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Not a pretty session by any stretch; if yesterday was a mistimed flick off the pads which nonetheless resulted in a quick single, today was the equivalent of Sri Lanka circa 1990 facing the West Indian teams of the late 70s (with Wayne Daniel, Andy Roberts, a young Joel Garner, Michael Holding... you get the picture). A huge appeal for LB went up off the first ball, and the rest of the session saw a procession of batsmen attempting to scratch their way through the onslaught.
That said, it could very easily have been worse; there is no doubt that markets have not fully discounted the slowing in global growth, and while Australia's financial deregulation (most notably the free float of the Strayan dollah) has provided the country with an excellent cushion against global shocks, the best of shock absorbers will not save you from the sort of holes that used to appear in the red dusty track that called itself the Stuart Highway back in the 1970s... rumour has it you could lose a semi-trailer in them. We are at the point where - unbeknownst to the vast majority of mugs in the financial world - we are approaching such a hole, in a semi carrying 3 containers of eggs and nitroglycerine.
Anyhow... after the "Oh Look... the US fell... let's fall along with them" - usually the sort of mentality that is embraced by politicians - the session was actually just a grafting, grinding, boring dreck.
Major Market Indices
The broad market - the All Ordinaries (XAO) - had a moderately rough session dropping 61.5 points (0.96%), finishing at 6372.6 points. The overwhelming bulk of the decline happened in the first 10 minutes, when the Ords dipped to 6350-something (high-fifties-ish). In fact, with the exception of the opening period (in which the level of he Ords is a vestige of the prior closes of many of the component stocks), the highest point of the session was the close. The index hit an intraday high of 6372.8 at 3:51 pm, while the low for the day was 6335.8 - set just before 2:00 pm.
Total volume traded on the ASX was 1.25 billion units, about 8% above its 10-day average. The ASX's daily listing of all stocks included 1347 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 415 issues rose, with volume in rising issues totalling 560.1 million units. On the red side of the ledger 670 stocks were dragged underwater, with aggregate volume traded of 587.2 million shares.
Of the 480 All Ordinaries components, 124 rose while 285 fell. Volume was tilted in favour of the losers by a margin of 1.7:1, with 159.49 million shares traded in gainers while 274.05 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) - also lost around a percent, sliding 62.5 points (0.98%), closing out the session at 6290.7 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 42.8 points (1.22%), closing out the session at 3455.9 points.
Among the big guns, just 3 index components finished to the upside, and of the rest, 18 closed lower for the session. The 21 stocks which make up the index traded a total of 70.67 million units; 3 index components rose, with rising volume amounting to 2.81 million shares, while the 18 decliners had volume traded totalling 67.86 million units. The percentage gainers within the index were
- Woodside Petroleum Limited (WPL), +$0.73 (1.43%) to $51.68 on volume of 1.1 million shares;
- Wesfarmers Limited (WES), +$0.18 (0.44%) to $40.93 on volume of 793 thousand shares; and
- CSL Limited (CSL), +$0.03 (0.08%) to $36.60 on volume of 912.3 thousand shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Macquarie Group Limited (MQG), -$3.25 (4.22%) to $73.75 on volume of 1.3 million shares;
- Westfield Group (WDC), -$0.85 (4.05%) to $20.15 on volume of 6.1 million shares;
- Brambles Limited (BXB), -$0.39 (3.36%) to $11.23 on volume of 3.6 million shares;
- Commonwealth Bank Of Australia (CBA), -$1.1 (1.87%) to $57.70 on volume of 1.9 million shares; and
- Rio Tinto Limited (RIO), -$2.32 (1.73%) to $131.68 on volume of 542.1 thousand shares.
At the other end of the market-cap, the ASX Small Ordinaries (XSO) did significantly better than its large-cap counterpart. The Small Ords slid pretty modestly, falling 21.5 points (0.56%), closing out the session at 3830 points.
Among the stocks that make up the Small Caps index, 54 index components finished to the upside, and of the rest, 128 closed lower for the session.
The 193 stocks which make up the index traded a total of 118.92 million units: volume in the 54 gainers totalling 40.14 million shares, with trade totalling 73.93 million units in the index's 128 declining components. You will agree that this represents far superior internals - both in terms of numbers and volumes - than the big end of the market. This was very much the story today - the further you got away from the Top 20, the better (or less worser) the story became.
The major percentage gainers within the index were
- Sino Gold Mining Limited (SGX), +$0.92 (13.57%) to $7.70 on volume of 2.2 million shares;
- AED Oil Limited (AED), +$0.35 (7.87%) to $4.80 on volume of 693.5 thousand shares;
- Nexus Energy Limited (NXS), +$0.13 (7.2%) to $1.94 on volume of 2.5 million shares;
- St Barbara Limited (SBM), +$0.05 (6.54%) to $0.82 on volume of 3.3 million shares; and
- Resolute Mining Limited (RSG), +$0.11 (6.16%) to $1.81 on volume of 550.3 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Austereo Group Limited (AEO), -$0.15 (5.93%) to $2.38 on volume of 89.4 thousand shares;
- Rubicon Japan Trust (RJT), -$0.04 (5.63%) to $0.67 on volume of 264.1 thousand shares;
- Flexigroup Limited (FXL), -$0.1 (5.04%) to $1.89 on volume of 364.6 thousand shares;
- Bradken Limited (BKN), -$0.37 (4.81%) to $7.33 on volume of 805 thousand shares; and
- SAI Global Limited (SAI), -$0.15 (4.81%) to $2.97 on volume of 206.6 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 6372.6 | -61.5 | -0.96 | 461.3m |
| XTL | ASX 20 | 3455.9 | -42.8 | -1.22 | 70.7m |
| XFL | ASX 50 | 6081.7 | -65.1 | -1.06 | 197m |
| XTO | ASX 100 | 5082.3 | -52.6 | -1.02 | 315.2m |
| XJO | ASX 200 | 6290.7 | -62.5 | -0.98 | 403.5m |
| XKO | ASX 300 | 6306.8 | -61.8 | -0.97 | 434.1m |
| XMD | ASX Mid-Cap 50 | 6574.3 | -54.6 | -0.82 | 118.2m |
| XSO | ASX Small Ordinaries | 3830 | -21.5 | -0.56 | 118.9m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 3 | 20 | 20 | 124 | 54 | 415 |
| Declines | 18 | 75 | 76 | 285 | 128 | 670 |
| Advancing Volume | 2.8m | 103.2m | 103.2m | 159.5m | 40.1m | 560.1 million |
| Declining Volume | 67.9m | 192.5m | 193.7m | 274m | 73.9m | 587.2 million |
GICS Industry Indices
Among the 11 industry indices, 2 registered an advance for the session, the remaining 9 lost ground.
With Oil prices continuing to make new historic (nominal) highs, it should not shock anybody that the best performing index was Energy (XEJ), which added 185.3 points (1.18%) to 15884.6 points. The 17 stocks which make up the index traded a total of 32.19 million units; 11 index components rose, with rising volume amounting to 28.78 million shares, while the 5 decliners had volume traded totalling 2.86 million units. The major percentage gainers within the index were
- AED Oil Limited (AED), +$0.35 (7.87%) to $4.80 on volume of 693.5 thousand shares;
- Nexus Energy Limited (NXS), +$0.13 (7.2%) to $1.94 on volume of 2.5 million shares;
- Beach Petroleum Limited (BPT), +$0.07 (4.56%) to $1.61 on volume of 9.5 million shares;
- Oil Search Limited (OSH), +$0.18 (3.71%) to $5.03 on volume of 6 million shares; and
- Santos Limited (STO), +$0.38 (2.65%) to $14.70 on volume of 2.6 million shares.
Second in the index leadership stakes was Information Technology (XIJ), which gained 3 points (0.52%) to 578 points. The index ontains only two stocks, which together traded a total of 1.11 million units; both index components rose. In reality it was a one-issue (and one stock) story for this sector - which appeared to the naked eye to be the announcement that the ommonwealth Bank became a substantial shareholder.
- Iress Market Technology Limited (IRE), +$0.29 (3.62%) to $8.29 on volume of 353.3 thousand shares; and
- Computershare Limited (CPU), +$0.01 (0.1%) to $9.86 on volume of 756.6 thousand shares.
The worst-performed index for the session was Property Trusts (XPJ), which dipped 60.1 points (2.85%) to 2046.5 points. The 20 stocks which make up the index traded a total of 127.75 million units. The 17 decliners had volume traded totalling 72.08 million units, and 2 index components rose, with rising volume amounting to 51.3 million shares, The major percentage decliners within the index were
- Goodman Group (GMG), -$0.26 (5.38%) to $4.57 on volume of 6 million shares;
- Valad Property Group (VPG), -$0.07 (5.06%) to $1.22 on volume of 11.6 million shares;
- Macquarie Office Trust (MOF), -$0.06 (4.32%) to $1.33 on volume of 5.3 million shares;
- Westfield Group (WDC), -$0.85 (4.05%) to $20.15 on volume of 6.1 million shares; and
- Centro Retail (CER), -$0.04 (4%) to $0.96 on volume of 11.9 million shares.
Just missing out on the wooden spoon was ASX200 Financials ex Property Trusts (XXJ), which slid 121.1 points (1.69%) to 7027.9 points. The 28 stocks which make up the index traded a total of 31.93 million units; The 27 decliners had volume traded totalling 31.88 million units, and volume in the lone rising index component was 0.04 million shares, The major percentage decliners within the index were
- IOOF Holdings Limited (IFL), -$0.37 (4.33%) to $8.18 on volume of 80.6 thousand shares;
- Macquarie Group Limited (MQG), -$3.25 (4.22%) to $73.75 on volume of 1.3 million shares;
- Babcock & Brown Limited (BNB), -$1.06 (3.96%) to $25.74 on volume of 1.2 million shares;
- Challenger Financial Services Group Limited (CGF), -$0.19 (3.8%) to $4.81 on volume of 973.5 thousand shares; and
- ASX Limited (ASX), -$2.26 (3.74%) to $58.15 on volume of 680.4 thousand shares.
Third-to-last amongst the sector indices was Consumer Discretionary (XDJ), which slid 37.7 points (1.39%) to 2675.4 points. The 27 stocks which make up the index traded a total of 28.49 million units; The 21 decliners had volume traded totalling 22.29 million units, and 6 index components rose, with rising volume amounting to 6.2 million shares, The major percentage decliners within the index were
- News Corporation Inc (Voting CDI) (NWS), -$0.91 (3.78%) to $23.17 on volume of 2.4 million shares;
- Crown Limited (CWN), -$0.48 (3.56%) to $13.00 on volume of 1.1 million shares;
- GUD. Holdings Limited (GUD), -$0.35 (3.47%) to $9.74 on volume of 53.1 thousand shares;
- Aristocrat Leisure Limited (ALL), -$0.37 (3.31%) to $10.80 on volume of 1.4 million shares; and
- Pacific Brands Limited (PBG), -$0.1 (3.02%) to $3.21 on volume of 1.8 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XEJ | Energy | 15884.6 | 185.3 | 1.18 | 32m |
| XIJ | Information Technology | 578 | 3 | 0.52 | 1m |
| XMJ | Materials | 15103.7 | -5.8 | -0.04 | 76m |
| XHJ | Healthcare | 9624.8 | -30.4 | -0.31 | 7m |
| XSJ | Consumer Staples | 8886.7 | -35.4 | -0.4 | 10m |
| XUJ | Utilities | 6620.1 | -46.5 | -0.7 | 13m |
| XTJ | Telecommunications | 1676.7 | -15.5 | -0.92 | 32m |
| XNJ | Industrials | 6459.7 | -90.3 | -1.38 | 45m |
| XDJ | Consumer Discretionary | 2675.4 | -37.7 | -1.39 | 28m |
| XXJ | ASX200 Financials ex Property Trusts | 7027.9 | -121.1 | -1.69 | 32m |
| XPJ | Property Trusts | 2046.5 | -60.1 | -2.85 | 128m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CNP | Centro Properties Group | 1.11 | 0.07 | 6.73 | 49.7m |
| LGL | Lihir Gold Limited | 3.81 | 0.20 | 5.54 | 14.2m |
| TLS | Telstra Corporation Limited. | 4.70 | -0.04 | -0.84 | 14m |
| TLSCA | Telstra (Installment Receipts) | 3.15 | -0.05 | -1.56 | 13.2m |
| CER | Centro Retail | 0.96 | -0.04 | -4 | 11.9m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| SGX | Sino Gold Mining Limited | 7.70 | 0.92 | 13.57 | 2.2m |
| AIM | Aim Resources Limited | 0.14 | 0.02 | 12.5 | 4.1m |
| NFL | Natural Fuel Limited | 0.16 | 0.02 | 10.71 | 304.4k |
| NCM | Newcrest Mining Limited | 37.15 | 3.35 | 9.91 | 2.6m |
| AED | AED Oil Limited | 4.80 | 0.35 | 7.87 | 693.5k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BGD | Boulder Steel Limited | 0.25 | -0.04 | -12.28 | 30.3k |
| BOC | Bougainville Copper Limited | 1.26 | -0.11 | -8.03 | 4.8k |
| EBB | Everest Babcock & Brown Limited | 1.45 | -0.10 | -6.45 | 59.2k |
| AEO | Austereo Group Limited | 2.38 | -0.15 | -5.93 | 89.4k |
| RJT | Rubicon Japan Trust | 0.67 | -0.04 | -5.63 | 264.1k |
