OzRant: Odd Internals, But Still Sucky...

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

Yoou may have noticed that as the OOzRant ramps  up, itis getting earlier and earlier... once I fnd a way to write the prefaratory remarks automatially, I will let the thing post itself while I am still asleep...

Major Market Indices

The broad market - the All Ordinaries (XAO) - dipped reasonably hard, registering a loss of 68.3 points (1.04%), finishing at 6526.1 points. The index hit an intraday high of 6567.6 at the open (a statisitcal arftefact of the openng process), while the low for the day was 6516.7 - set about forty minutes before the end of the session.

Total volume traded on the ASX was 1.41 billion units, about 66% below 10-day average exchange volume. The ASX's daily listing of all stocks included 1432 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 487 issues rose, with volume in rising issues totalling 609.7 million units. 643 stocks were dragged below the gain line, with aggregate volume traded of 562.8 million shares. Odd that - decliner won the headcount, but advancers won the volume.

Of the 487 All Ordinaries components, 163 rose while 251 fell. Volume was tilted in favour of the losers by a margin of 1.5:1, with 248 million shares traded in gainers while 362.47 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) - registered a loss of 66.7 points (1.02%), closing out the session at 6461.9 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 37.3 points (1.04%), closing out the session at 3533.9 points.

Among the 20 big guns, 3 index components finished to the upside, and of the rest, 15 closed lower for the session. The 21 stocks which make up the index traded a total of 137.98 million units; 3 index components rose, with rising volume amounting to 27.14 million shares, while the 15 decliners had volume traded totalling 89.15 million units. The major percentage gainers within the index were

• Brambles Limited (BXB), +$0.59 (4.96%) to $12.48 on volume of 10.7 million shares;
• Wesfarmers Limited (WES), +$0.49 (1.24%) to $40.09 on volume of 1.7 million shares; and
• BHP Billiton Limited (BHP), +$0.10 (0.24%) to $41.25 on volume of 14.7 million shares.

On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:

• National Australia Bank Limited (NAB), -$1.97 (4.48%) to $42.03 on volume of 9.8 million shares;
• Woodside Petroleum Limited (WPL), -$1.3 (2.7%) to $46.90 on volume of 5 million shares;
• Qbe Insurance Group Limited (QBE), -$0.65 (2.06%) to $30.85 on volume of 2.6 million shares;
• Rio Tinto Limited (RIO), -$2.59 (1.92%) to $132.00 on volume of 2.9 million shares; and
• Telstra (Installment Receipts) (TLSCA), -$0.06 (1.87%) to $3.14 on volume of 11.3 million 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 fell, but still outperformed its large-cap counterpart. The Small Ords slid modestly, falling 34.5 points (0.86%), closing out the session at 3994.6 points.

Among the stocks that make up the Small Caps index, 68 index components finished to the upside, and of the rest, 112 closed lower for the session.

The 197 stocks which make up the index traded a total of 183.9 million units: volume in the 68 gainers totalling 71.58 million shares, with trade totalling 103.45 million units in the index's 112 declining components. The major percentage gainers within the index were

• Wotif.com Holdings Limited (WTF), +$0.30 (5.39%) to $5.87 on volume of 181.1 thousand shares;
• Bravura Solutions Limited (BVA), +$0.10 (5%) to $2.00 on volume of 189.1 thousand shares;
• Mintails Limited (MLI), +$0.03 (4.35%) to $0.72 on volume of 8.5 million shares;
• Progen Industries (PGL), +$0.08 (3.11%) to $2.65 on volume of 62.6 thousand shares; and
• Mineral Deposits Limited (MDL), +$0.04 (2.84%) to $1.45 on volume of 344.8 thousand shares.

In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):

• Pan Australian Resources Limited (PNA), -$0.06 (5.5%) to $1.03 on volume of 6.5 million shares;
• Boom Logistics Limited (BOL), -$0.15 (5.36%) to $2.65 on volume of 2.4 million shares;
• Aquarius Platinum Limited (AQP), -$2.03 (5.08%) to $37.95 on volume of 54.7 thousand shares;
• St Barbara Limited (SBM), -$0.04 (4.65%) to $0.82 on volume of 4.6 million shares; and
• Aditya Birla Minerals limited (ABY), -$0.14 (4.64%) to $2.88 on volume of 1.1 million shares.

Index Changes

Code	Name	Close	+/-	%	Volume
XAO	All Ordinaries	6526.1	-68.3	-1.04	670.3m
XTL	ASX 20	3533.9	-37.3	-1.04	138m
XFL	ASX 50	6261	-64.7	-1.02	232.9m
XTO	ASX 100	5214.2	-54.5	-1.03	399.1m
XJO	ASX 200	6461.9	-66.7	-1.02	509.3m
XKO	ASX 300	6482.4	-66.4	-1.01	585.4m
XMD	ASX Mid-Cap 50	6619.2	-73.8	-1.1	166.2m
XSO	ASX Small Ordinaries	3994.6	-34.5	-0.86	186.3m

Market Breadth

	ASX20	XTO	XJO	XAO	XSO	Market
Advances	3	32	61	163	68	487
Declines	15	60	124	250	112	643
Advancing Volume	27.1m	141.4m	182.1m	248m	71.6m	609.7m
Declining Volume	89.1m	218.2m	280.3m	358.3m	103.5m	562.8m

GICS Industry Indices

Among the 11 industry indices, 2 registered an advance for the session, the remaining 9 lost ground.

The best performing index was Information Technology (XIJ), which added 16.1 points (2.74%) to 602.7 points. The 2 stocks which make up the index traded a total of 3.19 million units; 2 index components rose, with rising volume amounting to 3.19 million shares, while sole declining stock traded 0 million units. The major percentage gainers within the index were

• Computershare Limited (CPU), +$0.33 (3.27%) to $10.43 on volume of 3 million shares; and
• Iress Market Technology Limited (IRE), +$0.10 (1.26%) to $8.02 on volume of 215.3 thousand shares.

Second in the index leadership stakes was Property Trusts (XPJ), which gained 4 points (0.17%) to 2318.1 points. The 20 stocks which make up the index traded a total of 87.76 million units; 13 index components rose, with rising volume amounting to 66.56 million shares, while the 5 decliners had volume traded totalling 16.67 million units. The major percentage gainers within the index were

• ING Industrial Fund (IIF), +$0.06 (2.3%) to $2.67 on volume of 2 million shares;
• Valad Property Group (VPG), +$0.04 (2.22%) to $1.84 on volume of 8.5 million shares;
• Macquarie Office Trust (MOF), +$0.03 (2.01%) to $1.52 on volume of 5.2 million shares;
• Babcock&Brown Japan Property Trust (BJT), +$0.03 (1.62%) to $1.57 on volume of 1.5 million shares; and
• ING Office Fund (IOF), +$0.03 (1.54%) to $1.65 on volume of 7.1 million shares.

The worst-performed index for the session was Energy (XEJ), which dipped 311.2 points (2.03%) to 15014 points. The 17 stocks which make up the index traded a total of 36.33 million units; The 11 decliners had volume traded totalling 19.4 million units, and 5 index components rose, with rising volume amounting to 16.05 million shares, The major percentage decliners within the index were

• Paladin Resources Limited (PDN), -$0.4 (5.26%) to $7.20 on volume of 3.6 million shares;
• Straits Resources Limited (SRL), -$0.26 (4.02%) to $6.21 on volume of 1.8 million shares;
• Worleyparsons Limited (WOR), -$1.81 (3.77%) to $46.23 on volume of 208.3 thousand shares;
• Caltex Australia Limited (CTX), -$0.77 (3.42%) to $21.75 on volume of 633 thousand shares; and
• Nexus Energy Limited (NXS), -$0.06 (3.24%) to $1.65 on volume of 1.1 million shares.

Just missing out on the wooden spoon was ASX200 Financials ex Property Trusts (XXJ), which slid 120 points (1.59%) to 7419.1 points. The 29 stocks which make up the index traded a total of 57.64 million units; The 23 decliners had volume traded totalling 46.11 million units, and 3 index components rose, with rising volume amounting to 3 million shares, The major percentage decliners within the index were

• National Australia Bank Limited (NAB), -$1.97 (4.48%) to $42.03 on volume of 9.8 million shares;
• City Pacific Limited (CIY), -$0.1 (2.67%) to $3.65 on volume of 70.9 thousand shares;
• Qbe Insurance Group Limited (QBE), -$0.65 (2.06%) to $30.85 on volume of 2.6 million shares;
• Tower Australia Group Limited (TAL), -$0.05 (1.94%) to $2.53 on volume of 516.9 thousand shares; and
• Lend Lease Corporation Limited (LLC), -$0.35 (1.85%) to $18.60 on volume of 672.3 thousand shares.

Third-to-last amongst the sector indices was Telecommunications (XTJ), which slid 21.5 points (1.28%) to 1652.6 points. The 4 stocks which make up the index traded a total of 35.94 million units; The 3 decliners had volume traded totalling 34.49 million units, and volume in the lone rising index component was 1.45 million shares, The major percentage decliners within the index were

• Telstra (Installment Receipts) (TLSCA), -$0.06 (1.87%) to $3.14 on volume of 11.3 million shares;
• Telstra Corporation Limited. (TLS), -$0.07 (1.49%) to $4.64 on volume of 19.5 million shares; and
• Singapore Telecommunications Limited. (SGT), -$0.04 (1.36%) to $2.90 on volume of 3.7 million shares.

Sector Indices

Code	GICS Sector	Close	+/-	%	Volume
XIJ	Information Technology	602.7	16.1	2.74	3m
XPJ	Property Trusts	2318.1	4	0.17	88m
XSJ	Consumer Staples	8662.3	-4.5	-0.05	47m
XNJ	Industrials	6909.8	-22.6	-0.33	70m
XDJ	Consumer Discretionary	2673.3	-9.4	-0.35	31m
XUJ	Utilities	6887.6	-38.5	-0.56	18m
XHJ	Healthcare	9086.8	-68.3	-0.75	9m
XMJ	Materials	15126.3	-189.5	-1.24	114m
XTJ	Telecommunications	1652.6	-21.5	-1.28	36m
XXJ	ASX200 Financials ex Property Trusts	7419.1	-120	-1.59	58m
XEJ	Energy	15014	-311.2	-2.03	36m

All Ordinaries Major Movers

All Ords Volume Leaders

Code	Name	Close	+/-	%	Volume
LGL	Lihir Gold Limited	3.83	-0.18	-4.49	23.7m
EMP	Emperor Mines Limited	0.07	0.00	1.37	22.4m
TLS	Telstra Corporation Limited.	4.64	-0.07	-1.49	19.5m
CGJ	Coles Group Limited	15.25	0.00	0	19.5m
DRT	DB RREEF Trust	1.92	0.01	0.26	16.8m

All Ords Percentage Gainers

Code	Name	Close	+/-	%	Volume
ARR	Arasor International Limited	2.14	0.17	8.63	1.7m
NFL	Natural Fuel Limited	0.20	0.02	8.33	942.6k
CPR	Clive Peeters Limited	1.98	0.12	6.45	4.1k
MCP	Mcpherson's Limited	3.50	0.20	6.06	331.9k
GRR	Grange Resources Limited.	2.59	0.14	5.71	252.3k

All Ords Percentage Losers

Code	Name	Close	+/-	%	Volume
MBP	Metabolic Pharmaceuticals Limited	0.05	0.00	-7.55	172.7k
AVO	Avoca Resources Limited	2.51	-0.19	-7.04	413.1k
CUV	Clinuvel Pharmaceuticals Limited	0.43	-0.03	-5.56	175.1k
PNA	Pan Australian Resources Limited	1.03	-0.06	-5.5	6.5m
BOL	Boom Logistics Limited	2.65	-0.15	-5.36	2.4m

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NonRant: USRant Still on Hiatus... but...

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

Sometimes I forget whether the TV I am watching is in French or English; last night I was watching a show on France3 - a panel show much like 'Geoffrey Robertson's Hypotheticals' - which in Australia would only be shown on SBS or the ABC, and only at 11 p.m. on a Thursday.

I'm not declaring myself bilingual - I am firmly committed to an Anglophone lifestyle, and I believe that English (as it evolves) will eventually be the lingua francafor planet Earth. (get it? Using Wog-talk to describe tthe widest-spread language in the world... Funny...)

Still, I was thinking back to the time before I left Straya. I used to watch the Frog news on SBS from time to time. I was thinking that if I had tried to watch last night's show before I came here, I would have been wasting my time.>

I was reminded of a discussion I had with Mark Maley back in the old InvestorWeb days - Mark had gone to Italy after leaving school. Spoke nary a word of dago, and just dropped himself in the middle of the place and waited to see what happened. Prior to hearing that story, I had always thought of Mark as a bit too 'Sydney' for my tastes... i.e., a bit of a self-important wanker. A terrible prejudice (not against Sydneysiders, who are wankers, but against Maley).

Anyow... Never Mind the Buzzcocks is on now on Pommy telly, so I'm going to leave this for a bit and come back and tell youse all a story...

OzRant: It All Looked So Good at 2 p.m....

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

Any crowd that uses VaR as its risk-management methodology must be trying like blazes to avoid recalibrating their models at present - the recent rise in volatility would, in normal circumstances, require a reduction in the portfolio weights of all risky assets.

But frankly I reckon that for the most part, financial institutions' approach to risk management involves

1. talking about it in their marketing bumph; and
2. getting government to bail them out when they screw up.

And that's about it. After all, this is an industry where stocks like One.Tel were placed into Imputation Funds. Solely to try to jack up returns... and the portfolio manager's justification at the time (this is a direct quote):

Packer's in it... Murdoch's in it... that's all I need to know.

Major Market Indices

The broad market - the All Ordinaries (XAO) - wandered in a 45-odd point band for most of the session, trading between 6625 and 6670 for most of the session. At 2 p.m. it was still showing a gain for the session.... fifteen minutes later it went through the zero line, and slid for the rest of the session, falling almost 70 points in the last 100 minutes. By the end of the session it was showing a decline of 55.6 points (0.84%), finishing at 6594.4 points. The index hit an intraday high of 6670.1 at 12:28 pm (just exceeding the prior intraday high of 6669.6 set at 11:34 a.m. ), while the low for the day was 6594.4 right at the closing bell. The failed retest of an intraday high was the classic 'tease tick' that I've written about before - a new high (just - but usually not by this small an amount) with declining CCI readings compared with the previous high... text book stuff.

Total volume traded on the ASX was 1.9 billion units, almost 8% above the 10-day average turnover. The ASX's daily listing of all stocks included 1481 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 551 issues rose, with volume in rising issues totalling 758.5 million units. Conversely (or even contrariwise), 617 stocks were dragged below the Plimsoll line, with aggregate volume traded of 997.7 million shares.

Of the 487 All Ordinaries components, 186 rose while 226 fell. Volume was tilted in favour of the losers by a margin of 1.4:1, with 305.98 million shares traded in gainers while 413.17 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) - registered a loss of 70 points (1.06%), closing out the session at 6528.6 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 65.7 points (1.81%), closing out the session at 3571.2 points.

Among the 20 big guns, only one component - Suncorp-Metway Limited. (SUN) - kept its head off the chopping block. SUN managed to squeak ut a gain of $0.02 (0.1%) to close at $19.27 and traded 1.51 million shares in the process. The 21 stocks which make up the index traded a total of 144.16 million units; that's a pretty heavy decliner-tilt... SUN traded a little under a million and a half shares, while the 16 decliners had volume traded totalling 109.85 million.

On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:

• Woodside Petroleum Limited (WPL), -$3.67 (7.06%) to $48.33 on volume of 6 million shares;
• St George Bank Limited (SGB), -$1.4 (3.66%) to $36.80 on volume of 3.5 million shares;
• Brambles Limited (BXB), -$0.35 (2.85%) to $11.93 on volume of 4.9 million shares;
• BHP Billiton Limited (BHP), -$0.97 (2.3%) to $41.23 on volume of 21 million shares; and
• National Australia Bank Limited (NAB), -$0.84 (1.87%) to $44.00 on volume of 5.3 million shares.

At the other end of the market-cap spectrum lie the denizens of the ASX Small Ordinaries (XSO). The small-fry swam in the opposite direction to the big fish today. The big guys got their clock punched while the minnows posted a gain. The Small Ords advanced by under a percent, adding 20.8 points (0.52%), closing out the session at 4029.1 points (the MidCaps - XMD - also managed a gain).

Among the stocks that make up the Small Caps index, 91 index components finished to the upside, and of the rest, 86 closed lower for the session.

The 197 stocks which make up the index traded a total of 235.27 million units: volume in the 91 gainers totalling 115.23 million shares, with trade totalling 90.89 million units in the index's 86 declining components. The major percentage gainers within the index were

• Kagara Zinc Limited (KZL), +$0.44 (7.46%) to $6.34 on volume of 1.4 million shares;
• Gloucester Coal Limited (GCL), +$0.33 (6.18%) to $5.67 on volume of 443.1 thousand shares;
• Aditya Birla Minerals limited (ABY), +$0.17 (5.96%) to $3.02 on volume of 1.6 million shares;
• Compass Resources NL (CMR), +$0.18 (5.26%) to $3.60 on volume of 490.6 thousand shares; and
• Midwest Corporation Limited (MIS), +$0.23 (4.95%) to $4.88 on volume of 1.3 million shares.

In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):

• Salmat Limited (SLM), -$0.4 (8.6%) to $4.25 on volume of 1.7 million shares;
• Super Cheap Auto Group Limited (SUL), -$0.28 (6.22%) to $4.22 on volume of 44 thousand shares;
• Macarthur Coal Limited (MCC), -$0.45 (5.36%) to $7.95 on volume of 2 million shares;
• Flexigroup Limited (FXL), -$0.12 (4.49%) to $2.55 on volume of 60 thousand shares; and
• Austal Limited (ASB), -$0.12 (4.12%) to $2.79 on volume of 1.3 million shares.

Index Changes

Code	Name	Close	+/-	%	Volume
XAO	All Ordinaries	6594.4	-55.6	-0.84	798.1m
XTL	ASX 20	3571.2	-65.7	-1.81	144.2m
XFL	ASX 50	6325.7	-96.8	-1.51	268.3m
XTO	ASX 100	5268.7	-64.8	-1.21	467.8m
XJO	ASX 200	6528.6	-70	-1.06	624.3m
XKO	ASX 300	6548.8	-67.4	-1.02	704.9m
XMD	ASX Mid-Cap 50	6693	30.4	0.46	199.4m
XSO	ASX Small Ordinaries	4029.1	20.8	0.52	237.2m

Market Breadth

	ASX20	XTO	XJO	XAO	XSO	Market
Advances	1	28	77	186	91	551
Declines	16	65	109	225	86	617
Advancing Volume	1.5m	122.6m	193m	306m	115.2m	758.5 million
Declining Volume	109.9m	301.3m	364.5m	410.5m	90.9m	997.7 million

GICS Industry Indices

Among the 11 industry indices, the news was universally negative: not a single sector managed to break into the "Win" column.

Since none of the industry sectors registered a gain for the session, there is no point in burdening ourselves with the internal behaviour of advancing sectors... on to the losers.

The worst-performed index for the session was Energy (XEJ), which dipped 375.2 points (2.39%) to 15325.2 points. The 17 stocks which make up the index traded a total of 46.96 million units; The 8 decliners had volume traded totalling 27.39 million units, and 9 index components rose, with rising volume amounting to 19.57 million shares, The major percentage decliners within the index were

• Woodside Petroleum Limited (WPL), -$3.67 (7.06%) to $48.33 on volume of 6 million shares;
• Beach Petroleum Limited (BPT), -$0.04 (2.86%) to $1.36 on volume of 4.1 million shares;
• Paladin Resources Limited (PDN), -$0.22 (2.79%) to $7.67 on volume of 3.1 million shares;
• Arrow Energy NL (AOE), -$0.05 (1.66%) to $2.97 on volume of 5.3 million shares; and
• Worleyparsons Limited (WOR), -$0.5 (1.04%) to $47.72 on volume of 425.6 thousand shares.

Just missing out on the wooden spoon was ASX200 Financials ex Property Trusts (XXJ), which slid 114.4 points (1.49%) to 7539.1 points. The 29 stocks which make up the index traded a total of 61.6 million units; The 22 decliners had volume traded totalling 52.44 million units, and 5 index components rose, with rising volume amounting to 6.05 million shares, The major percentage decliners within the index were

• St George Bank Limited (SGB), -$1.4 (3.66%) to $36.80 on volume of 3.5 million shares;
• Insurance Australia Group Limited (IAG), -$0.11 (2.38%) to $4.52 on volume of 7.3 million shares;
• Perpetual Limited (PPT), -$1.62 (2.3%) to $68.67 on volume of 113.4 thousand shares;
• AXA Asia Pacific Holdings Limited (AXA), -$0.15 (1.93%) to $7.64 on volume of 1.8 million shares; and
• Qbe Insurance Group Limited (QBE), -$0.6 (1.87%) to $31.45 on volume of 2.1 million shares.

Third-to-last amongst the sector indices was Property Trusts (XPJ), which slid 25.1 points (1.07%) to 2314.1 points. The 20 stocks which make up the index traded a total of 112.56 million units; The 13 decliners had volume traded totalling 64.24 million units, and 5 index components rose, with rising volume amounting to 29.16 million shares, The major percentage decliners within the index were

• GPT Group (GPT), -$0.12 (2.61%) to $4.48 on volume of 9.5 million shares;
• DB RREEF Trust (DRT), -$0.05 (2.55%) to $1.91 on volume of 3.9 million shares;
• Valad Property Group (VPG), -$0.05 (2.44%) to $1.80 on volume of 5 million shares;
• ING Industrial Fund (IIF), -$0.05 (1.87%) to $2.62 on volume of 3.6 million shares; and
• Tishman Speyer Office Fund (TSO), -$0.04 (1.72%) to $2.00 on volume of 2.2 million shares.

Sector Indices

Code	GICS Sector	Close	+/-	%	Volume
XUJ	Utilities	6926.1	-8	-0.12	17m
XTJ	Telecommunications	1674.1	-3.8	-0.23	44m
XDJ	Consumer Discretionary	2682.7	-12.1	-0.45	34m
XHJ	Healthcare	9155.1	-50.7	-0.55	11m
XMJ	Materials	15315.8	-101.3	-0.66	160m
XIJ	Information Technology	586.6	-4.1	-0.69	5m
XNJ	Industrials	6932.4	-51	-0.73	77m
XSJ	Consumer Staples	8666.8	-90	-1.03	55m
XPJ	Property Trusts	2314.1	-25.1	-1.07	113m
XXJ	ASX200 Financials ex Property Trusts	7539.1	-114.4	-1.49	62m
XEJ	Energy	15325.2	-375.2	-2.39	47m

All Ordinaries Major Movers

All Ords Volume Leaders

Code	Name	Close	+/-	%	Volume
BDG	Bendigo Mining Limited	0.39	0.08	26.23	35.6m
OXR	Oxiana Limited	4.09	0.09	2.25	29.1m
TLS	Telstra Corporation Limited.	4.71	-0.01	-0.21	21.7m
BHP	BHP Billiton Limited	41.23	-0.97	-2.3	21m
ZFX	Zinifex Limited	16.09	1.69	11.74	19.9m

All Ords Percentage Gainers

Code	Name	Close	+/-	%	Volume
ARR	Arasor International Limited	1.98	0.52	35.27	1.7m
BDG	Bendigo Mining Limited	0.39	0.08	26.23	35.6m
NFL	Natural Fuel Limited	0.18	0.03	20	1.4m
FMG	Fortescue Metals Group Ltd	60.98	9.45	18.34	1.7m
ZFX	Zinifex Limited	16.09	1.69	11.74	19.9m

All Ords Percentage Losers

Code	Name	Close	+/-	%	Volume
SEN	SENETAS CORPORATION	0.10	-0.01	-9.09	1.4m
CPK	CP1 Limited	0.63	-0.06	-8.7	165.8k
SLM	Salmat Limited	4.25	-0.40	-8.6	1.7m
WPL	Woodside Petroleum Limited	48.33	-3.67	-7.06	6m
TZN	Terramin Australia Limited.	3.58	-0.25	-6.53	390.4k

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OzRant: Not As Stupid as the Yanks

Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.

Every now and then, the market produces little slivers of evidence that most market participants should not b permitted to breed - for fear that humanity breeds itself to such a level of stupidity that we forget how to breathe.

That said, Australian markets did not have quite the same level of witless abandon as their US counterparts; by comparison, the bounce in the All Ords was sedate. But really, if the best one can say is that Australian 'investors' are not as stupid as their US counterparts... it is like taking solace in the fact that Australia's foreign policy is only helping to kill innocent brown children to provide truckloads of garmonbozia for the psychic parasite that inhabit's Dick Cheney's chest cavity.

And as usual, the overwhelming majority of the day's move was over within minutes of the Opening Orgasm... the "Dumb Money At Work" signal.

Major Market Indices

The broad market - the All Ordinaries (XAO) - rose strongly, registering a gain of 79.1 points (1.20%), finishing at 6650 points. The index hit an intraday high of 6660.0 about five minutes after the open, while the low for the day was at the open (a statistical artifact - the traded low during the session after all stocks had opened, was 6626.4 - set at about 2:40 pm).

Total volume traded on the ASX was 1.75 billion units, its 10-day average. The ASX's daily listing of all stocks included 1474 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 737 issues rose, with volume in rising issues totalling 1.24 billion units. Conversely (or even contrariwise), 463 stocks were dragged below the Plimsoll line, with aggregate volume traded of 384.3 million shares.

Of the 487 All Ordinaries components, 273 rose while 143 fell. Volume was tilted in favour of the gainers by a margin of 2.8:1, with 513.75 million shares traded in gainers while 182.43 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) - managed a solid gain, adding 83.4 points (1.28%), closing out the session at 6598.6 points.

The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - performed solidly, in moving up 44.5 points (1.24%), closing out the session at 3636.9 points.

Among the 20 big guns, 16 index components finished to the upside, and of the rest, 2 closed lower for the session. The 21 stocks which make up the index traded a total of 132.91 million units; 16 index components rose, with rising volume amounting to 105.92 million shares, while the 2 decliners had volume traded totalling 5.3 million units. The major percentage gainers within the index were

• Westfield Group (WDC), +$0.51 (2.54%) to $20.62 on volume of 4 million shares;
• National Australia Bank Limited (NAB), +$0.92 (2.1%) to $44.80 on volume of 4.2 million shares;
• St George Bank Limited (SGB), +$0.68 (1.82%) to $38.10 on volume of 1.1 million shares;
• AMP Limited (AMP), +$0.17 (1.68%) to $10.26 on volume of 5.2 million shares; and
• Commonwealth Bank Of Australia (CBA), +$0.99 (1.64%) to $61.37 on volume of 2.9 million shares.

On the less salubrious side of the big-cap fence, two big Oil and Diversified Resources stocks were the worst-performed within the index:

• Rio Tinto Limited (RIO), -$1.38 (0.99%) to $137.62 on volume of 3.2 million shares; and
• Woodside Petroleum Limited (WPL), -$0.43 (0.82%) to $52.00 on volume of 2.1 million shares.

At the other end of the market-cap spectrum is the ASX Small Ordinaries (XSO). The small end of the market had a somewhat better day than its large-cap counterpart. The Small Ords performed solidly, in moving up 52.5 points (1.33%), closing out the session at 4008.3 points.

Among the stocks that make up the Small Caps index, 120 index components finished to the upside, and of the rest, 61 closed lower for the session.

The 197 stocks which make up the index traded a total of 249.52 million units: volume in the 120 gainers totalling 172.59 million shares, with trade totalling 61.84 million units in the index's 61 declining components. The major percentage gainers within the index were

• Flexigroup Limited (FXL), +$0.34 (14.59%) to $2.67 on volume of 87.9 thousand shares;
• Mintails Limited (MLI), +$0.09 (13.39%) to $0.72 on volume of 1.1 million shares;
• Iluka Resources Limited (ILU), +$0.41 (10.15%) to $4.45 on volume of 4.9 million shares;
• Felix Resources Limited (FLX), +$0.73 (9.86%) to $8.13 on volume of 413.6 thousand shares; and
• Equigold NL (EQI), +$0.25 (7.69%) to $3.50 on volume of 293.5 thousand shares.

In the red-zone of the little-stock index, the the biggest downers (in terms of percentage decline) had a bit of an 'oil-y' feel about them:

• Murchison Metals Ltd (MMX), -$0.36 (7.93%) to $4.18 on volume of 3.8 million shares;
• Reckson New York Property Trust (RNY), -$0.06 (6.96%) to $0.74 on volume of 913.1 thousand shares;
• AED Oil Limited (AED), -$0.32 (4.34%) to $7.05 on volume of 4.2 million shares;
• TAP OIL Limited (TAP), -$0.09 (3.64%) to $2.38 on volume of 402.2 thousand shares; and
• Bravura Solutions Limited (BVA), -$0.06 (3.03%) to $1.92 on volume of 114.6 thousand shares.

Index Changes

Code	Name	Close	+/-	%	Volume
XAO	All Ordinaries	6650	79.1	1.2	751.1m
XTL	ASX 20	3636.9	44.5	1.24	132.9m
XFL	ASX 50	6422.5	78.4	1.24	226.2m
XTO	ASX 100	5333.5	67.3	1.28	421.7m
XJO	ASX 200	6598.6	83.4	1.28	571.2m
XKO	ASX 300	6616.2	83.8	1.28	671.6m
XMD	ASX Mid-Cap 50	6662.6	99.5	1.52	195.5m
XSO	ASX Small Ordinaries	4008.3	52.5	1.33	249.9m

Market Breadth

	ASX20	XTO	XJO	XAO	XSO	Market
Advances	16	74	136	272	120	737
Declines	2	21	54	143	61	463
Advancing Volume	105.9m	303.4m	404.1m	510.5m	172.6m	1.24 billion
Declining Volume	5.3m	87.4m	130.8m	182.4m	61.8m	384.3 million

GICS Industry Indices

Among the 11 industry indices, it was green across the board, as every sector managed to keep its head above water.

The best performing index was Property Trusts (XPJ), which added 48.5 points (2.12%) to 2339.2 points. The 20 stocks which make up the index traded a total of 104.41 million units; 15 index components rose, with rising volume amounting to 75.82 million shares, while the 4 decliners had volume traded totalling 28.31 million units. The major percentage gainers within the index were

• Centro Properties Group (CNP), +$0.28 (4.29%) to $6.81 on volume of 4.2 million shares;
• GPT Group (GPT), +$0.17 (3.85%) to $4.59 on volume of 9.4 million shares;
• Westfield Group (WDC), +$0.51 (2.54%) to $20.62 on volume of 4 million shares;
• Apn/Uka European Retail Property Group (AEZ), +$0.03 (2.53%) to $1.22 on volume of 566.8 thousand shares; and
• Macquarie DDR Trust (MDT), +$0.03 (2.39%) to $1.07 on volume of 1.5 million shares.

Second in the index leadership stakes was Healthcare (XHJ), which gained 168.7 points (1.87%) to 9205.8 points. The 9 stocks which make up the index traded a total of 14.51 million units; 5 index components rose, with rising volume amounting to 8.59 million shares, while the 3 decliners had volume traded totalling 5.92 million units. The major percentage gainers within the index were

• Sonic Healthcare Limited (SHL), +$0.26 (1.52%) to $17.40 on volume of 1.3 million shares;
• Symbion Health Limited (SYB), +$0.06 (1.46%) to $4.18 on volume of 2.8 million shares;
• Sigma Pharmaceuticals Ltd (SIP), +$0.02 (1.23%) to $1.64 on volume of 4.1 million shares;
• Ramsay Health Care Limited (RHC), +$0.13 (1.21%) to $10.89 on volume of 225.3 thousand shares; and
• Cochlear Limited (COH), +$0.10 (0.14%) to $73.85 on volume of 232.4 thousand shares.

The bronze medal for today goes to Information Technology (XIJ), which climbed 10 points (1.72%) to 590.7 points. The 2 stocks which make up the index traded a total of 3.66 million units; The lone rising index component had volume amounting to 3.39 million shares, while sole declining stock traded 0.28 million units. The major percentage gainers within the index were

• Computershare Limited (CPU), +$0.18 (1.81%) to $10.12 on volume of 3.4 million shares.

As mentioned above, there were no declining sectors today - so we can move on down to the Asian market stuff now.

Sector Indices

Code	GICS Sector	Close	+/-	%	Volume
XPJ	Property Trusts	2339.2	48.5	2.12	104m
XHJ	Healthcare	9205.8	168.7	1.87	15m
XIJ	Information Technology	590.7	10	1.72	4m
XXJ	ASX200 Financials ex Property Trusts	7653.5	125.4	1.67	56m
XUJ	Utilities	6934.1	104.5	1.53	20m
XMJ	Materials	15417.1	165.4	1.08	129m
XSJ	Consumer Staples	8756.8	78.6	0.91	51m
XNJ	Industrials	6983.4	59.1	0.85	62m
XTJ	Telecommunications	1677.9	12.1	0.73	45m
XDJ	Consumer Discretionary	2694.8	13.5	0.5	39m
XEJ	Energy	15700.4	59.5	0.38	47m

All Ordinaries Major Movers

All Ords Volume Leaders

Code	Name	Close	+/-	%	Volume
TLS	Telstra Corporation Limited.	4.72	0.03	0.64	23.9m
BHP	BHP Billiton Limited	42.28	0.48	1.15	22.8m
CGJ	Coles Group Limited	15.25	0.00	0	19.5m
MOF	Macquarie Office Trust	1.50	-0.03	-1.97	19.1m
CPA	Commonwealth Property Office Fund	1.54	0.01	0.66	16.2m

All Ords Percentage Gainers

Code	Name	Close	+/-	%	Volume
BEI	Babcock & Brown Environmental Investments Limited	0.48	0.10	26.32	5.4m
FXL	Flexigroup Limited	2.67	0.34	14.59	87.9k
MLI	Mintails Limited	0.72	0.09	13.39	1.1m
ILU	Iluka Resources Limited	4.45	0.41	10.15	4.9m
FLX	Felix Resources Limited	8.13	0.73	9.86	413.6k

All Ords Percentage Losers

Code	Name	Close	+/-	%	Volume
MMX	Murchison Metals Ltd	4.18	-0.36	-7.93	3.8m
RNY	Reckson New York Property Trust	0.74	-0.06	-6.96	913.1k
FAN	Fantastic Holdings Limited	4.20	-0.25	-5.62	25.8k
AXQ	Allco Max Securities And Mortgage Trust	0.58	-0.03	-4.96	128.7k
BOC	Bougainville Copper Limited	1.20	-0.06	-4.76	113k

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