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The second-last trading day of the year has now come and gone. Those who refuse to look around them and survey the toxic investment environment are no doubt blissfully unaware of the extent to which massive government intervention has saved global financial markets - for now.
I find it amusing that the denizens of Wall St (and Collins St, and whatever street in Sydney the ASX building is on) get all uppity about government spending and welfare and so on... unless it's them who's getting the money from the gummint. The recent (and truly massive) opening of the liquidity spigot is, as I have said before, like giving a patient crack so that they don't exhibit signs of overdose from the heroin you gave them earlier - which was given to help them get over the effects of the speed you sold them yesterday, which in turn... all th way back to aspirin.
That's the thing, you see - once a government thinks it has wheedled its way out of one crisis, it pays absolutely no regard to the consequences until the next crisis emerges (which is usually the result of the 'fix' for the last crisis, since governments never want their chums to suffer the consequences of bad decisions).
No matter - with one session to go it's clear that the Aussie market had a pretty decent year, all things considered: the All Ords has risen by 13.8% thus far for 2007. The big caps have been the standouts, thanks largely to huge runups in BHP Billiton, Rio Tinto and other resource majors - to date the ASX20 is up 17.4% for the year. Small Caps significantly underperformed - the Small Ords has risen just over 11.6%.
As far as the sectors are concerned it should not be a surprise that the standouts were Materials (+42% thanks to rampant speculation over Rio and others) and Energy (+27.8%) while relatively safe sectors (Financials, Property Trusts, Utilities) did poorly. Interesting to see the implicit positioning for a slowdown in Consumption spending... Consumer Staples did well for 2007 (+20.4%) while Consumer Discretionary did poorly (-2.2%).
At this stage all index and sector returns mentioned here, exclude dividends.
OK... enough blather. Today's action:
Major Market Indices
The broad market - the All Ordinaries (XAO) - rallied through to entire session after a very poor open. At the death, it had registered a fall of just 2.7 points (0.04%), finishing at 6423.7 points. The low for the day was 6379.7 (6375-ish) - down about 50 - set at 10:07 am (i.e., just after the open). The intraday high of 6423.7 (6425-ish) was at the close,
Total volume traded on the ASX was 849.4 million units, well below its 10-day average. The ASX's daily listing of all stocks included 1289 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 478 issues rose, with volume in rising issues totalling 414.9 million units. Conversely (or even contrariwise), 498 stocks were dragged below the gain line, with aggregate volume traded of 315.5 million shares.
Of the 487 All Ordinaries components, 158 rose while 231 fell. Volume was tilted in favour of the losers by a margin of 2.3:1, with 82.14 million shares traded in gainers while 186.54 million 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) - fell mildly, losing 11 points (0.17%), closing out the session at 6339.9 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - slid modestly, falling 10.8 points (0.31%), closing out the session at 3494.9 points.
Among the 20 big guns, 6 index components finished to the upside, and of the rest, 12 closed lower for the session. The 21 stocks which make up the index traded a total of 52.73 million units; 6 index components rose, with rising volume amounting to 5.95 million shares, while the 12 decliners had volume traded totalling 25.1 million units. The major percentage gainers within the index were
- Wesfarmers Limited (WES), +$0.47 (1.17%) to $40.76 on volume of 455.3 thousand shares;
- Qbe Insurance Group Limited (QBE), +$0.32 (0.98%) to $32.91 on volume of 734.5 thousand shares;
- Woodside Petroleum Limited (WPL), +$0.41 (0.82%) to $50.35 on volume of 973 thousand shares;
- Commonwealth Bank Of Australia (CBA), +$0.18 (0.31%) to $58.70 on volume of 850.6 thousand shares; and
- Australia And New Zealand Banking Group Limited (ANZ), +$0.08 (0.29%) to $27.48 on volume of 1.6 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- BHP Billiton Limited (BHP), -$0.6 (1.46%) to $40.50 on volume of 4.1 million shares;
- Brambles Limited (BXB), -$0.16 (1.36%) to $11.58 on volume of 1.1 million shares;
- Westfield Group (WDC), -$0.22 (1.04%) to $20.91 on volume of 2 million shares;
- St George Bank Limited (SGB), -$0.33 (1.01%) to $32.24 on volume of 856.1 thousand shares; and
- Rio Tinto Limited (RIO), -$1.33 (0.98%) to $134.08 on volume of 400.5 thousand shares.
At the other end of the market-cap spectrum lie the denizens of the ASX Small Ordinaries (XSO) - the place where non-mania excess returns lie. The small end of the market had significantly worse day than its large-cap counterpart. The Small Ords slid modestly, falling 15.9 points (0.41%), closing out the session at 3840.6 points.
Among the stocks that make up the Small Caps index, 60 index components finished to the upside, and of the rest, 116 closed lower for the session.
The 197 stocks which make up the index traded a total of 123.85 million units: volume in the 60 gainers totalling 28.69 million shares, with trade totalling 55.17 million units in the index's 116 declining components. The major percentage gainers within the index were- Silex Systems Limited (SLX), +$0.42 (7.32%) to $6.16 on volume of 328.1 thousand shares;
- Sylvania Resources Limited (SLV), +$0.15 (5.77%) to $2.75 on volume of 33.9 thousand shares;
- Commander Communications Limited (CDR), +$0.02 (5.66%) to $0.28 on volume of 512 thousand shares;
- Resolute Mining Limited (RSG), +$0.08 (4.57%) to $1.72 on volume of 203.7 thousand shares; and
- Albidon Limited (ALB), +$0.14 (4.52%) to $3.24 on volume of 237.9 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Babcock&Brown Japan Property Trust (BJT), -$0.08 (5.39%) to $1.41 on volume of 994.4 thousand shares;
- Macquarie Leisure Trust Group (MLE), -$0.19 (5.08%) to $3.55 on volume of 115.8 thousand shares;
- Aditya Birla Minerals limited (ABY), -$0.12 (4.96%) to $2.30 on volume of 370.7 thousand shares;
- Charter Hall Group (CHC), -$0.13 (4.94%) to $2.50 on volume of 437.4 thousand shares; and
- Centro Retail (CER), -$0.05 (4.88%) to $0.98 on volume of 8.9 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 6423.7 | -2.7 | -0.04 | 340.9m |
| XTL | ASX 20 | 3494.9 | -10.8 | -0.31 | 52.7m |
| XFL | ASX 50 | 6137.5 | -17.9 | -0.29 | 117.8m |
| XTO | ASX 100 | 5125.2 | -7.3 | -0.14 | 197.7m |
| XJO | ASX 200 | 6339.9 | -11 | -0.17 | 291.3m |
| XKO | ASX 300 | 6356 | -11 | -0.17 | 321.9m |
| XMD | ASX Mid-Cap 50 | 6603.5 | 43.9 | 0.67 | 79.9m |
| XSO | ASX Small Ordinaries | 3840.6 | -15.9 | -0.41 | 124.2m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 6 | 31 | 55 | 158 | 60 | 478 |
| Declines | 12 | 62 | 125 | 230 | 116 | 498 |
| Advancing Volume | 5.9m | 47.6m | 62.8m | 82.1m | 28.7m | 414.9 million |
| Declining Volume | 25.1m | 123.2m | 159.4m | 185.7m | 55.2m | 315.5 million |
GICS Industry Indices
Among the 11 industry indices, it was pretty much even stevens, with a very slight lead to the duds... the 5 that had an "up" day were just shaded by the remaining 6 which didn't.
The best performing index was Energy (XEJ), which added 187.8 points (1.22%) to 15545.6 points. The 17 stocks which make up the index traded a total of 14.52 million units; 9 index components rose, with rising volume amounting to 10.76 million shares, while the 6 decliners had volume traded totalling 2.33 million units. The major percentage gainers within the index were
- Santos Limited (STO), +$0.30 (2.2%) to $13.95 on volume of 1.5 million shares;
- Paladin Resources Limited (PDN), +$0.14 (2.15%) to $6.65 on volume of 1.3 million shares;
- Nexus Energy Limited (NXS), +$0.04 (1.94%) to $1.84 on volume of 4.2 million shares;
- Origin Energy Limited (ORG), +$0.15 (1.75%) to $8.74 on volume of 948.2 thousand shares; and
- Worleyparsons Limited (WOR), +$0.68 (1.33%) to $51.93 on volume of 130.1 thousand shares.
Second in the index leadership stakes was Healthcare (XHJ), which gained 112.1 points (1.18%) to 9585.4 points. The 9 stocks which make up the index traded a total of 3.35 million units; 3 index components rose, with rising volume amounting to 0.29 million shares, while the 5 decliners had volume traded totalling 3.06 million units. The major percentage gainers within the index were
- Cochlear Limited (COH), +$0.81 (1.12%) to $73.36 on volume of 44.5 thousand shares;
- Ansell Limited (ANN), +$0.08 (0.67%) to $11.96 on volume of 73.8 thousand shares; and
- Sonic Healthcare Limited (SHL), +$0.04 (0.24%) to $16.59 on volume of 167.8 thousand shares.
The bronze medal for today goes to Information Technology (XIJ), which climbed 1.3 points (0.23%) to 566.7 points. The 2 stocks which make up the index traded a total of 0.36 million units; 2 index components rose, with rising volume amounting to 0.36 million shares, while sole declining stock traded 0 million units. The major percentage gainers within the index were
- Iress Market Technology Limited (IRE), +$0.13 (1.68%) to $7.88 on volume of 82.3 thousand shares; and
- Computershare Limited (CPU), +$0.02 (0.21%) to $9.73 on volume of 279.2 thousand shares.
The worst-performed index for the session was Property Trusts (XPJ), which dipped 29.8 points (1.4%) to 2098.4 points. The 20 stocks which make up the index traded a total of 65.43 million units; The 18 decliners had volume traded totalling 57.32 million units, and 2 index components rose, with rising volume amounting to 8.11 million shares, The major percentage decliners within the index were
- Centro Properties Group (CNP), -$0.07 (6.36%) to $1.03 on volume of 14.7 million shares;
- Babcock&Brown Japan Property Trust (BJT), -$0.08 (5.39%) to $1.41 on volume of 994.4 thousand shares;
- Centro Retail (CER), -$0.05 (4.88%) to $0.98 on volume of 8.9 million shares;
- Apn/Uka European Retail Property Group (AEZ), -$0.05 (4.88%) to $0.98 on volume of 847.2 thousand shares; and
- ING Office Fund (IOF), -$0.08 (4.76%) to $1.60 on volume of 1.8 million shares.
Just missing out on the wooden spoon was Industrials (XNJ), which slid 73.4 points (1.11%) to 6520.6 points. The 32 stocks which make up the index traded a total of 33.35 million units; The 23 decliners had volume traded totalling 26.39 million units, and 7 index components rose, with rising volume amounting to 4.01 million shares, The major percentage decliners within the index were
- Downer Edi Limited (DOW), -$0.22 (3.99%) to $5.29 on volume of 517.4 thousand shares;
- Macmahon Holdings Limited (MAH), -$0.05 (2.67%) to $1.64 on volume of 443.9 thousand shares;
- Bradken Limited (BKN), -$0.22 (2.66%) to $8.04 on volume of 347.3 thousand shares;
- Cabcharge Australia Limited (CAB), -$0.25 (2.29%) to $10.65 on volume of 126.3 thousand shares; and
- Alesco Corporation Limited (ALS), -$0.23 (2.21%) to $10.20 on volume of 73.7 thousand shares.
Third-to-last amongst the sector indices was Consumer Discretionary (XDJ), which slid 26 points (0.95%) to 2708.9 points. The 25 stocks which make up the index traded a total of 12.52 million units; The 17 decliners had volume traded totalling 10.19 million units, and 6 index components rose, with rising volume amounting to 1.3 million shares, The major percentage decliners within the index were
- MFS Limited (MFS), -$0.11 (2.42%) to $4.44 on volume of 809.7 thousand shares;
- Macquarie Communications Infrastructure Group (MCG), -$0.13 (2.4%) to $5.29 on volume of 1.3 million shares;
- APN News & Media Limited (APN), -$0.1 (1.83%) to $5.36 on volume of 310.9 thousand shares;
- Fairfax Media Limited (FXJ), -$0.07 (1.49%) to $4.62 on volume of 2.4 million shares; and
- Aristocrat Leisure Limited (ALL), -$0.16 (1.4%) to $11.24 on volume of 604 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XEJ | Energy | 15545.6 | 187.8 | 1.22 | 15m |
| XHJ | Healthcare | 9585.4 | 112.1 | 1.18 | 3m |
| XIJ | Information Technology | 566.7 | 1.3 | 0.23 | 0m |
| XSJ | Consumer Staples | 8919.3 | 13 | 0.15 | 27m |
| XXJ | ASX200 Financials ex Property Trusts | 7153.5 | 10.9 | 0.15 | 25m |
| XUJ | Utilities | 6585.7 | -4.4 | -0.07 | 9m |
| XMJ | Materials | 15103.2 | -41.4 | -0.27 | 86m |
| XTJ | Telecommunications | 1675.3 | -7.6 | -0.45 | 14m |
| XDJ | Consumer Discretionary | 2708.9 | -26 | -0.95 | 13m |
| XNJ | Industrials | 6520.6 | -73.4 | -1.11 | 33m |
| XPJ | Property Trusts | 2098.4 | -29.8 | -1.4 | 65m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CSM | Consolidated Minerals Limited | 5.01 | 0.00 | 0 | 28.3m |
| CGJ | Coles Group Limited | 15.25 | 0.00 | 0 | 19.5m |
| CNP | Centro Properties Group | 1.03 | -0.07 | -6.36 | 14.7m |
| FMG | Fortescue Metals Group Ltd | 8.45 | 1.25 | 17.36 | 9.4m |
| CER | Centro Retail | 0.98 | -0.05 | -4.88 | 8.9m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| FMG | Fortescue Metals Group Ltd | 8.45 | 1.25 | 17.36 | 9.4m |
| TCQ | Trinity Consolidated Group | 2.30 | 0.30 | 15 | 19.3k |
| APD | APN Property Group Limited | 2.30 | 0.25 | 12.2 | 1.7k |
| SLX | Silex Systems Limited | 6.16 | 0.42 | 7.32 | 328.1k |
| AVE | Aevum Limited | 2.95 | 0.19 | 6.88 | 55.6k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CFU | Ceramic Fuel Cells Limited | 0.54 | -0.06 | -9.24 | 301.7k |
| NRT | Novogen Limited | 1.20 | -0.12 | -9.09 | 110.9k |
| APE | AP Eagers Limited | 15.95 | -1.35 | -7.8 | 4.7k |
| AIM | Aim Resources Limited | 0.13 | -0.01 | -7.41 | 646k |
| CNP | Centro Properties Group | 1.03 | -0.07 | -6.36 | 14.7m |
