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Man o man... do you ever tire of watching nuffie suicide charges? Seriously - it's enough to make you think that there is a class of investor that is infected with some mind-altering protozoa that makes them systematically zig when they ought to be zagging. The Charge of the Dumb Brigade happened again this morning - within 45 minutes of the open the All Ords was up over 168 points, and within 10 minutes of the close it had given back all but 5 of those points.
So what is it that makes people do such systematically silly things? Some sort of Pavlovian conditioning, which makes them buy at market any time the US goes up (and/or any Monday generally)? Is it the media's fault (hardly - the media may be a deplorable place to get investment advice, but Kochy is not sat next to each nuffnuff with a gun to their heads).
Anyhow - although I can't be bothered sticky-taping together a chart to show this, the short bias worked like a charm. This was mentioned in Friday's OzRant as being instituted as soon as the US made a CCI divergence... which it did on Friday night Oz time. That meant the positional short in the SPI was opened at the first %RMA overbought thereafter (which was at 10:45 this morning, Oz time with the SPI at 5981).
The why of the latest nuffie-skinning doesn't matter - Allco and its effect on the banks, or whateverrrrr - and the fact that it happened primarily in the Top 20 and the big caps shows that "nuffnuff" does not necessarily man "small account individual trader".
Major Market Indices
The broad market - the All Ordinaries (XAO) - advanced modestly, rising 39.4 points (0.67%), finishing at 5921.7 points. The index hit an intraday high of 6055.6 at 10:43 am, while the low for the day was 5886.6 - set 7 minutes before the close. The close is a bit of a dodgy number, methinks - the 4 p.m. print was 5899.3, yet the matchout print was 5921.7... someone painted the tape at the matchout.
Total volume traded on the ASX was 1.71 billion units, 8% above its 10-day average. The ASX's daily listing of all stocks included 1415 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 627 issues rose, with volume in rising issues totalling 1.02 billion units. Conversely (or even contrariwise), 507 stocks were dragged below the gain line, with aggregate volume traded of 417.1 million shares.
Of the 478 All Ordinaries components, 266 rose while 161 fell. Volume was tilted in favour of the gainers by a margin of 1.7:1, with 455.99 million shares traded in gainers while 269.16 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 24.5 points (0.42%), closing out the session at 5867.4 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 5921.70 | 39.40 (0.7%) |
| ASX 50 | 5693.80 | 1.20 (0.0%) |
| ASX 200 | 5867.40 | 24.50 (0.4%) |
| ASX 300 | 5872.40 | 26.60 (0.5%) |
| ASX Mid-Cap 50 | 6079.90 | 90.90 (1.5%) |
| ASX Small Ordinaries | 3466.10 | 73.50 (2.2%) |
| ASX 20 | 3231.30 | -9.20 (0.3%) |
| ASX 100 | 4749.10 | 11.80 (0.2%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - slid modestly, falling 9.2 points (0.28%), closing out the session at 3231.3 points.
Among the 20 big guns, 7 index components finished to the upside, and of the rest, 14 closed lower for the session. The 21 stocks which make up the index traded a total of 139.68 million units; 7 index components rose, with rising volume amounting to 43.85 million shares, while the 14 decliners had volume traded totalling 95.83 million units. The major percentage gainers within the index were
- Stockland (SGP), +$0.21 (2.8%) to $7.71 on volume of 4.5 million shares;
- Wesfarmers Limited (WES), +$1.01 (2.7%) to $38.41 on volume of 3.6 million shares;
- BHP Billiton Limited (BHP), +$0.70 (1.82%) to $39.25 on volume of 17 million shares;
- Suncorp-Metway Limited. (SUN), +$0.23 (1.44%) to $16.20 on volume of 4.2 million shares; and
- Woolworths Limited (WOW), +$0.30 (1.02%) to $29.70 on volume of 3.7 million shares.
On the less salubrious side of the big-cap fence, you could almost guess the 5 worst-performed within the ASX20 - just line up the banks - but you might not have got the order of demerit right:
- Commonwealth Bank Of Australia (CBA), -$2.05 (4.01%) to $49.07 on volume of 5.7 million shares;
- National Australia Bank Limited (NAB), -$1.32 (3.73%) to $34.08 on volume of 4.2 million shares;
- QBE Insurance Group Limited (QBE), -$0.56 (1.91%) to $28.79 on volume of 2.3 million shares;
- St George Bank Limited (SGB), -$0.48 (1.66%) to $28.43 on volume of 2.1 million shares; and
- Australia And New Zealand Banking Group Limited (ANZ), -$0.42 (1.56%) to $26.47 on volume of 6.5 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 big guys eked out a weak gain, while the minnows surged (as did the MidCaps). The Small Ords had a bit of a moonshot, stacking on 73.5 points (2.17%), closing out the session at 3466.1 points.
Among the stocks that make up the Small Caps index, 130 index components finished to the upside, and of the rest, 51 closed lower for the session.
The 192 stocks which make up the index traded a total of 275.12 million units: volume in the 130 gainers totalling 227.57 million shares, with trade totalling 40.41 million units in the index's 51 declining components. The major percentage gainers within the index were- Arrow Energy NL (AOE), +$0.44 (23.58%) to $2.28 on volume of 17.5 million shares;
- Queensland Gas Company Limited (QGC), +$0.59 (17.25%) to $4.01 on volume of 5.3 million shares;
- Sundance Resources Limited (SDL), +$0.04 (13.73%) to $0.29 on volume of 29.5 million shares;
- Silex Systems Limited (SLX), +$0.61 (13.56%) to $5.11 on volume of 427.5 thousand shares; and
- Bradken Limited (BKN), +$0.74 (11%) to $7.47 on volume of 4.4 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Customers Limited (CUS), -$0.02 (12.5%) to $0.11 on volume of 1.2 million shares;
- APN/UKA European Retail Property Group (AEZ), -$0.05 (5.36%) to $0.80 on volume of 1.2 million shares;
- Ramsay Health Care Limited (RHC), -$0.47 (4.2%) to $10.72 on volume of 250.5 thousand shares;
- AED Oil Limited (AED), -$0.09 (4.02%) to $2.15 on volume of 1.6 million shares; and
- Kingsgate Consolidated Limited (KCN), -$0.18 (4.01%) to $4.31 on volume of 279.6 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 5921.7 | 39.4 | 0.67 | 780.3m |
| XFL | ASX 50 | 5693.8 | 1.2 | 0.02 | 262.9m |
| XJO | ASX 200 | 5867.4 | 24.5 | 0.42 | 648.9m |
| XKO | ASX 300 | 5872.4 | 26.6 | 0.46 | 732.9m |
| XMD | ASX Mid-Cap 50 | 6079.9 | 90.9 | 1.52 | 194.9m |
| XSO | ASX Small Ordinaries | 3466.1 | 73.5 | 2.17 | 275.1m |
| XTL | ASX 20 | 3231.3 | -9.2 | -0.28 | 139.7m |
| XTO | ASX 100 | 4749.1 | 11.8 | 0.25 | 457.8m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 7 | 50 | 50 | 265 | 130 | 627 |
| Declines | 14 | 43 | 43 | 161 | 51 | 507 |
| Advancing Volume | 43.8m | 191.4m | 191.4m | 445.5m | 227.6m | 1.02 billion |
| Declining Volume | 95.8m | 213.1m | 213.1m | 269.2m | 40.4m | 417.1 million |
GICS Industry Indices
Among the 11 industry indices, 7 registered an advance for the session, the remaining 4 lost ground.
The best performing index was Energy (XEJ), which added 362.5 points (2.57%) to 14476.8 points. The 18 stocks which make up the index traded a total of 59.84 million units; 15 index components rose, with rising volume amounting to 50.2 million shares, while the 3 decliners had volume traded totalling 9.64 million units. The major percentage gainers within the index were
- Arrow Energy NL (AOE), +$0.44 (23.58%) to $2.28 on volume of 17.5 million shares;
- Queensland Gas Company Limited (QGC), +$0.59 (17.25%) to $4.01 on volume of 5.3 million shares;
- Paladin Energy Limited (PDN), +$0.35 (7.4%) to $5.08 on volume of 4.3 million shares;
- Energy Resources Of Australia Limited (ERA), +$1.36 (6.87%) to $21.16 on volume of 713.1 thousand shares; and
- Nexus Energy Limited (NXS), +$0.09 (6%) to $1.59 on volume of 1.2 million shares.
Second in the index leadership stakes was Consumer Staples (XSJ), which gained 163.8 points (2.03%) to 8227.4 points. The 10 stocks which make up the index traded a total of 27.6 million units; 8 index components rose, with rising volume amounting to 21.29 million shares. The major percentage gainers within the index were
- Wesfarmers Limited (WES), +$1.01 (2.7%) to $38.41 on volume of 3.6 million shares;
- Lion Nathan Limited (LNN), +$0.25 (2.62%) to $9.80 on volume of 1.4 million shares;
- AWB Limited (AWB), +$0.05 (2.43%) to $2.11 on volume of 2.2 million shares;
- ABB Grain Limited (ABB), +$0.15 (1.69%) to $9.00 on volume of 553.5 thousand shares; and
- Woolworths Limited (WOW), +$0.30 (1.02%) to $29.70 on volume of 3.7 million shares.
The bronze medal for today goes to Materials (XMJ), which climbed 270.1 points (1.86%) to 14767.6 points. The 42 stocks which make up the index traded a total of 182.84 million units; 31 index components rose, with rising volume amounting to 149.54 million shares, while the 9 decliners had volume traded totalling 31.32 million units. The major percentage gainers within the index were
- Sundance Resources Limited (SDL), +$0.04 (13.73%) to $0.29 on volume of 29.5 million shares;
- Fortescue Metals Group Ltd (FMG), +$0.65 (10%) to $7.15 on volume of 10.5 million shares;
- Aquarius Platinum Limited (AQP), +$0.88 (6.29%) to $14.87 on volume of 252.8 thousand shares;
- Kagara Zinc Limited (KZL), +$0.23 (5.75%) to $4.23 on volume of 2.2 million shares; and
- Great Southern Limited (GTP), +$0.10 (5.35%) to $1.87 on volume of 1.7 million shares.
The worst-performed index for the session was ASX200 Financials ex Property Trusts (XXJ) (i.e., mostly Banks), which dipped 95.9 points (1.48%) to 6366.8 points. The 28 stocks which make up the index traded a total of 72.26 million units; The 16 decliners had volume traded totalling 49.39 million units, and 12 index components rose, with rising volume amounting to 22.86 million shares, The major percentage decliners within the index were
- Allco Finance Group Limited (AFG), -$0.31 (9.39%) to $2.99 on volume of 4.6 million shares;
- Commonwealth Bank Of Australia (CBA), -$2.05 (4.01%) to $49.07 on volume of 5.7 million shares;
- National Australia Bank Limited (NAB), -$1.32 (3.73%) to $34.08 on volume of 4.2 million shares;
- IOOF Holdings Limited (IFL), -$0.22 (3.06%) to $6.97 on volume of 115.8 thousand shares; and
- Challenger Financial Services Group Limited (CGF), -$0.11 (3.04%) to $3.51 on volume of 3.6 million shares.
Just missing out on the wooden spoon was Telecommunications (XTJ), which slid 10.4 points (0.67%) to 1545.4 points. The 4 stocks which make up the index traded a total of 48.99 million units; The 2 decliners had volume traded totalling 44.1 million units, and volume in the lone rising index component was 1.16 million shares, The major percentage decliners within the index were
- Telstra (Installment Receipts) (TLSCA), -$0.03 (1.05%) to $2.82 on volume of 15.4 million shares; and
- Telstra Corporation Limited. (TLS), -$0.03 (0.68%) to $4.38 on volume of 28.7 million shares.
Third-to-last amongst the sector indices was Healthcare (XHJ), which slid 58.2 points (0.62%) to 9375.6 points. The 9 stocks which make up the index traded a total of 9.32 million units; The 7 decliners had volume traded totalling 7.13 million units, and 2 index components rose, with rising volume amounting to 2.2 million shares, The major percentage decliners within the index were
- Ramsay Health Care Limited (RHC), -$0.47 (4.2%) to $10.72 on volume of 250.5 thousand shares;
- Sigma Pharmaceuticals Ltd (SIP), -$0.05 (3.23%) to $1.50 on volume of 3.5 million shares;
- Sonic Healthcare Limited (SHL), -$0.33 (2.01%) to $16.12 on volume of 1 million shares;
- Ansell Limited (ANN), -$0.21 (1.77%) to $11.68 on volume of 503.4 thousand shares; and
- Healthscope Limited (HSP), -$0.06 (1.14%) to $5.21 on volume of 293.6 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XEJ | Energy | 14476.8 | 362.5 | 2.57 | 60m |
| XSJ | Consumer Staples | 8227.4 | 163.8 | 2.03 | 28m |
| XMJ | Materials | 14767.6 | 270.1 | 1.86 | 183m |
| XPJ | Property Trusts | 1902.3 | 21.4 | 1.14 | 118m |
| XNJ | Industrials | 6109.1 | 55.7 | 0.92 | 70m |
| XIJ | Information Technology | 482.6 | 1.4 | 0.29 | 2m |
| XDJ | Consumer Discretionary | 2437.2 | 4.8 | 0.2 | 30m |
| XUJ | Utilities | 6006.6 | -1.7 | -0.03 | 28m |
| XHJ | Healthcare | 9375.6 | -58.2 | -0.62 | 9m |
| XTJ | Telecommunications | 1545.4 | -10.4 | -0.67 | 49m |
| XXJ | ASX200 Financials ex Property Trusts | 6366.8 | -95.9 | -1.48 | 72m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| SDL | Sundance Resources Limited | 0.29 | 0.04 | 13.73 | 29.5m |
| TLS | Telstra Corporation Limited. | 4.38 | -0.03 | -0.68 | 28.7m |
| OXR | Oxiana Limited | 3.23 | 0.13 | 4.19 | 26.3m |
| AOE | Arrow Energy NL | 2.28 | 0.44 | 23.58 | 17.5m |
| BHP | BHP Billiton Limited | 39.25 | 0.70 | 1.82 | 17m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| AOE | Arrow Energy NL | 2.28 | 0.44 | 23.58 | 17.5m |
| QGC | Queensland Gas Company Limited | 4.01 | 0.59 | 17.25 | 5.3m |
| SDL | Sundance Resources Limited | 0.29 | 0.04 | 13.73 | 29.5m |
| SLX | Silex Systems Limited | 5.11 | 0.61 | 13.56 | 427.5k |
| PVE | Po Valley Energy Limited | 1.70 | 0.20 | 13.33 | 38.5k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| CUS | Customers Limited | 0.11 | -0.02 | -12.5 | 1.2m |
| PSD | Psivida Limited | 0.08 | -0.01 | -9.41 | 655.7k |
| AFG | Allco Finance Group Limited | 2.99 | -0.31 | -9.39 | 4.6m |
| PFG | Prime Financial Group Limited | 0.48 | -0.04 | -7.69 | 113.8k |
| MBP | Metabolic Pharmaceuticals Limited | 0.04 | 0.00 | -7.5 | 300k |
