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Stupid American spell-checker had me going there for a second. "Marvellous" with only 1 'l', it said - and I was sleepy enough to believe it. Americans can't spell to save themselves - and the stupid US 'English' default on spell-checkers is a linguistic travesty.
Apart from the recent bounce in precious metals and energy prices (which are good for Energy and Resources companies, obviously), there seems precious little rationale for a 1% across the board boost to stock prices. That said, Resources are still struggling to come back from deeply oversold levels.
I find that curious (not that they're coming back, but that they were as weak as they had been). After all, Straya has a marvellous natural stabiliser - its genuinely floating exchange rate. IF resource demand weakens, a very good proportion of that weakness will flow to a weaker $A, which in turn (for a given absolute quantity f stuff dug up and shipped out) will improve earnings.
And for crowds like BHP Billiton, who decided to be Poms, the abysmally weak pound is likely to makes their reported earnings look much better than you would expect.
You see, as with so many ASX-listed stocks, BHP Billiton reports in the currency of its choice, the format of its choice, and the ASX is too timid to require a company listed on its exchange to furnish reports in a form and currency which makes it comparable with its peers. I guess they just can't shake the broker's natural thirst for turnover... after all, clipping the ticket is their job, and the more tickets they clip, the easier it is to get a big mortgage for a waterfront apartment.
But I digress... as I mentioned, there is little except technical recovery (buoyed by continued optimism) coupled with a Resources-centric bounce. The absence of investment merit - particularly in big-cap financials - is particularly worrisome.
Major Market Indices
The broad market - the All Ordinaries (XAO) - rose pretty strongly, registering a gain of 60.5 points (1.23%), finishing at 4990.9 points. The index hit an intraday high of 4997.5 at 1:38 pm, while the low for the day was 4930.4 - set at the open.
Total volume traded on the ASX was 1.08bn units, a little under 4% above its 10-day average. The The ASX's daily listing of all stocks included 1249 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 467 issues rose, with volume in rising issues totalling 527m units; decliners numbered 483 counters, and between them they traded aggregate declining volume of 453.9m shares.
Of the 494 All Ordinaries components, 205 rose while 198 fell. Volume was tilted in favour of the gainers by a margin of 1.2:1, with 437.22m shares traded in gainers while 377.42m 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) - managed a solid gain, adding 56.7 points (1.17%), closing out the session at 4923.1 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 4990.90 | 60.50 (1.2%) |
| ASX 20 | 2797.30 | 35.40 (1.3%) |
| ASX 50 | 4835.60 | 56.90 (1.2%) |
| ASX 100 | 3993.00 | 46.80 (1.2%) |
| ASX 200 | 4923.10 | 56.70 (1.2%) |
| ASX 300 | 4915.70 | 55.60 (1.1%) |
| ASX Mid-Cap 50 | 4814.70 | 55.50 (1.2%) |
| ASX Small Ordinaries | 2781.60 | 20.80 (0.8%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - performed solidly, in moving up 35.4 points (1.28%), closing out the session at 2797.3 points. 13 ASX20 components finished to the upside, while 7 closed lower for the session. The stocks which make up the index traded a total of 140.53m units; rising volume amounting to 82.54m shares, while the 7 decliners had volume traded totalling 57.99m units. The major percentage gainers within the index were
- Rio Tinto (RIO), +$5.24 (4.71%) to $116.57 on volume of 1.5 million shares;
- BHP Billiton (BHP), +$1.66 (4.49%) to $38.66 on volume of 11.3 million shares;
- AMP (AMP), +$0.16 (2.5%) to $6.56 on volume of 5.1 million shares;
- Westfield Group (WDC), +$0.36 (2.29%) to $16.05 on volume of 6.5 million shares; and
- Suncorp-Metway (SUN), +$0.28 (2.2%) to $13.03 on volume of 6 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Brambles (BXB), -$1.08 (12.68%) to $7.44 on volume of 15.2 million shares;
- Stockland (SGP), -$0.13 (2.73%) to $4.64 on volume of 9.1 million shares;
- St George Bank (SGB), -$0.5 (1.72%) to $28.62 on volume of 2.7 million shares;
- Foster's Group (FGL), -$0.07 (1.3%) to $5.31 on volume of 8.9 million shares; and
- ANZ Banking Group (ANZ), -$0.12 (0.74%) to $16.03 on volume of 11.2 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. The Small Ords advanced by under a percent, adding 20.8 points (0.75%), closing out the session at 2781.6 points.
Among the stocks that make up the Small Caps index, 85 index components finished to the upside, and of the rest, 88 closed lower for the session.
The 195 stocks which make up the index traded a total of 255.96m units: volume in the 85 gainers totalling 97.42m shares, with trade totalling 136.38m units in the index's 88 declining components. The major percentage gainers within the index were- Beach Petroleum (BPT), +$0.13 (13.02%) to $1.09 on volume of 13.5 million shares;
- PanAust Ltd (PNA), +$0.09 (12.78%) to $0.75 on volume of 11.1 million shares;
- Ausenco (AAX), +$1.44 (12.29%) to $13.16 on volume of 444 thousand shares;
- Mincor Resources NL (MCR), +$0.16 (10.09%) to $1.75 on volume of 1.5 million shares; and
- The Reject Shop (TRS), +$0.81 (8.18%) to $10.71 on volume of 30.6 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Compass Resources (CMR), -$0.21 (22.16%) to $0.72 on volume of 3.6 million shares;
- Babcock & Brown Wind Partners Group (BBW), -$0.13 (9.32%) to $1.26 on volume of 8 million shares;
- Record Realty (RRT), -$0 (9.09%) to $0.04 on volume of 142.9 thousand shares;
- Babcock & Brown Power (BBP), -$0.02 (8.33%) to $0.17 on volume of 29.2 million shares; and
- Jabiru Metals (JML), -$0.03 (8.06%) to $0.28 on volume of 1.2 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4990.9 | 60.5 | 1.23 | 865.1m |
| XFL | ASX 50 | 4835.6 | 56.9 | 1.19 | 335.9m |
| XJO | ASX 200 | 4923.1 | 56.7 | 1.17 | 745.7m |
| XKO | ASX 300 | 4915.7 | 55.6 | 1.14 | 820.3m |
| XMD | ASX Mid-Cap 50 | 4814.7 | 55.5 | 1.17 | 228.4m |
| XSO | ASX Small Ordinaries | 2781.6 | 20.8 | 0.75 | 256m |
| XTL | ASX 20 | 2797.3 | 35.4 | 1.28 | 140.5m |
| XTO | ASX 100 | 3993 | 46.8 | 1.19 | 564.3m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 13 | 56 | 99 | 205 | 85 | 467 |
| Declines | 7 | 40 | 87 | 198 | 88 | 483 |
| Advancing Volume | 82.5m | 322.3m | 397.5m | 437.2m | 97.4m | 527m |
| Declining Volume | 58m | 228.5m | 318.5m | 377.4m | 136.4m | 453.9m |
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 Materials (XMJ), which added 462.4 points (3.64%) to 13168 points. The 42 stocks which make up the index traded a total of 176.58m units; 26 index components rose, with rising volume amounting to 144.39m shares, while the 12 decliners had volume traded totalling 25.83m units. The major percentage gainers within the index were
- PanAust Ltd (PNA), +$0.09 (12.78%) to $0.75 on volume of 11.1 million shares;
- Mincor Resources NL (MCR), +$0.16 (10.09%) to $1.75 on volume of 1.5 million shares;
- Equinox Minerals (EQN), +$0.27 (7.76%) to $3.75 on volume of 2.1 million shares;
- Macarthur Coal (MCC), +$0.99 (7.55%) to $14.11 on volume of 1.3 million shares; and
- Panoramic Resources (PAN), +$0.15 (7.54%) to $2.14 on volume of 1.8 million shares.
Second in the index leadership stakes was Telecommunications (XTJ), which gained 25.4 points (1.7%) to 1516.7 points. The 3 stocks which make up the index traded a total of 33.25m units; 2 index components rose, with rising volume amounting to 32.14m shares, while sole declining stock traded 0m units. The major percentage gainers within the index were
- Telecom Corporation Of New Zealand (TEL), +$0.08 (3.07%) to $2.69 on volume of 2.9 million shares; and
- Telstra Corporation (TLS), +$0.07 (1.61%) to $4.43 on volume of 29.3 million shares.
The bronze medal for today goes to Energy (XEJ), which climbed 274.4 points (1.65%) to 16953 points. The 17 stocks which make up the index traded a total of 48.53m units; 11 index components rose, with rising volume amounting to 41.38m shares, while the 5 decliners had volume traded totalling 7.14m units. The major percentage gainers within the index were
- Beach Petroleum (BPT), +$0.13 (13.02%) to $1.09 on volume of 13.5 million shares;
- Oil Search (OSH), +$0.41 (8.22%) to $5.40 on volume of 8.5 million shares;
- Centennial Coal Company (CEY), +$0.33 (7.02%) to $5.03 on volume of 5.1 million shares;
- Nexus Energy (NXS), +$0.08 (6.48%) to $1.32 on volume of 3.4 million shares; and
- Worleyparsons (WOR), +$1.38 (4.12%) to $34.88 on volume of 499.7 thousand shares.
The worst-performed index for the session was Industrials (XNJ), which dipped 45.3 points (0.94%) to 4760.7 points. The 32 stocks which make up the index traded a total of 112.99m units; The 13 decliners had volume traded totalling 53.26m units, and 17 index components rose, with rising volume amounting to 58.52m shares, The major percentage decliners within the index were
- Virgin Blue Holdings (VBA), -$0.25 (29.76%) to $0.59 on volume of 10.1 million shares;
- Brambles (BXB), -$1.08 (12.68%) to $7.44 on volume of 15.2 million shares;
- GWA International (GWT), -$0.11 (3.78%) to $2.80 on volume of 726.5 thousand shares;
- Transpacific Industries (TPI), -$0.25 (3.45%) to $7.00 on volume of 762.2 thousand shares; and
- Hills Industries (HIL), -$0.12 (2.89%) to $4.03 on volume of 143.2 thousand shares.
Just missing out on the wooden spoon was Consumer Discretionary (XDJ), which slid 8.1 points (0.5%) to 1621.5 points. The 25 stocks which make up the index traded a total of 50.17m units; The 14 decliners had volume traded totalling 29.87m units, and 10 index components rose, with rising volume amounting to 18.78m shares, The major percentage decliners within the index were
- Aristocrat Leisure (ALL), -$0.31 (5.54%) to $5.29 on volume of 3.6 million shares;
- Consolidated Media Holdings (CMJ), -$0.16 (4.89%) to $3.11 on volume of 4.1 million shares;
- ABC Learning Centres (ABS), -$0.03 (4.62%) to $0.62 on volume of 4.1 million shares;
- APN News & Media (APN), -$0.1 (3.1%) to $3.13 on volume of 939.3 thousand shares; and
- Pacific Brands (PBG), -$0.05 (2.42%) to $2.02 on volume of 3.1 million shares.
Third-to-last amongst the sector indices was Utilities (XUJ), which slid 2.4 points (0.05%) to 5029.9 points - dragged down yet again by Babcock & Brown's stable of dying nags. The 10 stocks which make up the index traded a total of 80.04m units; The 5 decliners had volume traded totalling 69.54m units, and 3 index components rose, with rising volume amounting to 3m shares, The major percentage decliners within the index were
- Babcock & Brown Infrastructure Group (BBI), -$0.05 (10%) to $0.45 on volume of 31.4 million shares;
- Babcock & Brown Wind Partners Group (BBW), -$0.13 (9.32%) to $1.26 on volume of 8 million shares;
- Babcock & Brown Power (BBP), -$0.02 (8.33%) to $0.17 on volume of 29.2 million shares;
- Envestra (ENV), -$0.03 (3.42%) to $0.71 on volume of 302.6 thousand shares; and
- Duet Group (DUE), -$0.02 (0.68%) to $2.91 on volume of 626.3 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XMJ | Materials | 13168 | 462.4 | 3.64 | 177m |
| XTJ | Telecommunications | 1516.7 | 25.4 | 1.7 | 33m |
| XEJ | Energy | 16953 | 274.4 | 1.65 | 49m |
| XIJ | Information Technology | 520 | 7.2 | 1.4 | 3m |
| XHJ | Healthcare | 8904.9 | 33.2 | 0.37 | 7m |
| XSJ | Consumer Staples | 7409.3 | 17 | 0.23 | 32m |
| XXJ | Financials ex Property Trusts | 4865.3 | 8.6 | 0.18 | 72m |
| XPJ | Property Trusts | 1345.7 | -0.3 | -0.02 | 130m |
| XUJ | Utilities | 5029.9 | -2.4 | -0.05 | 80m |
| XDJ | Consumer Discretionary | 1621.5 | -8.1 | -0.5 | 50m |
| XNJ | Industrials | 4760.7 | -45.3 | -0.94 | 113m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| LGL | Lihir Gold | 2.21 | 0.01 | 0.45 | 34.9m |
| BBI | Babcock & Brown Infrastructure Group | 0.45 | -0.05 | -10 | 31.4m |
| TLS | Telstra Corporation | 4.43 | 0.07 | 1.61 | 29.3m |
| BBP | Babcock & Brown Power | 0.17 | -0.02 | -8.33 | 29.2m |
| OZL | OZ Minerals | 1.84 | 0.11 | 6.36 | 28.8m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TMR | Tamaya Resources | 0.04 | 0.01 | 20.69 | 5.1m |
| ESG | Eastern Star Gas | 0.51 | 0.06 | 13.33 | 2.8m |
| BPT | Beach Petroleum | 1.09 | 0.13 | 13.02 | 13.5m |
| PNA | PanAust Ltd | 0.75 | 0.09 | 12.78 | 11.1m |
| MMS | McMillan Shakespeare | 2.59 | 0.29 | 12.61 | 125.6k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| VBA | Virgin Blue Holdings | 0.59 | -0.25 | -29.76 | 10.1m |
| CMR | Compass Resources | 0.72 | -0.21 | -22.16 | 3.6m |
| AVJ | Avjennings | 0.63 | -0.10 | -13.1 | 8k |
| BXB | Brambles | 7.44 | -1.08 | -12.68 | 15.2m |
| BBI | Babcock & Brown Infrastructure Group | 0.45 | -0.05 | -10 | 31.4m |
