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EDIT [noon, Froggish time]. Seriously, what is the point of doing a spell check if you have already copied the HTML into the paste buffer? "exchange", not exhcange; and "lure", not pure. Idiot.
Any stock exchange that wants to be taken seriously has to get rid of stupid mechanisms that 'stagger' the market open. Maybe the ASX has an old guy who goes around switching on ten different PCs, or maybe it's just a stupid historical vestige.
The staggered open makes absolutely no sense otherwise: if a system can handle normal intraday trade, why can't it handle the open?
If it is a question of computing power, that would be the worst excuse in the world... it is pretty easy to calculate the MIPS required to run an exchange of 1500 stocks trading 300 times a second, and frankly it's child's play.
But the staggered open persists in many exchanges, and it stuffs up the index readings; on 'gap up' days like today, it is almost always the case that the NYSE and the ASX data will both show the low as equal to the open, which is almost always equal to (or little changed from) the prior close. This can happen even if more than half of the stocks on the exchange gap up - if gaps happen in only a small proportion of the stocks that open in the first round of the stagger.
Today for example. If you had a clever ability to establish how many stocks gapped up, you would find it to have been a great proportion of all stocks. And yet the Low for the All Ords will go down in the data as being equal to the prior close. That is just STUPID.
Major Market Indices
The broad market - the All Ordinaries (XAO) - surged a whopping 136.1 points (2.79%), finishing at 5018.1 points. Without a concerted push in the last half hour, the index would not have finished above 5000; there was clearly a sentiment that such a close was required in order to lure in more punters.
The index hit an intraday high of 5028.1 at 11:51 am, while the low for the day was 4882 - the prior day's close; the traded low was more like 4950, about ten minutes into the session.
Total volume traded on the ASX was pretty abysmal at only 1.27bn units, 1.6% below its 10-day average (and that average was dramatically reduced by the pitiful 840-million share day on Monday).
The ASX's daily listing of all stocks included 1331 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 586 issues rose, with volume in rising issues totalling 794m units; decliners numbered 445 counters, and between them they traded aggregate declining volume of 358.8m shares.
Of the 493 All Ordinaries components, 292 rose while 132 fell. Volume was tilted in favour of the gainers by a margin of 3.1:1, with 692.88m shares traded in gainers while 224.48m 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) - hurtled skyward to the tune of 148.7 points (3.08%), closing out the session at 4969.1 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 5018.10 | 136.10 (2.8%) |
| ASX 20 | 2821.90 | 103.20 (3.8%) |
| ASX 50 | 4879.90 | 164.20 (3.5%) |
| ASX 100 | 4027.80 | 122.20 (3.1%) |
| ASX 200 | 4969.10 | 148.70 (3.1%) |
| ASX 300 | 4962.10 | 146.10 (3.0%) |
| ASX Mid-Cap 50 | 4842.80 | 46.80 (1.0%) |
| ASX Small Ordinaries | 2825.80 | 59.70 (2.2%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - had a bit of a moonshot, stacking on 103.2 points (3.80%), closing out the session at 2821.9 points. So size rotation made a comeback at hte first conceivable juncture... yet ore evidence that we have not seen the lows for this market.
Among the 20 big guns, things were relatively upbeat: only one index component sought to rain on the bull's parade. The 20 stocks which make up the index traded a total of 148.28m units; 19 index components rose, with rising volume amounting to 146.42m shares, while the sole declining stock traded 1.87m units. The major percentage gainers within the index were
- Stockland (SGP), +$0.42 (9.55%) to $4.82 on volume of 10.8 million shares;
- QBE Insurance Group Limited (QBE), +$1.39 (6.3%) to $23.47 on volume of 5.1 million shares;
- Commonwealth Bank Of Australia (CBA), +$2.58 (6.25%) to $43.83 on volume of 5.6 million shares;
- ANZ Banking Group Limited (ANZ), +$1.01 (5.94%) to $18.02 on volume of 11.2 million shares; and
- St George Bank Limited (SGB), +$1.41 (5.14%) to $28.85 on volume of 1.9 million shares.
On the less salubrious side of the big-cap fence, poor old Woodside contnues to be pummelled as Crude prices remain soft:
- Woodside Petroleum Limited (WPL), -$0.41 (0.8%) to $50.79 on volume of 1.9 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 significantly underperformed its large-cap counterpart - as I mentioned above, size rotation is back. Still, today's move in the Small Ords qualifies as a moonshot; the index added 59.7 points (2.16%), closing out the session at 2825.8 points.
The 195 stocks which make up the index traded a total of 306.44m units: volume in the 126 gainers totalling 163.09m shares, with trade totalling 111.75m units in the index's 50 declining components. The major percentage gainers within the index were- Mirvac Industrial Trust (MIX), +$0.04 (19.05%) to $0.25 on volume of 418.6 thousand shares;
- Aquarius Platinum Limited (AQP), +$1.50 (17.42%) to $10.11 on volume of 1.5 million shares;
- Rubicon America Trust (RAT), +$0.01 (15.85%) to $0.10 on volume of 584.3 thousand shares;
- Macquarie DDR Trust (MDT), +$0.05 (15%) to $0.35 on volume of 12.5 million shares; and
- ResMed Inc. (RMD), +$0.57 (14.14%) to $4.60 on volume of 3 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Albidon Limited (ALB), -$0.37 (14.98%) to $2.10 on volume of 1.2 million shares;
- St Barbara Limited (SBM), -$0.03 (11.9%) to $0.19 on volume of 24.1 million shares;
- Admiralty Resources NL (ADY), -$0.02 (11.76%) to $0.15 on volume of 13 million shares;
- Deep Yellow Limited (DYL), -$0.02 (8.51%) to $0.22 on volume of 2 million shares; and
- Perilya Limited (PEM), -$0.03 (6.98%) to $0.40 on volume of 4 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 5018.1 | 136.1 | 2.79 | 956.1m |
| XFL | ASX 50 | 4879.9 | 164.2 | 3.48 | 370.1m |
| XJO | ASX 200 | 4969.1 | 148.7 | 3.08 | 814.5m |
| XKO | ASX 300 | 4962.1 | 146.1 | 3.03 | 897.1m |
| XMD | ASX Mid-Cap 50 | 4842.8 | 46.8 | 0.98 | 220.5m |
| XSO | ASX Small Ordinaries | 2825.8 | 59.7 | 2.16 | 306.4m |
| XTL | ASX 20 | 2821.9 | 103.2 | 3.8 | 148.3m |
| XTO | ASX 100 | 4027.8 | 122.2 | 3.13 | 590.6m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 19 | 82 | 149 | 292 | 126 | 586 |
| Declines | 1 | 19 | 43 | 132 | 50 | 445 |
| Advancing Volume | 146.4m | 496.9m | 623.6m | 692.9m | 163.1m | 794m |
| Declining Volume | 1.9m | 93.7m | 166m | 224.5m | 111.7m | 358.8m |
GICS Industry Indices
Among the 11 industry indices, 9 registered an advance for the session, the remaining 2 lost ground.
The best performing index was Financials ex Property Trusts (XXJ), which added 241.5 points (4.99%) to 5076.6 points. So banks and insurers are up about 9% in two sessions... madness.
The 30 stocks which make up the index traded a total of 91.74m units; 25 index components rose, with rising volume amounting to 86m shares, while the 3 decliners had volume traded totalling 3.02m units. The major percentage gainers within the index were
- Challenger Financial Services Group Limited (CGF), +$0.21 (9.17%) to $2.50 on volume of 4.7 million shares;
- Qbe Insurance Group Limited (QBE), +$1.39 (6.3%) to $23.47 on volume of 5.1 million shares;
- Commonwealth Bank Of Australia (CBA), +$2.58 (6.25%) to $43.83 on volume of 5.6 million shares;
- ANZ Banking Group Limited (ANZ), +$1.01 (5.94%) to $18.02 on volume of 11.2 million shares; and
- Bendigo and Adelaide Bank Limited (BEN), +$0.56 (5.46%) to $10.82 on volume of 700.4 thousand shares.
Second in the index leadership stakes was Information Technology (XIJ), which gained 24.3 points (4.93%) to 517.3 points. The 2 stocks which make up the index traded a total of 2.47m units -
- Computershare Limited (CPU), +$0.51 (5.89%) to $9.17 on volume of 2.1 million shares; and
- Iress Market Technology Limited (IRE), +$0.24 (4.12%) to $6.07 on volume of 379.5 thousand shares.
The bronze medal for today goes to Property Trusts (XPJ), which climbed 59.4 points (4.42%) to 1402.1 points. The 21 stocks which make up the index traded a total of 159.51m units; 18 index components rose, with rising volume amounting to 130.12m shares, while the 2 decliners had volume traded totalling 20.77m units. The major percentage gainers within the index were
- Macquarie DDR Trust (MDT), +$0.05 (15%) to $0.35 on volume of 12.5 million shares;
- Centro Retail (CER), +$0.04 (12.5%) to $0.36 on volume of 2.6 million shares;
- APN/UKA European Retail Property Group (AEZ), +$0.03 (11.76%) to $0.28 on volume of 1.2 million shares;
- Mirvac Group (MGR), +$0.27 (10.71%) to $2.79 on volume of 12.7 million shares; and
- Stockland (SGP), +$0.42 (9.55%) to $4.82 on volume of 10.8 million shares.
The worst-performed index for the session was Energy (XEJ), which dipped 120.6 points (0.74%) to 16197.5 points. Hardly surprisingg given global weakness in the underlying commodities.
The 17 stocks which make up the index traded a total of 52.3m units; The 9 decliners had volume traded totalling 40.92m units, and 8 index components rose, with rising volume amounting to 11.38m shares, The major percentage decliners within the index were
- Arrow Energy Limited (AOE), -$0.16 (5.39%) to $2.81 on volume of 4.7 million shares;
- Centennial Coal Company Limited (CEY), -$0.15 (3.13%) to $4.65 on volume of 4.5 million shares;
- Oil Search Limited (OSH), -$0.14 (2.67%) to $5.10 on volume of 5.5 million shares;
- Riversdale Mining Limited (RIV), -$0.14 (1.58%) to $8.71 on volume of 5.6 million shares; and
- Paladin Energy Limited (PDN), -$0.05 (1.04%) to $4.78 on volume of 3.6 million shares.
Just missing out on the wooden spoon was Utilities (XUJ), which slid 14.4 points (0.27%) to 5333.5 points. The 10 stocks which make up the index traded a total of 28.12m units; The 6 decliners had volume traded totalling 19.43m units, and 4 index components rose, with rising volume amounting to 8.69m shares, The major percentage decliners within the index were
- Babcock & Brown Power (BBP), -$0.01 (1.47%) to $0.67 on volume of 2 million shares;
- Duet Group (DUE), -$0.04 (1.36%) to $2.91 on volume of 2.3 million shares;
- AGL Energy Limited (AGK), -$0.15 (1.15%) to $12.95 on volume of 1.5 million shares;
- Envestra Limited (ENV), -$0.01 (0.67%) to $0.75 on volume of 1.4 million shares; and
- Spark Infrastructure Group (SKI), -$0.01 (0.62%) to $1.61 on volume of 4.6 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XXJ | Financials ex Property Trusts | 5076.6 | 241.5 | 4.99 | 92m |
| XIJ | Information Technology | 517.3 | 24.3 | 4.93 | 2m |
| XPJ | Property Trusts | 1402.1 | 59.4 | 4.42 | 160m |
| XHJ | Healthcare | 8606.8 | 310 | 3.74 | 9m |
| XMJ | Materials | 13027 | 382.5 | 3.03 | 190m |
| XSJ | Consumer Staples | 7253.7 | 167.2 | 2.36 | 34m |
| XNJ | Industrials | 4890.3 | 109.5 | 2.29 | 135m |
| XDJ | Consumer Discretionary | 1613.9 | 33 | 2.09 | 67m |
| XTJ | Telecommunications | 1546.9 | 8 | 0.52 | 46m |
| XUJ | Utilities | 5333.5 | -14.4 | -0.27 | 28m |
| XEJ | Energy | 16197.5 | -120.6 | -0.74 | 52m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| OZL | OZ Minerals Limited | 1.76 | 0.13 | 7.67 | 41.6m |
| TLS | Telstra Corporation Limited. | 4.50 | 0.03 | 0.67 | 41.3m |
| QAN | Qantas Airways Limited | 3.38 | 0.01 | 0.3 | 26.4m |
| SBM | St Barbara Limited | 0.19 | -0.03 | -11.9 | 24.1m |
| MIG | Macquarie Infrastructure Group | 2.62 | 0.05 | 1.95 | 23.6m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TMR | Tamaya Resources Limited | 0.05 | 0.01 | 23.08 | 9.8m |
| RNY | Reckson New York Property Trust | 0.27 | 0.05 | 20.45 | 56k |
| MIX | Mirvac Industrial Trust | 0.25 | 0.04 | 19.05 | 418.6k |
| AQP | Aquarius Platinum Limited | 10.11 | 1.50 | 17.42 | 1.5m |
| RAT | Rubicon America Trust | 0.10 | 0.01 | 15.85 | 584.3k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| ALB | Albidon Limited | 2.10 | -0.37 | -14.98 | 1.2m |
| SBM | St Barbara Limited | 0.19 | -0.03 | -11.9 | 24.1m |
| ADY | Admiralty Resources NL | 0.15 | -0.02 | -11.76 | 13m |
| KMN | Kings Minerals NL | 0.21 | -0.03 | -10.87 | 1m |
| AXM | Apex Minerals NL | 0.44 | -0.05 | -9.38 | 2.4m |
