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Now why on earth would Reuters claim that "Australian shares rose 0.8% on Thursday [blah blah blah]" when the All Ords was up just over half a percent? Why use the ASX200 as representative of the entire Australian sharemarket?
Simple, silly - because XJO went up by a larger percentage than XAO. When your job is to reinforce whatever line your masters tell you to take, you better come up with the best possible reinforcement, non? I am surprised that the hack who wrote it up didn't either use the ASX20 (or to hell with it - just pretend that SUN and QBE were the whole market and declare it a 5% gain day).
Anyhow - no matter. The fact that the All Ords took almost 5 hours to rise a mere 50 points (from low to high), on a relatively low volume day, indicates that there is no more short-covering going on.
We have now factored in all the shenanigans currently underway in the Soviet States of America - where the Politburo is busy ensuring that their paymasters don't suffer from the effects of their own hubris and greed.
Folks are also wising up (ever so slowly) to the journalistic sleight of hand being perpetrated vis a vis the recent CPI and PPI numbers in Australia... if there is a journalistic chorus that declares that accelerating inflation is not a driver for further rate increases, then you can lay dollars to doughnuts that they are collectively wrong - the MarketRant Journalists-are-Dumb-Herbivores Hypothesis (MR-JDHH), also known as "Four Journalists Say Black? Bet Red".
So - downtrend to resume post haste? Possibly not - because although oversold conditions have been washed off somewhat, and actual buyers of stocks are relatively thin on the ground, it would not surprise me if US and Strayan equity markets took the opportunity to lure in another batch of unsuspecting nuffnuffs for the fleecing.
This scenario raises the prospect of a move to overbought on daily charts, accompanied by rising volume, taking place over about 8 sessions - and possibly providing a head-fake 'All Clear' on hourly charts by forming a pullback low above a prior swing peak.
And then, a CCI diveregence, and then, carnage.
So mote it be.
Major Market Indices
The broad market - as measured by the All Ordinaries (XAO) - advanced modestly, rising 26.8 points (0.52%), finishing at 5188.4 points. The index hit an intraday high of 5201 at 3:33 pm, while the low for the day was 5148.5 - set at 10:38 am Sydney time.
Total volume traded on the ASX was 1.26 billion units, 10.5% below its 10-day average. The ASX's daily listing of all stocks included 1336 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 578 issues rose, with volume in rising issues totalling 692.4 million units; 462 stocks declined, with aggregate volume traded of 390.9 million shares.
Of the 494 All Ordinaries components, 243 rose while 182 fell. Volume was tilted in favour of the gainers by a margin of 1.9:1, with 541.67 million shares traded in gainers while 280.38 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 38.8 points (0.76%), closing out the session at 5144.1 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 5188.40 | 26.80 (0.5%) |
| ASX 50 | 5066.80 | 51.60 (1.0%) |
| ASX 200 | 5144.10 | 38.80 (0.8%) |
| ASX 300 | 5137.30 | 37.50 (0.7%) |
| ASX Mid-Cap 50 | 4950.00 | 1.40 (0.0%) |
| ASX Small Ordinaries | 2906.10 | -19.80 (0.7%) |
| ASX 20 | 2923.60 | 35.60 (1.2%) |
| ASX 100 | 4173.10 | 36.90 (0.9%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - performed solidly, in moving up 35.6 points (1.23%), closing out the session at 2923.6 points.
Among the 20 big guns, 17 index components finished to the upside, and of the rest, 3 closed lower for the session. The 20 stocks which make up the index traded a total of 163.92 million units; 17 index components rose, with rising volume amounting to 140.79 million shares, while the 3 decliners had volume traded totalling 23.13 million units. The major percentage gainers within the index were
- QBE Insurance Group Limited (QBE), +$1.27 (5.57%) to $24.06 on volume of 4 million shares;
- AMP Limited (AMP), +$0.36 (5.32%) to $7.13 on volume of 9.2 million shares;
- Stockland (SGP), +$0.27 (5.02%) to $5.65 on volume of 8.4 million shares;
- Suncorp-Metway Limited. (SUN), +$0.50 (3.65%) to $14.19 on volume of 3.8 million shares; and
- Westpac Banking Corporation (WBC), +$0.78 (3.55%) to $22.78 on volume of 9.6 million shares.
On the less salubrious side of the big-cap fence, the Resource and Energy majors were the worst-performed within the index:
- Woodside Petroleum Limited (WPL), -$3.24 (5.79%) to $52.71 on volume of 4.5 million shares;
- Rio Tinto Limited (RIO), -$4.8 (4%) to $115.30 on volume of 2.1 million shares; and
- BHP Billiton Limited (BHP), -$1.03 (2.66%) to $37.65 on volume of 16.5 million shares.
At the other end of the market-cap spectrum lie the denizens of the ASX Small Ordinaries (XSO). The small-fry swam in the opposite direction to the big fish today - rotation, rotation, rotation.
The tidddlers stayed underwater while the Top20 posted a gain. The Small Ords slid modestly, falling 19.8 points (0.68%), closing out the session at 2906.1 points.
The 195 stocks which make up the index traded a total of 227.92 million units: volume in the 87 gainers totalling 124.11 million shares, with trade totalling 97.83 million units in the index's 98 declining components. The major percentage gainers within the index were- Babcock&Brown Japan Property Trust (BJT), +$0.08 (11.03%) to $0.81 on volume of 2.2 million shares;
- Great Southern Limited (GTP), +$0.08 (10.39%) to $0.85 on volume of 1.5 million shares;
- Becton Property Group (BEC), +$0.13 (9.77%) to $1.46 on volume of 195.7 thousand shares;
- Compass Resources NL (CMR), +$0.15 (9.32%) to $1.76 on volume of 322.9 thousand shares; and
- Healthscope Limited (HSP), +$0.35 (8.1%) to $4.67 on volume of 786.3 thousand shares.
In the red-zone of the little-stock index, the following Resource-rich list represents the biggest downers (in terms of percentage decline):
- Aquarius Platinum Limited (AQP), -$1.24 (9.56%) to $11.73 on volume of 625 thousand shares;
- Aditya Birla Minerals limited (ABY), -$0.15 (8.82%) to $1.55 on volume of 2.9 million shares;
- Record Realty (RRT), -$0.01 (8.33%) to $0.06 on volume of 115.3 thousand shares;
- Karoon Gas Australia Limited (KAR), -$0.28 (7.78%) to $3.32 on volume of 244.2 thousand shares; and
- Dominion Mining Limited (DOM), -$0.21 (6.82%) to $2.87 on volume of 283.5 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 5188.4 | 26.8 | 0.52 | 878.2m |
| XFL | ASX 50 | 5066.8 | 51.6 | 1.03 | 362m |
| XJO | ASX 200 | 5144.1 | 38.8 | 0.76 | 736.5m |
| XKO | ASX 300 | 5137.3 | 37.5 | 0.74 | 791.9m |
| XMD | ASX Mid-Cap 50 | 4950 | 1.4 | 0.03 | 202m |
| XSO | ASX Small Ordinaries | 2906.1 | -19.8 | -0.68 | 227.9m |
| XTL | ASX 20 | 2923.6 | 35.6 | 1.23 | 163.9m |
| XTO | ASX 100 | 4173.1 | 36.9 | 0.89 | 564m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 17 | 70 | 118 | 243 | 87 | 578 |
| Declines | 3 | 26 | 76 | 182 | 98 | 462 |
| Advancing Volume | 140.8m | 386.9m | 489.4m | 541.7m | 124.1m | 692.4 million |
| Declining Volume | 23.1m | 142.2m | 211.6m | 280.4m | 97.8m | 390.9 million |
GICS Industry Indices
Among the 11 industry indices, 8 registered an advance for the session, the remaining 3 lost ground.
The best performing index was Property Trusts (XPJ), which added 59.5 points (4.26%) to 1456.4 points. The 21 stocks which make up the index traded a total of 157.48 million units; 18 index components rose, with rising volume amounting to 141.31 million shares, while the 3 decliners had volume traded totalling 16.18 million units. The major percentage gainers within the index were
- Macquarie Countrywide Trust (MCW), +$0.10 (11.36%) to $0.98 on volume of 6.3 million shares;
- Valad Property Group (VPG), +$0.06 (11.21%) to $0.60 on volume of 15.1 million shares;
- Babcock&Brown Japan Property Trust (BJT), +$0.08 (11.03%) to $0.81 on volume of 2.2 million shares;
- ING Industrial Fund (IIF), +$0.12 (8.33%) to $1.50 on volume of 3.8 million shares; and
- Macquarie DDR Trust (MDT), +$0.02 (8%) to $0.27 on volume of 15.5 million shares.
Second in the index leadership stakes was Financials ex Property Trusts (XXJ), which gained 181.6 points (3.47%) to 5417.3 points. The 30 stocks which make up the index traded a total of 108.85 million units; 21 index components rose, with rising volume amounting to 95.1 million shares, while the 8 decliners had volume traded totalling 13.74 million units. The major percentage gainers within the index were
- Sunland Group Limited (SDG), +$0.13 (5.65%) to $2.43 on volume of 541.8 thousand shares;
- Qbe Insurance Group Limited (QBE), +$1.27 (5.57%) to $24.06 on volume of 4 million shares;
- AMP Limited (AMP), +$0.36 (5.32%) to $7.13 on volume of 9.2 million shares;
- ASX Limited (ASX), +$1.30 (3.94%) to $34.30 on volume of 1.2 million shares; and
- Suncorp-Metway Limited. (SUN), +$0.50 (3.65%) to $14.19 on volume of 3.8 million shares.
The bronze medal for today goes to Healthcare (XHJ), which climbed 212.3 points (2.58%) to 8433.5 points. The 8 stocks which make up the index traded a total of 7.23 million units; 6 index components rose, with rising volume amounting to 5.88 million shares, while the 2 decliners had volume traded totalling 1.35 million units. The major percentage gainers within the index were
- Healthscope Limited (HSP), +$0.35 (8.1%) to $4.67 on volume of 786.3 thousand shares;
- ResMed Inc. (RMD), +$0.24 (6.47%) to $3.95 on volume of 1.5 million shares;
- CSL Limited (CSL), +$0.98 (2.87%) to $35.13 on volume of 1.6 million shares;
- Ramsay Health Care Limited (RHC), +$0.23 (2.43%) to $9.68 on volume of 454.2 thousand shares; and
- Sonic Healthcare Limited (SHL), +$0.22 (1.61%) to $13.90 on volume of 1.3 million shares.
The worst-performed index for the session was Materials (XMJ), which dipped 443.3 points (3.17%) to 13537.9 points. The 42 stocks which make up the index traded a total of 177.84 million units; The 32 decliners had volume traded totalling 126.16 million units, and 9 index components rose, with rising volume amounting to 51.68 million shares, The major percentage decliners within the index were
- Aquarius Platinum Limited (AQP), -$1.24 (9.56%) to $11.73 on volume of 625 thousand shares;
- Incitec Pivot Limited (IPL), -$14.32 (8.66%) to $150.96 on volume of 817.7 thousand shares;
- Independence Group NL (IGO), -$0.22 (6.45%) to $3.19 on volume of 1 million shares;
- Newcrest Mining Limited (NCM), -$1.74 (5.59%) to $29.38 on volume of 5.2 million shares; and
- Mincor Resources NL (MCR), -$0.12 (5.43%) to $2.09 on volume of 1.8 million shares.
Just missing out on the wooden spoon was Energy (XEJ), which slid 486.1 points (2.82%) to 16748.3 points. The 17 stocks which make up the index traded a total of 49.72 million units; The 11 decliners had volume traded totalling 33.81 million units, and 6 index components rose, with rising volume amounting to 15.91 million shares, The major percentage decliners within the index were
- Arrow Energy Limited (AOE), -$0.21 (6.25%) to $3.15 on volume of 5.4 million shares;
- Paladin Energy Limited (PDN), -$0.34 (6.09%) to $5.24 on volume of 2.8 million shares;
- Woodside Petroleum Limited (WPL), -$3.24 (5.79%) to $52.71 on volume of 4.5 million shares;
- Australian Worldwide Exploration Limited (AWE), -$0.19 (5.08%) to $3.55 on volume of 1.2 million shares; and
- Centennial Coal Company Limited (CEY), -$0.23 (4.81%) to $4.55 on volume of 2.7 million shares.
Third-to-last amongst the sector indices was Utilities (XUJ), which slid 66.1 points (1.2%) to 5451.5 points. The 10 stocks which make up the index traded a total of 23.95 million units; The 6 decliners had volume traded totalling 6.29 million units, and 4 index components rose, with rising volume amounting to 17.65 million shares, The major percentage decliners within the index were
- Babcock & Brown Power (BBP), -$0.04 (5%) to $0.67 on volume of 2.2 million shares;
- Duet Group (DUE), -$0.13 (4.14%) to $3.01 on volume of 572.6 thousand shares;
- AGL Energy Limited (AGK), -$0.38 (2.74%) to $13.48 on volume of 1 million shares;
- Spark Infrastructure Group (SKI), -$0.03 (1.78%) to $1.66 on volume of 960.9 thousand shares; and
- APA Group (APA), -$0.02 (0.67%) to $2.96 on volume of 430.4 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XPJ | Property Trusts | 1456.4 | 59.5 | 4.26 | 157m |
| XXJ | Financials ex Property Trusts | 5417.3 | 181.6 | 3.47 | 109m |
| XHJ | Healthcare | 8433.5 | 212.3 | 2.58 | 7m |
| XNJ | Industrials | 4871.4 | 114.6 | 2.41 | 94m |
| XTJ | Telecommunications | 1513.5 | 34.1 | 2.3 | 43m |
| XDJ | Consumer Discretionary | 1687.9 | 28.5 | 1.72 | 45m |
| XSJ | Consumer Staples | 7253.8 | 121.6 | 1.7 | 28m |
| XIJ | Information Technology | 519.3 | 0.9 | 0.17 | 2m |
| XUJ | Utilities | 5451.5 | -66.1 | -1.2 | 24m |
| XEJ | Energy | 16748.3 | -486.1 | -2.82 | 50m |
| XMJ | Materials | 13537.9 | -443.3 | -3.17 | 178m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TLS | Telstra Corporation Limited. | 4.41 | 0.10 | 2.32 | 37.5m |
| LGL | Lihir Gold Limited | 2.84 | -0.14 | -4.7 | 32m |
| SDL | Sundance Resources Limited | 0.28 | 0.01 | 1.85 | 30.7m |
| QAN | Qantas Airways Limited | 3.60 | 0.00 | 0 | 26.8m |
| COK | Cockatoo Coal Limited | 0.83 | -0.06 | -6.25 | 25.7m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| ARH | Australasian Resources Limited | 1.53 | 0.34 | 28.03 | 1.1m |
| NMS | Neptune Marine Services Limited | 0.47 | 0.06 | 14.63 | 1.8m |
| MCW | Macquarie Countrywide Trust | 0.98 | 0.10 | 11.36 | 6.3m |
| VPG | Valad Property Group | 0.60 | 0.06 | 11.21 | 15.1m |
| BJT | Babcock&Brown Japan Property Trust | 0.81 | 0.08 | 11.03 | 2.2m |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| UOS | United Overseas Australia Limited | 0.18 | -0.05 | -21.74 | 170k |
| BOC | Bougainville Copper Limited | 1.03 | -0.17 | -14.17 | 52.8k |
| CKT | Challenger Kenedix Japan Trust | 0.80 | -0.10 | -11.11 | 28.9k |
| AQP | Aquarius Platinum Limited | 11.73 | -1.24 | -9.56 | 625k |
| NCK | Nick Scali Limited | 0.50 | -0.05 | -9.09 | 92.4k |
