Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Now it's ten on the trot. You have to go back a long way to get ten consecutive days of declines in the All Ords; September 29th 1990 to be precise. At the time the Ords closed at 1385.7 and had fallen 6.41% over the prior 10 sessions - this time it's down 9.2% over ten sessions. Going all the way back to 1984, the worst 10-session period on record is the one that ended on October 29th 1987 - 41-odd percent in ten sessions! There's a cluster of 10-session periods around the 1987 crash, and another smaller cluster around September 11 2001, which rival the recent price action. The worst January 10-session stretch since 1984 was previously January 7th 1994 - a mere 4.9% fall.
When you have to invoke the WTC and/or the crash of 87 in order to declare "Well, it's not as bad as...", you're in a world of hurt.
For the week, the Ords dropped another 4.2% - better than last week when it fell 5.2%.
Major Market Indices
The damage sustained by the All Ordinaries (XAO) was pretty mild compared with what had been in the offing for the majority of the session. For the session, the All Ords shed 57.6 points (0.98%), finishing at 5799.4 points. That looks pretty awful until you realise that it's 120 points higher than the index low for the session. What is more, at 2 p.m. Sydney time the index was still languishing around 5700 - it then rallied 100 points in 55 minutes. Thank goodness for thin Friday afternoon trading - it wouldn't have cost the powers that be much dough to goose the last two hours and put some small smidgen of respectability on the close.
Ignoring the open (since it is a statistical artefact of the staggered opening process), the session high was actually the close. The low for the day was 5680 - set 5 minutes after the open.
Total volume traded on the ASX was 1.84 billion units, its 10-day average. The ASX's daily listing of all stocks included 1507 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 252 issues rose, with volume in rising issues totalling 343.7 million units. Conversely (or even contrariwise), 1009 stocks were dragged below the Plimsoll line, with aggregate volume traded of 1.14 billion shares.
Of the 478 All Ordinaries components, 91 rose while 347 fell. Volume was tilted in favour of the losers by a margin of 4.1:1, with 198.37 million shares traded in gainers while 817.14 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 48.8 points (0.84%), closing out the session at 5747.3 points.
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - slid modestly, falling 0.8 points (0.03%), closing out the session at 3183.2 points.
Among the 20 big guns, the outcome favoured the upside, but only just - odd considering the woeful headline performance (can you say "Window Dressing the Big Caps"?). 11 index components actually rose - big bounces in the banks with the majors all rising around 3%. The index components traded a total of 194.15 million units; 11 index components rose, with rising volume amounting to 69.51 million shares, while the 10 decliners had volume traded totalling 124.64 million units. The major percentage gainers within the index were
- Rio Tinto Limited (RIO), +$5.40 (4.55%) to $124.00 on volume of 6.5 million shares;
- Suncorp-Metway Limited. (SUN), +$0.62 (4.08%) to $15.80 on volume of 4.2 million shares;
- Westpac Banking Corporation (WBC), +$0.86 (3.35%) to $26.55 on volume of 7.8 million shares;
- Commonwealth Bank Of Australia (CBA), +$1.67 (3.24%) to $53.20 on volume of 7.6 million shares; and
- Australia And New Zealand Banking Group Limited (ANZ), +$0.73 (2.79%) to $26.93 on volume of 7.9 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), -$1.7 (4.66%) to $34.80 on volume of 28.8 million shares;
- Wesfarmers Limited (WES), -$1.28 (3.47%) to $35.61 on volume of 4 million shares;
- Telstra (Installment Receipts) (TLSCA), -$0.08 (2.74%) to $2.84 on volume of 31.4 million shares;
- Woodside Petroleum Limited (WPL), -$1.32 (2.7%) to $47.56 on volume of 2.6 million shares; and
- Brambles Limited (BXB), -$0.23 (2.13%) to $10.57 on volume of 4.1 million shares.
At the other end of the market-cap spectrum lie the denizens of the ASX Small Ordinaries (XSO). The small end of the market had significantly worse day than its large-cap counterpart. The Small Ords was taken to the woodshed somewhat, sliding 90 points (2.58%), closing out the session at 3403.2 points.
Among the stocks that make up the Small Caps index, 32 index components finished to the upside, and 148 closed lower for the session.
The 192 stocks which make up the index traded a total of 397.02 million units: volume in the 32 gainers totalling 51.65 million shares, with trade totalling 333.55 million units in the index's 148 declining components. The major percentage gainers within the index were- Babcock & Brown Communities Group (BBC), +$0.05 (6.77%) to $0.71 on volume of 2 million shares;
- Super Cheap Auto Group Limited (SUL), +$0.25 (6.67%) to $4.00 on volume of 76.6 thousand shares;
- Centro Retail (CER), +$0.02 (5.08%) to $0.31 on volume of 13.6 million shares;
- Reckson New York Property Trust (RNY), +$0.03 (4.35%) to $0.60 on volume of 206.3 thousand shares; and
- Galileo Japan Trust (GJT), +$0.03 (4.05%) to $0.77 on volume of 773 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- MFS Limited (MFS), -$2.19 (68.87%) to $0.99 on volume of 115.7 million shares;
- Rubicon America Trust (RAT), -$0.08 (11.94%) to $0.59 on volume of 1.5 million shares;
- Rubicon Europe Trust Group (REU), -$0.06 (10.91%) to $0.49 on volume of 2.1 million shares;
- Jabiru Metals Limited (JML), -$0.12 (10.9%) to $0.94 on volume of 1.7 million shares; and
- Austal Limited (ASB), -$0.23 (10%) to $2.07 on volume of 590.5 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 5799.4 | -57.6 | -0.98 | 1038.4m |
| XFL | ASX 50 | 5588.7 | -26.9 | -0.48 | 347.8m |
| XJO | ASX 200 | 5747.3 | -48.8 | -0.84 | 870.4m |
| XKO | ASX 300 | 5756 | -51.4 | -0.89 | 967.4m |
| XMD | ASX Mid-Cap 50 | 5905.6 | -104.3 | -1.74 | 222.7m |
| XSO | ASX Small Ordinaries | 3403.2 | -90 | -2.58 | 397m |
| XTL | ASX 20 | 3183.2 | -0.8 | -0.03 | 194.1m |
| XTO | ASX 100 | 4654 | -31.6 | -0.67 | 570.4m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 11 | 29 | 30 | 91 | 32 | 252 |
| Declines | 10 | 69 | 69 | 346 | 148 | 1009 |
| Advancing Volume | 69.5m | 130.1m | 132.9m | 198.4m | 51.7m | 343.7 million |
| Declining Volume | 124.6m | 424.1m | 424.1m | 809.3m | 333.6m | 1.14 billion |
GICS Industry Indices
Among the 11 industry indices, today's market action was dominated by sectoral declines - only one sector managed a gain for the day. Say "Banks".
The best performing index was ASX200 Financials ex Property Trusts (XXJ), which added 127.6 points (1.98%) to 6579.8 points thanks entirely to big gains in the major banks. The 28 stocks which make up the index traded a total of 91.71 million units; 11 index components rose, with rising volume amounting to 54.38 million shares, while the 15 decliners had volume traded totalling 34.06 million units. The major percentage gainers within the index were
- Suncorp-Metway Limited. (SUN), +$0.62 (4.08%) to $15.80 on volume of 4.2 million shares;
- Westpac Banking Corporation (WBC), +$0.86 (3.35%) to $26.55 on volume of 7.8 million shares;
- Commonwealth Bank Of Australia (CBA), +$1.67 (3.24%) to $53.20 on volume of 7.6 million shares;
- Australia And New Zealand Banking Group Limited (ANZ), +$0.73 (2.79%) to $26.93 on volume of 7.9 million shares; and
- National Australia Bank Limited (NAB), +$0.89 (2.52%) to $36.26 on volume of 7.1 million shares.
The worst-performed index for the session was Information Technology (XIJ), which dipped 21.2 points (4.3%) to 471.4 points. The 2 stocks which make up the index traded a total of 2.79 million units; The 2 decliners had volume traded totalling 2.79 million units, and volume in the lone rising index component was 0 million shares, The major percentage decliners within the index were
- Computershare Limited (CPU), -$0.42 (4.94%) to $8.08 on volume of 2.1 million shares; and
- Iress Market Technology Limited (IRE), -$0.03 (0.46%) to $6.54 on volume of 737.4 thousand shares.
Just missing out on the wooden spoon was Materials (XMJ), which slid 423.5 points (3.03%) to 13546.5 points - it would have been much worse had RIO not posted a decent gain. The 42 stocks which make up the index traded a total of 178.42 million units; The 36 decliners had volume traded totalling 163.34 million units, and 4 index components rose, with rising volume amounting to 11.32 million shares, The major percentage decliners within the index were
- Newcrest Mining Limited (NCM), -$2.68 (7.2%) to $34.53 on volume of 2.2 million shares;
- Alumina Limited (AWC), -$0.38 (6.65%) to $5.33 on volume of 8.2 million shares;
- Independence Group NL (IGO), -$0.52 (6.34%) to $7.68 on volume of 505.6 thousand shares;
- Minara Resources Limited (MRE), -$0.34 (6.22%) to $5.13 on volume of 2 million shares; and
- Perilya Limited (PEM), -$0.11 (5.71%) to $1.74 on volume of 2.4 million shares.
Third-to-last amongst the sector indices was Energy (XEJ), which slid 436.5 points (3.01%) to 14079.4 points as oil failed to re-ignite. The 18 stocks which make up the index traded a total of 46.27 million units; The 18 decliners had volume traded totalling 46.27 million units, and volume in the lone rising index component was 0 million shares, The major percentage decliners within the index were
- Paladin Energy Limited (PDN), -$0.45 (7.71%) to $5.39 on volume of 5.3 million shares;
- AED Oil Limited (AED), -$0.26 (7.39%) to $3.26 on volume of 1.5 million shares;
- Beach Petroleum Limited (BPT), -$0.11 (7.38%) to $1.38 on volume of 6.8 million shares;
- Arrow Energy NL (AOE), -$0.11 (5.31%) to $1.96 on volume of 7 million shares; and
- Queensland Gas Company Limited (QGC), -$0.15 (4.95%) to $2.88 on volume of 2.4 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XXJ | ASX200 Financials ex Property Trusts | 6579.8 | 127.6 | 1.98 | 92m |
| XPJ | Property Trusts | 1806.9 | -9.9 | -0.54 | 159m |
| XHJ | Healthcare | 9027.1 | -96.1 | -1.05 | 12m |
| XDJ | Consumer Discretionary | 2400.1 | -37.5 | -1.54 | 164m |
| XTJ | Telecommunications | 1558.4 | -25 | -1.58 | 75m |
| XNJ | Industrials | 5981.6 | -101.6 | -1.67 | 83m |
| XSJ | Consumer Staples | 8056.4 | -155.1 | -1.89 | 35m |
| XUJ | Utilities | 6184.5 | -187 | -2.93 | 24m |
| XEJ | Energy | 14079.4 | -436.5 | -3.01 | 46m |
| XMJ | Materials | 13546.5 | -423.5 | -3.03 | 178m |
| XIJ | Information Technology | 471.4 | -21.2 | -4.3 | 3m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MFS | MFS Limited | 0.99 | -2.19 | -68.87 | 115.7m |
| TLSCA | Telstra (Installment Receipts) | 2.84 | -0.08 | -2.74 | 31.4m |
| TLS | Telstra Corporation Limited. | 4.41 | -0.07 | -1.56 | 30.8m |
| BHP | BHP Billiton Limited | 34.80 | -1.70 | -4.66 | 28.8m |
| CNP | Centro Properties Group | 0.48 | -0.03 | -5.88 | 22.1m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CFU | Ceramic Fuel Cells Limited | 0.53 | 0.08 | 17.78 | 737.9k |
| VRLPA | Village Roadshow Limited (PA) | 3.15 | 0.24 | 8.25 | 0.3k |
| BBC | Babcock & Brown Communities Group | 0.71 | 0.05 | 6.77 | 2m |
| SUL | Super Cheap Auto Group Limited | 4.00 | 0.25 | 6.67 | 76.6k |
| TNE | Technology One Limited | 0.97 | 0.06 | 6.59 | 347.4k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MFS | MFS Limited | 0.99 | -2.19 | -68.87 | 115.7m |
| MPY | MFS Living and Leisure Group | 0.40 | -0.28 | -41.18 | 478.1k |
| ARR | Arasor International Limited | 1.15 | -0.18 | -13.21 | 367.7k |
| RAT | Rubicon America Trust | 0.59 | -0.08 | -11.94 | 1.5m |
| REU | Rubicon Europe Trust Group | 0.49 | -0.06 | -10.91 | 2.1m |
