Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
We mused on Friday if perhaps the Australian market might be able to break its losing spell this week - and it did its damnedest to do just that today, albeit after a very poor opening.
In the early part of the session, the All Ordinaries was down about 80 points - and then it turned in a ten cent piece and shot back towards the surface, lungs bursting. From a decline of 83 points it actually made it back above the unchanged level less than 90 minutes later. Pretty impressive, but also very worrying; the last thing the Australian economy needs is for its financial markets to have become the plaything for hot money.
Major Market Indices
The broad market - the All Ordinaries (XAO) - finished in the red, dropping 13.5 points (0.22%) to close the day at 6040.9 points. The index hit an intraday high of 6072.6 at 12:38 pm, while the low for the day was 5970.8 - set at 10:43 am.
Now read that last paragraph again - in two hours between about half-ten and half-twelve, the Ordinaries rose over a hundred points.
And what was the catalyst? Nothing. Someone decided to have a short squeeze in the SPI, is all.
One ought not complain - after all, this represents the sixth straight session of decline for the Australian market - but there is something seriously wrong when a financial market behaves like the Aust market behaved today. it is a sign that 'investors' really have no idea what they are doing. This is evidenced by the fact that once it got back to (roughly) unchanged, the Australian indices had no idea what to do with themselves. They wandered in a 40-point zigxag for the rest of the session.
Total volume traded on the ASX was a little below average at 1.5 billion units: there's your reason as to why the thing could be pushed as easily as it was during those two hours... someone spotted the soft volume, and took 'er up.
The ASX's daily listing of all stocks included 1447 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 308 issues rose, with volume in rising issues totalling 435.5 million units. Conversely 881 stocks were dragged to a loss for the session, with aggregate volume traded of 834 million shares.
Of the 478 All Ordinaries components, 130 rose while 298 fell. Volume was tilted in favour of the losers by a margin of 1.3:1, with 295 million shares traded in gainers while 374.24 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 1.6 points (0.03%), closing out the session at 5980 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - actually managed a teensy gain for the day adding 1.8 points (0.05%), closing out the session at 3297 points.
Among the 20 big guns, 14 index components finished to the upside, and of the rest, 6 closed lower for the session. The 21 stocks which make up the index traded a total of 134.43 million units; 14 index components rose, with rising volume amounting to 88.36 million shares, while the 6 decliners had volume traded totalling 22.26 million units. The major percentage gainers within the index were
- Wesfarmers Limited (WES), +$1.04 (2.74%) to $39.04 on volume of 1.6 million shares;
- Brambles Limited (BXB), +$0.26 (2.54%) to $10.51 on volume of 10.8 million shares;
- Foster's Group Limited (FGL), +$0.12 (1.91%) to $6.40 on volume of 5.7 million shares;
- Suncorp-Metway Limited. (SUN), +$0.27 (1.76%) to $15.64 on volume of 4.3 million shares; and
- Macquarie Group Limited (MQG), +$1.12 (1.6%) to $71.00 on volume of 2.2 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Stockland (SGP), -$0.14 (1.86%) to $7.38 on volume of 3.7 million shares;
- Westpac Banking Corporation (WBC), -$0.37 (1.42%) to $25.63 on volume of 6.2 million shares;
- Westfield Group (WDC), -$0.21 (1.13%) to $18.34 on volume of 4.1 million shares;
- St George Bank Limited (SGB), -$0.18 (0.59%) to $30.45 on volume of 1.6 million shares; and
- QBE Insurance Group Limited (QBE), -$0.1 (0.32%) to $31.50 on volume of 2 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-fry swam in the opposite direction to the big fish today. The tiddlers stayed underwater while the Top20 posted a gain. The Small Ords slid to a much greater extent than the big caps, falling 15.2 points (0.42%) t0 3611.1 points.
Among the stocks that make up the Small Caps index, 59 index components finished to the upside, and of the rest, 126 closed lower for the session.
The 192 stocks which make up the index traded a total of 286.47 million units: volume in the 59 gainers totalling 87.93 million shares, with trade totalling 151.06 million units in the index's 126 declining components. The major percentage gainers within the index were- MFS Limited (MFS), +$0.45 (12.68%) to $4.00 on volume of 14.1 million shares;
- Aditya Birla Minerals limited (ABY), +$0.28 (12.67%) to $2.49 on volume of 2.6 million shares;
- Lynas Corporation Limited (LYC), +$0.12 (10.71%) to $1.24 on volume of 1.7 million shares;
- Austereo Group Limited (AEO), +$0.23 (10%) to $2.53 on volume of 75.7 thousand shares; and
- Murchison Metals Ltd (MMX), +$0.23 (8.21%) to $3.03 on volume of 3.6 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Centennial Coal Company Limited (CEY), -$1.99 (40.61%) to $2.91 on volume of 2.3 million shares;
- Resolute Mining Limited (RSG), -$0.2 (9.52%) to $1.90 on volume of 299.2 thousand shares;
- Sundance Resources Limited (SDL), -$0.03 (7.69%) to $0.30 on volume of 45.8 million shares;
- Gindalbie Metals Ltd (GBG), -$0.07 (7.61%) to $0.85 on volume of 3.3 million shares; and
- Challenger Diversified Property Group (CDI), -$0.07 (7.53%) to $0.86 on volume of 612.1 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 6040.9 | -13.5 | -0.22 | 856.6m |
| XFL | ASX 50 | 5806.4 | 3.7 | 0.06 | 345.5m |
| XJO | ASX 200 | 5980 | -1.6 | -0.03 | 735.8m |
| XKO | ASX 300 | 5992.5 | -4.5 | -0.08 | 797.5m |
| XMD | ASX Mid-Cap 50 | 6123.5 | -33.8 | -0.55 | 165.5m |
| XSO | ASX Small Ordinaries | 3611.1 | -15.2 | -0.42 | 286.5m |
| XTL | ASX 20 | 3297 | 1.8 | 0.05 | 134.4m |
| XTO | ASX 100 | 4833.8 | -1.5 | -0.03 | 511m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 14 | 44 | 44 | 130 | 59 | 308 |
| Declines | 6 | 53 | 54 | 297 | 126 | 881 |
| Advancing Volume | 88.4m | 189.4m | 189.4m | 295m | 87.9m | 435.5 million |
| Declining Volume | 22.3m | 184.4m | 186.2m | 367.8m | 151.1m | 834 million |
GICS Industry Indices
Among the 11 industry indices, 4 registered an advance for the session, the remaining 7 lost ground.
The best performing index was Consumer Staples (XSJ), which added 121.6 points (1.41%) to 8729.9 points. The 10 stocks which make up the index traded a total of 33.88 million units; 8 index components rose, with rising volume amounting to 23.28 million shares, while the 2 decliners had volume traded totalling 10.6 million units. The major percentage gainers within the index were
- Metcash Limited (MTS), +$0.16 (3.82%) to $4.35 on volume of 2.4 million shares;
- Wesfarmers Limited (WES), +$1.04 (2.74%) to $39.04 on volume of 1.6 million shares;
- Futuris Corporation Limited (FCL), +$0.05 (2.34%) to $2.19 on volume of 3.8 million shares;
- Coca-Cola Amatil Limited (CCL), +$0.20 (2.06%) to $9.93 on volume of 1.7 million shares; and
- Foster's Group Limited (FGL), +$0.12 (1.91%) to $6.40 on volume of 5.7 million shares.
Second in the index leadership stakes was Industrials (XNJ), which gained 68.1 points (1.12%) to 6151.5 points. The 30 stocks which make up the index traded a total of 69.5 million units; 13 index components rose, with rising volume amounting to 46 million shares, while the 16 decliners had volume traded totalling 23.01 million units. The major percentage gainers within the index were
- Asciano Group (AIO), +$0.49 (7.84%) to $6.74 on volume of 4.4 million shares;
- Toll Holdings Limited (TOL), +$0.74 (7.29%) to $10.89 on volume of 4.6 million shares;
- Bradken Limited (BKN), +$0.37 (5.78%) to $6.77 on volume of 1.8 million shares;
- Downer Edi Limited (DOW), +$0.22 (4.26%) to $5.39 on volume of 1 million shares; and
- Brambles Limited (BXB), +$0.26 (2.54%) to $10.51 on volume of 10.8 million shares.
The bronze medal for today goes to Telecommunications (XTJ), which climbed 6 points (0.37%) to 1640.5 points. The 4 stocks which make up the index traded a total of 53.35 million units; 3 index components rose, with rising volume amounting to 29.54 million shares, while sole declining stock traded 0 million units. The major percentage gainers within the index were
- Singapore Telecommunications Limited. (SGT), +$0.03 (0.96%) to $3.14 on volume of 3.5 million shares;
- Telecom Corporation Of New Zealand Limited (TEL), +$0.03 (0.81%) to $3.72 on volume of 1.8 million shares; and
- Telstra Corporation Limited. (TLS), +$0.01 (0.22%) to $4.61 on volume of 24.2 million shares.
The worst-performed index for the session was Information Technology (XIJ), which dipped 14 points (2.67%) to 510.2 points. There are only two stocks in that index, and they both fell: they traded a total of 2.24 million units -
- Computershare Limited (CPU), -$0.26 (2.89%) to $8.73 on volume of 1.9 million shares; and
- Iress Market Technology Limited (IRE), -$0.12 (1.66%) to $7.13 on volume of 379.9 thousand shares.
Just missing out on the wooden spoon was Property Trusts (XPJ), which slid 22.9 points (1.23%) to 1842.1 points. The 20 stocks which make up the index traded a total of 252.37 million units; The 14 decliners had volume traded totalling 82.72 million units, and 4 index components rose, with rising volume amounting to 21.68 million shares, The major percentage decliners within the index were
- Macquarie Office Trust (MOF), -$0.05 (3.69%) to $1.18 on volume of 4.8 million shares;
- GPT Group (GPT), -$0.12 (3.18%) to $3.65 on volume of 9 million shares;
- ING Office Fund (IOF), -$0.04 (2.86%) to $1.36 on volume of 4.2 million shares;
- ING Industrial Fund (IIF), -$0.05 (2.3%) to $2.12 on volume of 7.3 million shares; and
- Valad Property Group (VPG), -$0.03 (2.19%) to $1.12 on volume of 6.5 million shares.
Third-to-last amongst the sector indices was Energy (XEJ), which slid 75.5 points (0.5%) to 15080.3 points. The 18 stocks which make up the index traded a total of 37.22 million units; The 11 decliners had volume traded totalling 23.49 million units, and 7 index components rose, with rising volume amounting to 13.73 million shares, The major percentage decliners within the index were
- Centennial Coal Company Limited (CEY), -$1.99 (40.61%) to $2.91 on volume of 2.3 million shares;
- Roc Oil Company Limited (ROC), -$0.1 (3.36%) to $2.88 on volume of 1.2 million shares;
- Worleyparsons Limited (WOR), -$1.3 (2.92%) to $43.20 on volume of 628.5 thousand shares;
- Arrow Energy NL (AOE), -$0.06 (2.51%) to $2.33 on volume of 2.3 million shares; and
- Oil Search Limited (OSH), -$0.11 (2.33%) to $4.62 on volume of 4 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XSJ | Consumer Staples | 8729.9 | 121.6 | 1.41 | 34m |
| XNJ | Industrials | 6151.5 | 68.1 | 1.12 | 70m |
| XTJ | Telecommunications | 1640.5 | 6 | 0.37 | 53m |
| XHJ | Healthcare | 9377.4 | 26.4 | 0.28 | 7m |
| XMJ | Materials | 14539.5 | -19.3 | -0.13 | 140m |
| XXJ | ASX200 Financials ex Property Trusts | 6633.6 | -14.3 | -0.22 | 74m |
| XDJ | Consumer Discretionary | 2493.1 | -6.6 | -0.26 | 48m |
| XUJ | Utilities | 6354.3 | -17 | -0.27 | 18m |
| XEJ | Energy | 15080.3 | -75.5 | -0.5 | 37m |
| XPJ | Property Trusts | 1842.1 | -22.9 | -1.23 | 252m |
| XIJ | Information Technology | 510.2 | -14 | -2.67 | 2m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CNP | Centro Properties Group | 0.86 | 0.00 | 0 | 105.6m |
| SDL | Sundance Resources Limited | 0.30 | -0.03 | -7.69 | 45.8m |
| CER | Centro Retail | 0.59 | 0.00 | 0 | 42.4m |
| TLS | Telstra Corporation Limited. | 4.61 | 0.01 | 0.22 | 24.2m |
| TLSCA | Telstra (Installment Receipts) | 3.06 | 0.00 | 0 | 23.8m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MFS | MFS Limited | 4.00 | 0.45 | 12.68 | 14.1m |
| ABY | Aditya Birla Minerals limited | 2.49 | 0.28 | 12.67 | 2.6m |
| LYC | Lynas Corporation Limited | 1.24 | 0.12 | 10.71 | 1.7m |
| AEO | Austereo Group Limited | 2.53 | 0.23 | 10 | 75.7k |
| MMX | Murchison Metals Ltd | 3.03 | 0.23 | 8.21 | 3.6m |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CEY | Centennial Coal Company Limited | 2.91 | -1.99 | -40.61 | 2.3m |
| LFE | Life Therapeutics Limited | 0.24 | -0.05 | -16.07 | 207.2k |
| HZN | HORIZON OIL NL | 0.35 | -0.06 | -14.63 | 1.3m |
| GDY | Geodynamics Limited | 1.51 | -0.20 | -11.7 | 1.1m |
| RSG | Resolute Mining Limited | 1.90 | -0.20 | -9.52 | 299.2k |
