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Today it was the Midcaps' turn to exhibit weakness; the ASX20, ASX50 and Small Ords all fell by less than the fall in the All Ords, leaving XMD as the culprit. Contrast this with yesterday, when XMD and XSO stayed up while the banks dragged the XAO into the toilet (or very nearly).
Don't believe the rubbish being put about by 'finance journalists' (repeaters of press releases who can write but can't think properly) that the decline has anything to do with the RBA"s decision to try and prevent inflation (i.e., its rate hike). It has nothing whatsoever to do with interest rates, except to the extent that the lassitude and easy money of the US central bank, and the nefarious ends to which that easy money was deployed, are having global ramifications. Call it the Greenspan is a Moron Effect.
Throw in a dollop of fiscal irresponsibility on a scale not seen since Roosevelt, and an attempt to crush a military jackboot on children's faces in the name of freedom, and you have a recipe for a rising equity risk premium. That's the story, pure and simple - and none of it comes from the Australian government or the Reserve Bank of Australia.
Now don't get me wrong - I have no love for either institution; they are comprised of jackals, parasites and sociopaths (perhaps with the exception of administrative staff, who are cattle). They should both be abolished and all memory of them obliterated from the face of the earth. DNA tests should be developed to test for the lack of conscience required to be either a central banker or a politician, and kiddies which suffer a said lack should, for the good of humanity, be euthanased before they can wreak havoc.
Just kidding -wait until they join a political party (revealing criminal intent to exert coercive control over others' resources), then euthanase them.
Major Market Indices
The broad market - the All Ordinaries (XAO) - dipped reasonably hard, registering a loss of 69.6 points (1.18%), finishing at 5852.1 points. The index hit an intraday high of 5938.1 at 10:21 am, while the low for the day was 5846.1 - set at 3:09 pm Sydney time.
Total volume traded on the ASX was 1.49 billion units, its 10-day average. The ASX's daily listing of all stocks included 1362 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 378 issues rose, with volume in rising issues totalling 379.1 million units. Conversely (or even contrariwise), 709 stocks were dragged below the gain line, with aggregate volume traded of 947.1 million shares.
Of the 478 All Ordinaries components that traded, 119 rose while 291 fell. Volume was tilted in favour of the losers by a margin of 3.3:1, with 149.14 million shares traded in gainers while 495.95 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) - registered a loss of 74.5 points (1.27%), closing out the session at 5792.9 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 5852.10 | -69.60 (1.2%) |
| ASX 50 | 5627.20 | -66.60 (1.2%) |
| ASX 200 | 5792.90 | -74.50 (1.3%) |
| ASX 300 | 5799.50 | -72.90 (1.2%) |
| ASX Mid-Cap 50 | 5969.80 | -110.10 (1.8%) |
| ASX Small Ordinaries | 3430.90 | -35.20 (1.0%) |
| ASX 20 | 3201.50 | -29.80 (0.9%) |
| ASX 100 | 4688.90 | -60.20 (1.3%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - slid modestly, falling 29.8 points (0.92%), closing out the session at 3201.5 points.
Among the 20 big guns, 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 132.1 million units; 3 index components rose, with rising volume amounting to 25.77 million shares, while the 18 decliners had volume traded totalling 106.33 million units. The major percentage gainers within the index were
- Commonwealth Bank Of Australia (CBA), +$0.99 (2.02%) to $49.99 on volume of 6.3 million shares;
- BHP Billiton Limited (BHP), +$0.43 (1.09%) to $39.75 on volume of 18.4 million shares; and
- Woodside Petroleum Limited (WPL), +$0.09 (0.19%) to $48.05 on volume of 1 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Brambles Limited (BXB), -$0.53 (4.84%) to $10.42 on volume of 2.9 million shares;
- Suncorp-Metway Limited. (SUN), -$0.64 (3.93%) to $15.64 on volume of 2.1 million shares;
- Macquarie Group Limited (MQG), -$2.28 (3.31%) to $66.60 on volume of 1.5 million shares;
- CSL Limited (CSL), -$0.99 (2.75%) to $34.99 on volume of 2 million shares; and
- Stockland (SGP), -$0.21 (2.72%) to $7.51 on volume of 5.9 million shares.
At the other end of the market-cap spectrum is the ASX Small Ordinaries (XSO); it fell a bit harder than its large-cap counterpart. The Small Ords registered a loss of 35.2 points (1.02%), closing out the session at 3430.9 points.
Among the stocks that make up the Small Caps index, 60 index components finished to the upside, and of the rest, 120 closed lower for the session.
The 192 stocks which make up the index traded a total of 214.72 million units: volume in the 60 gainers totalling 87.7 million shares, with trade totalling 113.02 million units in the index's 120 declining components. The major percentage gainers within the index were- Bravura Solutions Limited (BVA), +$0.14 (9.33%) to $1.64 on volume of 351.9 thousand shares;
- Boom Logistics Limited (BOL), +$0.09 (7.98%) to $1.15 on volume of 3.9 million shares;
- Sylvania Resources Limited (SLV), +$0.19 (7.17%) to $2.84 on volume of 49.2 thousand shares;
- Platinum Australia Limited (PLA), +$0.15 (6.67%) to $2.40 on volume of 531.6 thousand shares; and
- Funtastic Limited (FUN), +$0.03 (6.38%) to $0.50 on volume of 1.8 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- AED Oil Limited (AED), -$0.21 (9.45%) to $1.97 on volume of 2.7 million shares;
- Resolute Mining Limited (RSG), -$0.2 (8.4%) to $2.18 on volume of 830.2 thousand shares;
- Centro Retail (CER), -$0.04 (7.45%) to $0.44 on volume of 8 million shares;
- Bradken Limited (BKN), -$0.54 (7.08%) to $7.09 on volume of 1.6 million shares; and
- Corporate Express Australia Limited (CXP), -$0.44 (6.9%) to $5.94 on volume of 244.7 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 5852.1 | -69.6 | -1.18 | 677.3m |
| XFL | ASX 50 | 5627.2 | -66.6 | -1.17 | 236.5m |
| XJO | ASX 200 | 5792.9 | -74.5 | -1.27 | 574.9m |
| XKO | ASX 300 | 5799.5 | -72.9 | -1.24 | 639m |
| XMD | ASX Mid-Cap 50 | 5969.8 | -110.1 | -1.81 | 187.8m |
| XSO | ASX Small Ordinaries | 3430.9 | -35.2 | -1.02 | 214.7m |
| XTL | ASX 20 | 3201.5 | -29.8 | -0.92 | 132.1m |
| XTO | ASX 100 | 4688.9 | -60.2 | -1.27 | 424.3m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 3 | 14 | 14 | 118 | 60 | 378 |
| Declines | 18 | 84 | 85 | 291 | 120 | 709 |
| Advancing Volume | 25.8m | 49.4m | 49.4m | 142.4m | 87.7m | 379.1 million |
| Declining Volume | 106.3m | 360.1m | 360.9m | 495.9m | 113m | 947.1 million |
GICS Industry Indices
Among the 11 industry indices, the news was universally negative: not a single sector managed to break into the "Win" column.
Since none of the industry sectors registered a gain for the session, there is no point in burdening ourselves with the internal behaviour of advancing sectors... on to the losers.
The worst-performed index for the session was Information Technology (XIJ), which dipped 13.6 points (2.82%) to 469 points. There are only 2 stocks in the index, and they traded a total of 1.52 million units -
- Iress Market Technology Limited (IRE), -$0.16 (2.35%) to $6.64 on volume of 293.5 thousand shares; and
- Computershare Limited (CPU), -$0.13 (1.58%) to $8.12 on volume of 1.2 million shares.
Just missing out on the wooden spoon was Property Trusts (XPJ), which slid 52.6 points (2.77%) to 1849.7 points. The 20 stocks which make up the index traded a total of 134.87 million units; The 18 decliners had volume traded totalling 132.99 million units, and volume in the lone rising index component was 0.33 million shares, The major percentage decliners within the index were
- Valad Property Group (VPG), -$0.21 (17.21%) to $1.01 on volume of 43.6 million shares;
- Centro Properties Group (CNP), -$0.06 (8.46%) to $0.60 on volume of 16.5 million shares;
- Centro Retail (CER), -$0.04 (7.45%) to $0.44 on volume of 8 million shares;
- Apn/Uka European Retail Property Group (AEZ), -$0.04 (4.32%) to $0.78 on volume of 831.3 thousand shares; and
- DB RREEF Trust (DRT), -$0.07 (4.22%) to $1.59 on volume of 7.4 million shares.
Third-to-last amongst the sector indices was Consumer Staples (XSJ), which slid 203.5 points (2.47%) to 8023.9 points. The 10 stocks which make up the index traded a total of 23.14 million units; The 9 decliners had volume traded totalling 19.22 million units, The major percentage decliners within the index were
- Coca-Cola Amatil Limited (CCL), -$0.38 (3.92%) to $9.31 on volume of 2.8 million shares;
- ABB Grain Limited (ABB), -$0.26 (2.89%) to $8.74 on volume of 586.1 thousand shares;
- Woolworths Limited (WOW), -$0.77 (2.59%) to $29.00 on volume of 4.6 million shares;
- Foster's Group Limited (FGL), -$0.15 (2.57%) to $5.68 on volume of 3.5 million shares; and
- Wesfarmers Limited (WES), -$0.86 (2.21%) to $38.14 on volume of 1.8 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XMJ | Materials | 14730.7 | -36.9 | -0.25 | 122m |
| XEJ | Energy | 14395.5 | -81.3 | -0.56 | 36m |
| XTJ | Telecommunications | 1535.6 | -9.8 | -0.63 | 55m |
| XXJ | ASX200 Financials ex Property Trusts | 6295.3 | -71.5 | -1.12 | 63m |
| XHJ | Healthcare | 9216.6 | -159 | -1.7 | 9m |
| XDJ | Consumer Discretionary | 2391.8 | -45.4 | -1.86 | 32m |
| XUJ | Utilities | 5885.2 | -121.4 | -2.02 | 23m |
| XNJ | Industrials | 5960.3 | -148.8 | -2.44 | 76m |
| XSJ | Consumer Staples | 8023.9 | -203.5 | -2.47 | 23m |
| XPJ | Property Trusts | 1849.7 | -52.6 | -2.77 | 135m |
| XIJ | Information Technology | 469 | -13.6 | -2.82 | 2m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| VPG | Valad Property Group | 1.01 | -0.21 | -17.21 | 43.6m |
| TLS | Telstra Corporation Limited. | 4.36 | -0.02 | -0.46 | 34m |
| BHP | BHP Billiton Limited | 39.75 | 0.43 | 1.09 | 18.4m |
| CNP | Centro Properties Group | 0.60 | -0.06 | -8.46 | 16.5m |
| TLSCA | Telstra (Installment Receipts) | 2.79 | -0.03 | -1.06 | 15.5m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BVA | Bravura Solutions Limited | 1.64 | 0.14 | 9.33 | 351.9k |
| LFE | Life Therapeutics Limited | 0.24 | 0.02 | 9.09 | 49.5k |
| BOL | Boom Logistics Limited | 1.15 | 0.09 | 7.98 | 3.9m |
| CPK | CP1 Limited | 0.52 | 0.04 | 7.29 | 223k |
| SLV | Sylvania Resources Limited | 2.84 | 0.19 | 7.17 | 49.2k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| VPG | Valad Property Group | 1.01 | -0.21 | -17.21 | 43.6m |
| MFI | Mariner Financial Limited | 0.24 | -0.04 | -12.73 | 644.9k |
| AED | AED Oil Limited | 1.97 | -0.21 | -9.45 | 2.7m |
| CNP | Centro Properties Group | 0.60 | -0.06 | -8.46 | 16.5m |
| RSG | Resolute Mining Limited | 2.18 | -0.20 | -8.4 | 830.2k |
