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Lookit - I'm up already, and for the first time in over a year, the OzRant is delivered hot and steaming within an hour of the close. It's just after 6:45 a.m. here in France, and it's still as black as Dick Cheney's soul outside. (When I say "Dick Cheney's soul" it ought to be clear that I am exaggerating: Dick Cheney has a suppurating pustule where other people might have a conscience, and all this talk of souls is a tad metaphysical for this hour of the morning.
So le'ts get our Rant on.
The Strayan market got off the mark with a quick single, working the ball off its pads just past the outstretched left hand of the man at backward point. With major global markets closed, and therefore all newsflow having stopped, nobody remembered that oil prices are poised to breach $100 a barrel and the US is poised to srop off a cliff (its housing market having already done so).
I noticed that there was no significant economic data released, but one little vignette was of interest - the fact that OzGrowth (OZG) debuted on the listings with an initial pop of almost 50% (assuming that the actual IPO price was 20c) and settled at 26c... but on piffling volume that made it look like the thing is reasonably tightly held, and that nobody outside the recipients of stock in the IPO was interested.
I haven't been able to get any clear picture on what OzGrowth has done to enable it to raise $80 mill at the IPO equivalent of the drop of a hat, but I would be surprised if it ever traded at a premium to NTA per share... it is supposed to be a listed investment company after all.
Major Market Indices
The broad market - the All Ordinaries (XAO) - advanced modestly, rising 13.2 points (0.21%), finishing at 6434.2 points. The index hit an intraday high of 6462.6 at 11:11 am, while the low for the day was just above 6412 with the low set about 5 minutes after the opening bell. In other words, the market opened pretty normally (flat) then shot up 28 points in an hour, then went basically nowhere-to-down. There was an interesting technical setup during the session, with the intraday high re-tested on a pretty savage spike just on 2 p.m., but it failed to register a new high and thereafter the market sagged gently into the close.
Total volume traded on the ASX was 1.03 billion units, in line with its 10-day average. The ASX's daily listing of all stocks included 1343 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 523 issues rose, with volume in rising issues totalling 683.7 million units. Conversely (or even contrariwise), 532 stocks were dragged below the Plimsoll line, with aggregate volume traded of 233.7 million shares.
Of the 480 All Ordinaries components, 188 rose while 212 fell. Volume was tilted in favour of the gainers by a margin of 2.7:1, with 223.56 million shares traded in gainers while 83.71 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) - posted a modest rise of 13.5 points (0.21%), closing out the session at 6353.3 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - advanced by under a percent, adding 6.4 points (0.18%), closing out the session at 3498.7 points.
Among the 20 big guns, 13 index components finished to the upside, and of the rest, 8 closed lower for the session. The 21 stocks which make up the index traded a total of 42.49 million units; 13 index components rose, with rising volume amounting to 34.25 million shares, while the 8 decliners had volume traded totalling 8.24 million units. The major percentage gainers within the index were
- St George Bank Limited (SGB), +$0.43 (1.36%) to $32.02 on volume of 643.6 thousand shares;
- Macquarie Group Limited (MQG), +$0.90 (1.18%) to $77.10 on volume of 1.6 million shares;
- Telstra Corporation Limited. (TLS), +$0.05 (1.07%) to $4.74 on volume of 13.9 million shares;
- Woodside Petroleum Limited (WPL), +$0.53 (1.05%) to $50.92 on volume of 818.3 thousand shares; and
- Telstra (Installment Receipts) (TLSCA), +$0.03 (0.95%) to $3.20 on volume of 6.6 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Qbe Insurance Group Limited (QBE), -$0.43 (1.29%) to $32.91 on volume of 1 million shares;
- National Australia Bank Limited (NAB), -$0.29 (0.77%) to $37.50 on volume of 1.5 million shares;
- Commonwealth Bank Of Australia (CBA), -$0.37 (0.63%) to $58.73 on volume of 709.2 thousand shares;
- Suncorp-Metway Limited. (SUN), -$0.07 (0.41%) to $16.85 on volume of 1.1 million shares; and
- Woolworths Limited (WOW), -$0.12 (0.35%) to $33.87 on volume of 491.1 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 performed broadly in line with its large-cap counterpart. The Small Ords advanced by under a percent, adding 6.6 points (0.17%), closing out the session at 3852 points.
Among the stocks that make up the Small Caps index, 87 index components finished to the upside, and of the rest, 86 closed lower for the session.
The 193 stocks which make up the index traded a total of 84.59 million units: volume in the 87 gainers totalling 48.65 million shares, with trade totalling 28.18 million units in the index's 86 declining components. The major percentage gainers within the index were- Rivercity Motorway Group (RCY), +$0.05 (6.41%) to $0.83 on volume of 387.7 thousand shares;
- APN News & Media Limited (APN), +$0.29 (5.5%) to $5.56 on volume of 829.1 thousand shares;
- Rubicon America Trust (RAT), +$0.04 (5.41%) to $0.78 on volume of 447.7 thousand shares;
- Deep Yellow Limited (DYL), +$0.02 (5.26%) to $0.40 on volume of 1.6 million shares; and
- UXC Limited (UXC), +$0.09 (4.99%) to $1.90 on volume of 265.3 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Mineral Deposits Limited (MDL), -$0.07 (5.19%) to $1.28 on volume of 15.1 thousand shares;
- Charter Hall Group (CHC), -$0.12 (4.82%) to $2.37 on volume of 165.3 thousand shares;
- Riversdale Mining Limited (RIV), -$0.45 (4.48%) to $9.60 on volume of 1.1 million shares;
- McGuigan Simeon Wines Limited (MGW), -$0.1 (4.44%) to $2.15 on volume of 126.4 thousand shares; and
- Lion Selection Limited (LST), -$0.07 (4.07%) to $1.65 on volume of 492.5 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 6434.2 | 13.2 | 0.21 | 328.7m |
| XTL | ASX 20 | 3498.7 | 6.4 | 0.18 | 42.5m |
| XFL | ASX 50 | 6146.8 | 8 | 0.13 | 158.3m |
| XTO | ASX 100 | 5134.9 | 9.8 | 0.19 | 219.6m |
| XJO | ASX 200 | 6353.3 | 13.5 | 0.21 | 284.2m |
| XKO | ASX 300 | 6368.7 | 12 | 0.19 | 304.2m |
| XMD | ASX Mid-Cap 50 | 6628.9 | 34.3 | 0.52 | 61.3m |
| XSO | ASX Small Ordinaries | 3852 | 6.6 | 0.17 | 84.6m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 13 | 49 | 49 | 188 | 87 | 523 |
| Declines | 8 | 46 | 47 | 212 | 86 | 532 |
| Advancing Volume | 34.2m | 162.3m | 162.3m | 223.6m | 48.7m | 683.7 million |
| Declining Volume | 8.2m | 47.8m | 48.3m | 83.7m | 28.2m | 233.7 million |
GICS Industry Indices
Among the 11 industry indices, 7 registered an advance for the session, the remaining 3 lost ground.
The best performing index was Telecommunications (XTJ), which added 16 points (0.95%) to 1692.2 points. The 4 stocks which make up the index traded a total of 23.04 million units; 4 index components rose, with rising volume amounting to 23.04 million shares, while sole declining stock traded 0 million units. The major percentage gainers within the index were
- Telstra Corporation Limited. (TLS), +$0.05 (1.07%) to $4.74 on volume of 13.9 million shares;
- Telstra (Installment Receipts) (TLSCA), +$0.03 (0.95%) to $3.20 on volume of 6.6 million shares;
- Singapore Telecommunications Limited. (SGT), +$0.02 (0.64%) to $3.13 on volume of 1.3 million shares; and
- Telecom Corporation Of New Zealand Limited (TEL), +$0.01 (0.26%) to $3.87 on volume of 1.1 million shares.
Second in the index leadership stakes was Energy (XEJ), which gained 107.6 points (0.69%) to 15699.3 points. The 17 stocks which make up the index traded a total of 11.17 million units; 11 index components rose, with rising volume amounting to 8.66 million shares, while the 6 decliners had volume traded totalling 2.52 million units. The major percentage gainers within the index were
- AED Oil Limited (AED), +$0.19 (4.46%) to $4.45 on volume of 635.6 thousand shares;
- Centennial Coal Company Limited (CEY), +$0.15 (3.09%) to $5.00 on volume of 703.7 thousand shares;
- Beach Petroleum Limited (BPT), +$0.03 (2%) to $1.53 on volume of 1.3 million shares;
- Roc Oil Company Limited (ROC), +$0.06 (1.98%) to $3.09 on volume of 526.3 thousand shares; and
- Arrow Energy NL (AOE), +$0.05 (1.84%) to $2.77 on volume of 610.7 thousand shares.
The bronze medal for today goes to Materials (XMJ), which climbed 94 points (0.63%) to 15110.5 points. The 43 stocks which make up the index traded a total of 39.87 million units; 23 index components rose, with rising volume amounting to 25.71 million shares, while the 16 decliners had volume traded totalling 10.62 million units. The major percentage gainers within the index were
- Oxiana Limited (OXR), +$0.10 (2.87%) to $3.58 on volume of 8.7 million shares;
- Nufarm Limited (NUF), +$0.38 (2.68%) to $14.55 on volume of 375.3 thousand shares;
- Newcrest Mining Limited (NCM), +$0.81 (2.45%) to $33.91 on volume of 858.4 thousand shares;
- Western Areas NL (WSA), +$0.13 (2.39%) to $5.58 on volume of 196.5 thousand shares; and
- Mincor Resources NL (MCR), +$0.08 (1.9%) to $4.29 on volume of 272.6 thousand shares.
The worst-performed index for the session was Information Technology (XIJ), which dipped 1.5 points (0.26%) to 575 points. The 2 stocks which make up the index traded a total of 0.56 million units; The declining stock traded 0.16 million units, and volume in the lone rising index component was 0.4 million shares, The major percentage decliners within the index were
- Iress Market Technology Limited (IRE), -$0.07 (0.88%) to $7.93 on volume of 159.8 thousand shares.
Just missing out on the wooden spoon was Property Trusts (XPJ), which slid 4.6 points (0.22%) to 2106.6 points. The 20 stocks which make up the index traded a total of 135.3 million units; The 9 decliners had volume traded totalling 16 million units, and 9 index components rose, with rising volume amounting to 114.67 million shares, The major percentage decliners within the index were
- Macquarie DDR Trust (MDT), -$0.03 (3.9%) to $0.74 on volume of 3.1 million shares;
- Bunnings Warehouse Property Trust (BWP), -$0.07 (2.99%) to $2.27 on volume of 117.7 thousand shares;
- Babcock&Brown Japan Property Trust (BJT), -$0.03 (2.14%) to $1.37 on volume of 698.9 thousand shares;
- ING Industrial Fund (IIF), -$0.04 (1.57%) to $2.50 on volume of 1.7 million shares; and
- Macquarie Office Trust (MOF), -$0.02 (1.43%) to $1.38 on volume of 2.1 million shares.
Third-to-last amongst the sector indices was ASX200 Financials ex Property Trusts (XXJ), which slid 7.6 points (0.11%) to 7149 points. The 28 stocks which make up the index traded a total of 18.21 million units; The 14 decliners had volume traded totalling 9.32 million units, and 13 index components rose, with rising volume amounting to 8.84 million shares, The major percentage decliners within the index were
- Babcock and Brown Capital Limited (BCM), -$0.1 (2.26%) to $4.32 on volume of 50.8 thousand shares;
- Tower Australia Group Limited (TAL), -$0.06 (2.14%) to $2.74 on volume of 248.4 thousand shares;
- Allco Finance Group Limited (AFG), -$0.1 (1.61%) to $6.10 on volume of 615.6 thousand shares;
- AXA Asia Pacific Holdings Limited (AXA), -$0.1 (1.36%) to $7.28 on volume of 1.4 million shares; and
- Babcock & Brown Limited (BNB), -$0.35 (1.29%) to $26.80 on volume of 435.4 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XTJ | Telecommunications | 1692.2 | 16 | 0.95 | 23m |
| XEJ | Energy | 15699.3 | 107.6 | 0.69 | 11m |
| XMJ | Materials | 15110.5 | 94 | 0.63 | 40m |
| XHJ | Healthcare | 9655.2 | 29.8 | 0.31 | 4m |
| XSJ | Consumer Staples | 8922.1 | 16.7 | 0.19 | 8m |
| XUJ | Utilities | 6666.6 | 12.8 | 0.19 | 9m |
| XNJ | Industrials | 6550 | 11.1 | 0.17 | 23m |
| XDJ | Consumer Discretionary | 2713.1 | -0.1 | 0 | 12m |
| XXJ | ASX200 Financials ex Property Trusts | 7149 | -7.6 | -0.11 | 18m |
| XPJ | Property Trusts | 2106.6 | -4.6 | -0.22 | 135m |
| XIJ | Information Technology | 575 | -1.5 | -0.26 | 1m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CNP | Centro Properties Group | 1.05 | 0.04 | 3.96 | 79.9m |
| CER | Centro Retail | 1.00 | 0.05 | 4.74 | 20.7m |
| TLS | Telstra Corporation Limited. | 4.74 | 0.05 | 1.07 | 13.9m |
| OXR | Oxiana Limited | 3.58 | 0.10 | 2.87 | 8.7m |
| VPG | Valad Property Group | 1.30 | 0.01 | 0.39 | 7.6m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| PVE | Po Valley Energy Limited | 1.72 | 0.22 | 14.67 | 45k |
| BGD | Boulder Steel Limited | 0.29 | 0.03 | 9.62 | 2k |
| AIM | Aim Resources Limited | 0.13 | 0.01 | 8.7 | 3.7m |
| RCY | Rivercity Motorway Group | 0.83 | 0.05 | 6.41 | 387.7k |
| AMU | Amadeus Energy Limited | 0.71 | 0.04 | 5.97 | 257.4k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| APD | APN Property Group Limited | 2.08 | -0.32 | -13.33 | 0.7k |
| BOC | Bougainville Copper Limited | 1.37 | -0.12 | -8.05 | 3.9k |
| SPH | Sphere Investments Limited | 3.05 | -0.25 | -7.58 | 8.2k |
| NFL | Natural Fuel Limited | 0.14 | -0.01 | -6.67 | 205.7k |
| PPC | Peet Limited | 3.75 | -0.25 | -6.25 | 12.9k |
