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Well now - things really are getting very interesting in the region that gives Whitey his place in the racial taxonomy (for some reason we refer to ourselves as Caucasians).
I read today that the US military is transporting Georgian troops from Iraq back to Georgia. In case nobody has mentioned it within your earshot, Dear Reader, that means that the US is in the process of committing an act of war against Russia.
How so? You muse.
Simple, dearest silly: providing direct logistical support to the military forces of a disputant power is specifically not part of remaining neutral.
The Russkies should now shoot down said any US transports that overfly airspace which Russia controls (or even airspace which is in dispute). They can do so legally: as with the upcoming blockade of Iran, the US has committed an act of war and is therefore legally an enemy party from the Russian perspective.
So the US and Israel gave Shakashvili the idea that he could bombard Russian peacekeepers with impunity (using artillery pieces provided by USrael), and Russia decided 'Nyet to that, holmes'. And Shakashvili is now getting his free lesson regarding the merits or otherwise of relying on US assurances of aid and support.
The US's bluff is called now; as other folks have pointed out, Georgia wouldn't have invaded South Osettia without a go call from Washington (because Shakashvili is wholly owned by Washington).
And yet Asian markets shrugged this off, for the most part. Good on 'em: I guess they are following S&P/Moody's guidelines - re-rate any risk in a timely fashion... that is, no less than 24 hours after the occurrence of the foreseeable event on which it is based. Have a well-presented plan to close all stable doors in the event that your untethered horses bolt after the gasoline you stored next to the open fire is lit up by the five year old to whom you gave a box of matches.
The UN Security Council emergency session failed to reach an agreement on a Russian draft proposal which insisted that both combatant parties renounce the use of violence. Now why would the US refuse to support such a text?
No matter - it is now firmly in Russia's hands as to whether the Kremlin decides to annex Georgia (and with it, the Caspian pipeline: and that is what really matters to the US and France).
Major Market Indices
The broad market - the All Ordinaries (XAO) - advanced modestly, rising 21.4 points (0.42%), finishing at 5059 points. The index hit an intraday high of 5096.2 at 10:57 am, while the low for the day was 5037.6 - set at 10:01 am Sydney time.
Total volume traded on the ASX was 916m units, a whopping 23.1% below its 10-day average. The ASX's daily listing of all stocks included 1319 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 528 issues rose, with volume in rising issues totalling 446.4m units; decliners numbered 482 counters, and between them they traded aggregate declining volume of 326.6m shares.
Of the 493 All Ordinaries components, 236 rose while 173 fell. Volume was tilted in favour of the gainers by a margin of 1.6:1, with 363.48m shares traded in gainers while 230.43m 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 28.9 points (0.58%), closing out the session at 5015.1 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 5059.00 | 21.40 (0.4%) |
| ASX 20 | 2848.30 | 24.80 (0.9%) |
| ASX 50 | 4926.40 | 29.90 (0.6%) |
| ASX 100 | 4065.80 | 24.20 (0.6%) |
| ASX 200 | 5015.10 | 28.90 (0.6%) |
| ASX 300 | 5007.30 | 28.80 (0.6%) |
| ASX Mid-Cap 50 | 4886.40 | 26.10 (0.5%) |
| ASX Small Ordinaries | 2843.30 | 11.30 (0.4%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - advanced by under a percent, adding 24.8 points (0.88%), closing out the session at 2848.3 points.
The 20 stocks which make up the index traded a total of 125.69m units; 16 index components rose, with rising volume amounting to 74m shares, while the 3 decliners - resource majors - had volume traded totalling 12.34m units. The major percentage gainers within the index were
- Stockland (SGP), +$0.28 (5.62%) to $5.26 on volume of 7.1m shares;
- CSL Limited (CSL), +$1.93 (5.31%) to $38.25 on volume of 1.8m shares;
- Suncorp-Metway Limited. (SUN), +$0.44 (3.86%) to $11.83 on volume of 2.9m shares;
- AMP Limited (AMP), +$0.23 (3.47%) to $6.85 on volume of 4.3m shares; and
- St George Bank Limited (SGB), +$0.88 (2.99%) to $30.30 on volume of 3.3m shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Rio Tinto Limited (RIO), -$4.45 (3.84%) to $111.55 on volume of 1.4m shares;
- BHP Billiton Limited (BHP), -$0.82 (2.21%) to $36.33 on volume of 9.5m shares; and
- Woodside Petroleum Limited (WPL), -$0.02 (0.04%) to $51.48 on volume of 1.5m 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. The Small Ords advanced by under a percent, adding 11.3 points (0.40%), closing out the session at 2843.3 points.
Among the stocks that make up the Small Caps index, the outcome favoured the upside, but only just - the 98 advancing stocks just triumphed over the losers. Volume wise, the advancers had the advantage by over 2:1.
The 195 stocks which make up the index traded a total of 213.52m units: volume in the 98 gainers totalling 102.04m shares, with trade totalling 96.21m units in the index's 79 declining components. The major percentage gainers within the index were- Boom Logistics Limited (BOL), +$0.13 (15.34%) to $0.94 on volume of 584.5 thousand shares;
- Babcock&Brown Japan Property Trust (BJT), +$0.12 (15.13%) to $0.88 on volume of 2.1m shares;
- Coffey International Limited (COF), +$0.27 (14.06%) to $2.19 on volume of 74.3 thousand shares;
- Wattyl Limited (WYL), +$0.13 (8.87%) to $1.60 on volume of 225 thousand shares; and
- FKP Property Group (FKP), +$0.36 (8.78%) to $4.46 on volume of 2m shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Record Realty (RRT), -$0.01 (16%) to $0.04 on volume of 949 thousand shares;
- Minara Resources Limited (MRE), -$0.23 (13.98%) to $1.42 on volume of 9.4m shares;
- Coeur d'Alene Mines Corporation (CXC), -$0.26 (9.77%) to $2.40 on volume of 152.7 thousand shares;
- Babcock & Brown Power (BBP), -$0.06 (9.38%) to $0.58 on volume of 4.2m shares; and
- CBH Resources Limited (CBH), -$0.01 (8%) to $0.12 on volume of 1.4m shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 5059 | 21.4 | 0.42 | 678m |
| XFL | ASX 50 | 4926.4 | 29.9 | 0.61 | 247m |
| XJO | ASX 200 | 5015.1 | 28.9 | 0.58 | 573.3m |
| XKO | ASX 300 | 5007.3 | 28.8 | 0.58 | 638.6m |
| XMD | ASX Mid-Cap 50 | 4886.4 | 26.1 | 0.54 | 178.1m |
| XSO | ASX Small Ordinaries | 2843.3 | 11.3 | 0.4 | 213.5m |
| XTL | ASX 20 | 2848.3 | 24.8 | 0.88 | 125.7m |
| XTO | ASX 100 | 4065.8 | 24.2 | 0.6 | 425.1m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 16 | 70 | 127 | 236 | 98 | 528 |
| Declines | 3 | 25 | 61 | 173 | 79 | 482 |
| Advancing Volume | 74m | 240.5m | 322.5m | 363.5m | 102m | 446.4m |
| Declining Volume | 12.3m | 122.6m | 181.9m | 230.4m | 96.2m | 326.6m |
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 Healthcare (XHJ), which added 355.2 points (4.08%) to 9055.4 points. The 8 stocks which make up the index traded a total of 8.41m units; 6 index components rose, with rising volume amounting to 4m shares, while the 2 decliners had volume traded totalling 4.41m units. The major percentage gainers within the index were
- CSL Limited (CSL), +$1.93 (5.31%) to $38.25 on volume of 1.8m shares;
- Ansell Limited (ANN), +$0.45 (4.16%) to $11.26 on volume of 503.3 thousand shares;
- Sonic Healthcare Limited (SHL), +$0.50 (3.63%) to $14.27 on volume of 844.1 thousand shares;
- Cochlear Limited (COH), +$0.73 (1.59%) to $46.73 on volume of 161.6 thousand shares; and
- Healthscope Limited (HSP), +$0.06 (1.4%) to $4.36 on volume of 442.2 thousand shares.
Second in the index leadership stakes was Property Trusts (XPJ), which gained 40.6 points (2.89%) to 1446.8 points. The 21 stocks which make up the index traded a total of 104.01m units; 21 index components rose, with rising volume amounting to 104.01m shares, while sole declining stock traded 0m units. The major percentage gainers within the index were
- Babcock&Brown Japan Property Trust (BJT), +$0.12 (15.13%) to $0.88 on volume of 2.1m shares;
- Valad Property Group (VPG), +$0.05 (8.74%) to $0.56 on volume of 3.1m shares;
- Macquarie DDR Trust (MDT), +$0.03 (8.33%) to $0.39 on volume of 12.7m shares;
- Centro Properties Group (CNP), +$0.02 (8.16%) to $0.27 on volume of 3.9m shares; and
- Macquarie Countrywide Trust (MCW), +$0.08 (7.73%) to $1.05 on volume of 6.8m shares.
The bronze medal for today goes to Financials ex Property Trusts (XXJ), which climbed 121.5 points (2.41%) to 5163.7 points. The 30 stocks which make up the index traded a total of 75.38m units; 24 index components rose, with rising volume amounting to 67.37m shares, while the 4 decliners had volume traded totalling 6.58m units. The major percentage gainers within the index were
- FKP Property Group (FKP), +$0.36 (8.78%) to $4.46 on volume of 2m shares;
- Bank Of Queensland Limited. (BOQ), +$1.00 (7.06%) to $15.17 on volume of 459.6 thousand shares;
- Bendigo and Adelaide Bank Limited (BEN), +$0.62 (5.76%) to $11.38 on volume of 1.2m shares;
- IOOF Holdings Limited (IFL), +$0.28 (4.94%) to $5.95 on volume of 154.4 thousand shares; and
- AXA Asia Pacific Holdings Limited (AXA), +$0.22 (4.55%) to $5.06 on volume of 2.8m shares.
The worst-performed index for the session was Materials (XMJ), which dipped 321.5 points (2.45%) to 12802.5 points. The 42 stocks which make up the index traded a total of 135.64m units; The 26 decliners had volume traded totalling 93.82m units, and 14 index components rose, with rising volume amounting to 35.11m shares, The major percentage decliners within the index were
- Minara Resources Limited (MRE), -$0.23 (13.98%) to $1.42 on volume of 9.4m shares;
- Coeur d'Alene Mines Corporation (CXC), -$0.26 (9.77%) to $2.40 on volume of 152.7 thousand shares;
- Newcrest Mining Limited (NCM), -$2.28 (8.64%) to $24.12 on volume of 3m shares;
- Mincor Resources NL (MCR), -$0.13 (7.31%) to $1.59 on volume of 1.5m shares; and
- Incitec Pivot Limited (IPL), -$9.74 (6.58%) to $138.25 on volume of 406.3 thousand shares.
Just missing out on the wooden spoon was Energy (XEJ), which slid 203.1 points (1.23%) to 16280.3 points. The 17 stocks which make up the index traded a total of 39.98m units; The 13 decliners had volume traded totalling 31.24m units, and 4 index components rose, with rising volume amounting to 8.74m shares, The major percentage decliners within the index were
- Felix Resources Limited (FLX), -$1.17 (6.02%) to $18.25 on volume of 828.3 thousand shares;
- Centennial Coal Company Limited (CEY), -$0.25 (5.34%) to $4.43 on volume of 2.1m shares;
- Beach Petroleum Limited (BPT), -$0.05 (4.43%) to $0.97 on volume of 5.9m shares;
- Oil Search Limited (OSH), -$0.23 (4.38%) to $5.02 on volume of 5.3m shares; and
- Paladin Energy Limited (PDN), -$0.19 (3.85%) to $4.75 on volume of 2.5m shares.
Third-to-last amongst the sector indices was Utilities (XUJ), which slid 14.5 points (0.27%) to 5430.3 points. The 10 stocks which make up the index traded a total of 16.17m units; The 5 decliners had volume traded totalling 11.31m units, and 3 index components rose, with rising volume amounting to 1.77m shares, The major percentage decliners within the index were
- Babcock & Brown Power (BBP), -$0.06 (9.38%) to $0.58 on volume of 4.2m shares;
- Babcock & Brown Infrastructure Group (BBI), -$0.04 (4.47%) to $0.86 on volume of 4.4m shares;
- Babcock & Brown Wind Partners Group (BBW), -$0.03 (1.54%) to $1.60 on volume of 1.1m shares;
- APA Group (APA), -$0.04 (1.25%) to $3.15 on volume of 545.5 thousand shares; and
- Envestra Limited (ENV), -$0.01 (0.66%) to $0.75 on volume of 1.1m shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XHJ | Healthcare | 9055.4 | 355.2 | 4.08 | 8m |
| XPJ | Property Trusts | 1446.8 | 40.6 | 2.89 | 104m |
| XXJ | Financials ex Property Trusts | 5163.7 | 121.5 | 2.41 | 75m |
| XDJ | Consumer Discretionary | 1645.6 | 31.6 | 1.96 | 43m |
| XSJ | Consumer Staples | 7417.7 | 129.5 | 1.78 | 24m |
| XNJ | Industrials | 4974.1 | 48.5 | 0.98 | 79m |
| XIJ | Information Technology | 547.6 | 3.5 | 0.64 | 2m |
| XTJ | Telecommunications | 1548 | -2 | -0.13 | 46m |
| XUJ | Utilities | 5430.3 | -14.5 | -0.27 | 16m |
| XEJ | Energy | 16280.3 | -203.1 | -1.23 | 40m |
| XMJ | Materials | 12802.5 | -321.5 | -2.45 | 136m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TLS | Telstra Corporation Limited. | 4.54 | 0.00 | 0 | 39.4m |
| LGL | Lihir Gold Limited | 2.27 | -0.14 | -5.81 | 28.6m |
| OZL | OZ Minerals Limited | 1.77 | -0.07 | -3.81 | 13.4m |
| MDT | Macquarie DDR Trust | 0.39 | 0.03 | 8.33 | 12.7m |
| WBC | Westpac Banking Corporation | 24.24 | 0.69 | 2.93 | 11.9m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BOL | Boom Logistics Limited | 0.94 | 0.13 | 15.34 | 584.5k |
| BJT | Babcock&Brown Japan Property Trust | 0.88 | 0.12 | 15.13 | 2.1m |
| COF | Coffey International Limited | 2.19 | 0.27 | 14.06 | 74.3k |
| REX | Regional Express Holdings Limited | 1.19 | 0.13 | 11.74 | 125k |
| ARR | Arasor International Limited | 0.15 | 0.02 | 11.11 | 89.9k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| RRT | Record Realty | 0.04 | -0.01 | -16 | 949k |
| MRE | Minara Resources Limited | 1.42 | -0.23 | -13.98 | 9.4m |
| BNB | Babcock & Brown Limited | 6.05 | -0.75 | -11.03 | 4.3m |
| CXC | Coeur d'Alene Mines Corporation | 2.40 | -0.26 | -9.77 | 152.7k |
| TMR | Tamaya Resources Limited | 0.04 | 0.00 | -9.52 | 2.6m |
