000 shares; and
- Sally Malay Mining (SMY), -$0.060 (5.61%) to $1.010 on volume of 171,000 shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4869.9 | -62.3 | -1.26% | 445.16m |
| XTL | S&P/ASX 20 | 2658.8 | -36.6 | -1.36% | 0 |
| XFL | S&P/ASX 50 | 4796.9 | -64.9 | -1.33% | 159.5m |
| XTO | S&P/ASX 100 | 3979.4 | -54.5 | -1.35% | 286.72m |
| XJO | S&P/ASX 200 | 4901.2 | -67.8 | -1.36% | 363.23m |
| XKO | S&P/ASX 300 | 4896.8 | -66 | -1.33% | 0 |
| XMD | S&P/ASX Mid-Cap 50 | 4932.3 | -72.1 | -1.44% | 0 |
| XSO | S&P/ASX Small Ordinaries | 2775.6 | -32.3 | -1.15% | 128.6m |
All Ordinaries Market Internals
The internals for all the indices were "equi-craptastic"; large tilts in volume in favour of decliners dominated, and there is a touch of 'babies and bathwater' about today's advance/decline statistics. Still, it seems as if some institutional money has adopted the same view as your intrepid correspondent (well, I say "intrepid", but I was a bit trepid the other night when I had a bad dream about a semi-decomposed ghost clown...)
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 1 | 11 | 31 | 79 | 46 | 355 |
| Declines | 19 | 73 | 137 | 194 | 104 | 668 |
| Advancing Volume | 3.29m | 9.85m | 33.9m | 78.18 | 46.79 | 160.9 |
| Declining Volume | 89.17m | 238.46m | 288.3m | 309.49 | 70.84 | 516.9 |
S&P/ASX200 GICS Sector Indices
No sectors rose today. Ain't that sum'in?.The worst-performed sector today was XEJ Energy which lost 2.36% to 11691.50 points. The sector was dragged lower by
- Oil Search (OSH), -$0.160 (4.02%) to $3.820 on volume of 3.95m shares;
- Hardman Resources (HDR), -$0.060 (3.61%) to $1.600 on volume of 5.2m shares;
- Arc Energy (ARQ), -$0.055 (3.61%) to $1.470 on volume of 457,000 shares;
- Origin Energy (ORG), -$0.210 (3.07%) to $6.640 on volume of 790,000 shares; and
- Santos (STO), -$0.290 (2.53%) to $11.160 on volume of 1.65m shares.
Just in front of last place on the sector table was XMJ Materials which lost 2.30% to 10053.50 points. The sector was pulled down by
- Kingsgate Consolidated (KCN), -$0.410 (8.47%) to $4.430 on volume of 237,000 shares;
- Zinifex (ZFX), -$0.800 (7.97%) to $9.240 on volume of 6.5m shares;
- Great Southern Plantations (GTP), -$0.270 (7.46%) to $3.350 on volume of 7.59m shares;
- Kimberley Diamond Company (KIM), -$0.090 (7.03%) to $1.190 on volume of 377,000 shares; and
- Centennial Coal Company (CEY), -$0.120 (3.77%) to $3.060 on volume of 612,000 shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XFJ | Financials | 5717.1 | -55.4 | 0% | 127.76m |
| XUJ | Utilities | 5804.1 | -5.9 | -0.1% | 5.61m |
| XIJ | Information Technology | 480.2 | -2.4 | -0.5% | 4.69m |
| XPJ | Property Trusts | 1977.3 | -14.3 | -0.72% | 102.05m |
| XTJ | Telecommunications | 1282.8 | -11 | -0.85% | 38.52m |
| XXJ | ASX200 Financials ex Property Trusts | 5874.7 | -61 | -1.03% | 29.55m |
| XSJ | Consumer Staples | 6142.4 | -64 | -1.03% | 13.09m |
| XDJ | Consumer Discretionary | 2270.2 | -26.6 | -1.16% | 22.38m |
| XNJ | Industrials | 5352.3 | -67.1 | -1.24% | 36.02m |
| XHJ | Healthcare | 6288.9 | -96.8 | -1.52% | 8.42m |
| XMJ | Materials | 10053.5 | -237.2 | -2.3% | 88.37m |
| XEJ | Energy | 11691.5 | -283.2 | -2.36% | 16.26m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TLS | Telstra Corporation | 3.69 | -0.03 | -0.81% | 32.64m |
| MCW | Macquarie Countrywide Trust | 1.93 | -0.01 | -0.26% | 19.66m |
| DRT | DB Rreef Trust | 1.5 | 0 | 0% | 15.73m |
| LHG | Lihir Gold | 2.74 | -0.07 | -2.49% | 15.43m |
| BHP | BHP Billiton | 26.8 | -0.63 | -2.3% | 14.6m |
| PNA | Pan Australian Resources | 0.35 | 0.02 | 6.06% | 13.29m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| GLB | Globe International | 0.27 | 0.05 | 20.45% | 648853 |
| KZL | Kagara Zinc | 4.07 | 0.37 | 10% | 2.05m |
| AGX | Agenix | 0.17 | 0.02 | 10% | 863803 |
| GAS | Gasnet Australia Group | 2.62 | 0.23 | 9.62% | 1.82m |
| NLX | Nylex | 0.054 | 0.004 | 8% | 9.5m |
All Ords Percentage Decliners
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| KCN | Kingsgate Consolidated | 4.43 | -0.41 | -8.47% | 237357 |
| ZFX | Zinifex | 9.24 | -0.8 | -7.97% | 6.5m |
| GTP | Great Southern Plantations | 3.35 | -0.27 | -7.46% | 7.59m |
| KIM | Kimberley Diamond Company | 1.19 | -0.09 | -7.03% | 377261 |
| SMY | Sally Malay Mining | 1.01 | -0.06 | -5.61% | 170898 |
Elsewhere in the Region...
Regional Indices
| Country | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| New Zealand | NZSE50 | 3564.515 | 5.64 | 0.16% | 22.65m |
| Japan | Nikkei 225 | 14860.35 | -18.99 | -0.13% | -na- |
| Korea | KOSPI | 1251.67 | -10.52 | -0.83% | -na- |
| Singapore | Straits Times | 2367.9 | -6.01 | -0.25% | -na- |
| Hong Kong | Hang Seng | 15768.86 | -73.79 | -0.47% | 220.58m |
| Malaysia | KLSE Comp | 889.51 | -3.99 | -0.45% | -na- |
