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If I had to guess, I would say that there are a bunch of people who will buy any dip, on the basis that the world's markets will explode upwards moment the Yanks declare the final death knell of their crony-riddled version of capitalism, and declare that asset prices are to be determined by some government- appointed hack. I don't give a rat's if they call Mr Hankie "Treasury Secretary" or "Bootblack" - he is a political lackey, and no less a camp follower than the syphilitic whores who traipsed along behind mediaeval armies.
Do not be mistaken - the frauds, blackguards and mountebanks that infest the halls of politics are not going to say no to this bill. Government never does anything that works to the detriment of high finance. High finance take them to lunch, pays for their man-whores (and boy-whores), and talks to them as if they (the politicians) are something other than despicable parasites.
And let's not forget all that sweet sweet moolah: the 'campaign contributions' which under any reasonable interpretation are bribes. If anybody believes otherwise they are naive - and an idiot. Billions of dollars are expended every year by major corporations, but the bankster mafia are at the top of the donor list.
If the Yanks saw what goes on in their country happening in a country with oil under it, they would claim that the political corruption was evidence of a need for regime change.
Now just let's be clear though: when the high priced whores in the US Congress finally drop to their knees to give a trillion dollar blowjob to Wall Street, stock markets will explode upwards. But like any orgasm, the good feeling won't last - and it will be a generational shorting opportunity for US bonds and the US dollar.
Major Market Indices
The broad market - the All Ordinaries (XAO) - declined gently, dropping 47.4 points (0.95%), finishing at 4960.8 points. The index hit an intraday high of 5010.1 at 12:22 pm, while the low for the day was 4957.1 - set at 3:52 pm Sydney time. As you can see from the little chartlet below, after an opening lurch downwards the market rallied all the way back to unchanged (and a couple of points beyond) - the slope of hope - before resuming its path to its long-run attractor.
Total volume traded on the ASX was 1.2bn units, 20.5% below its 10-day average (that average is still being skewed by the two massive days last week). The ASX's daily listing of all stocks included 1228 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 458 issues rose, with volume in rising issues totalling 572.1m units; decliners numbered 499 counters, and between them they traded aggregate declining volume of 541.8m shares.
Of the 496 All Ordinaries components, 204 rose while 216 fell. Volume was tilted in favour of the gainers by a margin of 1.2:1, with 469.04m shares traded in gainers while 393.78m 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 54.5 points (1.09%), closing out the session at 4927.4 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 4960.80 | -47.40 (0.9%) |
| ASX 20 | 2820.20 | -50.00 (1.7%) |
| ASX 50 | 4857.00 | -63.30 (1.3%) |
| ASX 100 | 4014.40 | -48.00 (1.2%) |
| ASX 200 | 4927.40 | -54.50 (1.1%) |
| ASX 300 | 4916.00 | -53.50 (1.1%) |
| ASX Mid-Cap 50 | 4864.60 | -22.70 (0.5%) |
| ASX Small Ordinaries | 2647.20 | -1.70 (0.1%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 50 points (1.74%), closing out the session at 2820.2 points.
The 21 stocks which make up the index traded a total of 137.3m units; 5 index components rose, with rising volume amounting to 25.95m shares, while the 16 decliners had volume traded totalling 111.34m units. The major percentage gainers within the index were
- Suncorp-Metway (SUN), +$0.45 (4.5%) to $10.46 on volume of 7.5 million shares;
- Newcrest Mining (NCM), +$0.76 (2.85%) to $27.46 on volume of 1.5 million shares;
- Foster's Group (FGL), +$0.11 (2.1%) to $5.35 on volume of 10.5 million shares;
- Woolworths (WOW), +$0.30 (1.09%) to $27.90 on volume of 2.1 million shares; and
- QBE Insurance Group (QBE), +$0.21 (0.77%) to $27.45 on volume of 4.4 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- BHP Billiton (BHP), -$1.47 (3.88%) to $36.40 on volume of 24.4 million shares;
- AMP (AMP), -$0.27 (3.78%) to $6.88 on volume of 4.8 million shares;
- Brambles (BXB), -$0.3 (3.58%) to $8.07 on volume of 6.7 million shares;
- Rio Tinto (RIO), -$3.64 (3.45%) to $101.86 on volume of 2.5 million shares; and
- Wesfarmers (WES), -$0.88 (2.9%) to $29.47 on volume of 1.8 million shares.
At the other end of the market-cap spectrum lie the denizens of the ASX Small Ordinaries (XSO) - the place where non-mania excess returns lie. The small end of the market , while still dropping overall, did significantly better than its large-cap counterpart. The Small Ords slid modestly, falling 1.7 points (0.06%), closing out the session at 2647.2 points.
Among the stocks that make up the Small Caps index, 97 index components finished to the upside, and of the rest, 96 closed lower for the session.
The 208 stocks which make up the index traded a total of 375.23m units: volume in the 97 gainers totalling 203.57m shares, with trade totalling 156.01m units in the index's 96 declining components. The major percentage gainers within the index were- Allco Finance Group (AFG), +$0.10 (70.37%) to $0.23 on volume of 18.4 million shares;
- Minara Resources (MRE), +$0.45 (32.6%) to $1.81 on volume of 7.7 million shares;
- Babcock & Brown Power (BBP), +$0.04 (28%) to $0.16 on volume of 21.7 million shares;
- Apex Minerals NL (AXM), +$0.07 (18.57%) to $0.42 on volume of 2.8 million shares; and
- United Minerals Corporation NL (UMC), +$0.23 (18.55%) to $1.47 on volume of 379.3 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Admiralty Resources NL (ADY), -$0.02 (19.59%) to $0.08 on volume of 47.2 million shares;
- Timbercorp (TIM), -$0.1 (12.82%) to $0.68 on volume of 1.1 million shares;
- Rubicon Japan Trust (RJT), -$0 (11.43%) to $0.03 on volume of 1.7 million shares;
- Paperlinx (PPX), -$0.25 (10.99%) to $1.99 on volume of 3.1 million shares; and
- Great Southern (GTP), -$0.05 (10.59%) to $0.38 on volume of 1.5 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4960.8 | -47.4 | -0.95 | 904.2m |
| XFL | ASX 50 | 4857 | -63.3 | -1.29 | 267.8m |
| XJO | ASX 200 | 4927.4 | -54.5 | -1.09 | 684.5m |
| XKO | ASX 300 | 4916 | -53.5 | -1.08 | 853.3m |
| XMD | ASX Mid-Cap 50 | 4864.6 | -22.7 | -0.46 | 218.8m |
| XSO | ASX Small Ordinaries | 2647.2 | -1.7 | -0.06 | 366.7m |
| XTL | ASX 20 | 2820.2 | -50 | -1.74 | 134.6m |
| XTO | ASX 100 | 4014.4 | -48 | -1.18 | 486.5m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 5 | 45 | 103 | 204 | 97 | 458 |
| Declines | 16 | 51 | 94 | 216 | 96 | 499 |
| Advancing Volume | 26m | 254.6m | 432.9m | 469m | 203.6m | 572.1m |
| Declining Volume | 111.3m | 223m | 288.3m | 393.8m | 156m | 541.8m |
GICS Industry Indices
Among the 11 industry indices, 4 registered an advance for the session, the remaining 7 lost ground.
The best performing index was Information Technology (XIJ), which added 9.6 points (1.88%) to 521.1 points. The 2 stocks which make up the index traded a total of 1.23m units; today, both held on to gains -
- Iress Market Technology (IRE), +$0.35 (6.11%) to $6.08 on volume of 217.9 thousand shares; and
- Computershare (CPU), +$0.12 (1.33%) to $9.17 on volume of 1 million shares.
Second in the index leadership stakes was Utilities (XUJ), which gained 78.1 points (1.67%) to 4756.1 points. The 10 stocks which make up the index traded a total of 55.7m units; 7 index components rose, with rising volume amounting to 48.06m shares, while the 2 decliners had volume traded totalling 4.51m units. The major percentage gainers within the index were
- Babcock & Brown Power (BBP), +$0.04 (28%) to $0.16 on volume of 21.7 million shares;
- Babcock & Brown Infrastructure Group (BBI), +$0.03 (7.58%) to $0.36 on volume of 18.2 million shares;
- Babcock & Brown Wind Partners Group (BBW), +$0.05 (4.35%) to $1.20 on volume of 2 million shares;
- AGL Energy (AGK), +$0.31 (2.32%) to $13.66 on volume of 754 thousand shares; and
- APA Group (APA), +$0.05 (1.6%) to $3.18 on volume of 536.8 thousand shares.
The bronze medal for today goes to Energy (XEJ), which climbed 71 points (0.41%) to 17507.8 points. The 19 stocks which make up the index traded a total of 37.63m units; 9 index components rose, with rising volume amounting to 17.7m shares, while the 10 decliners had volume traded totalling 19.93m units. The major percentage gainers within the index were
- Linc Energy Ltd (LNC), +$0.36 (7.36%) to $5.25 on volume of 1.8 million shares;
- Caltex Australia (CTX), +$0.85 (7.14%) to $12.75 on volume of 817.4 thousand shares;
- Felix Resources (FLX), +$0.86 (5.05%) to $17.90 on volume of 1.7 million shares;
- Roc Oil Company (ROC), +$0.06 (4.95%) to $1.17 on volume of 2.7 million shares; and
- Worleyparsons (WOR), +$1.27 (3.86%) to $34.21 on volume of 306.5 thousand shares.
The worst-performed index for the session was Telecommunications (XTJ), which dipped 38.9 points (2.66%) to 1424.5 points. The 3 stocks which make up the index traded a total of 33.34m units; The 3 decliners had volume traded totalling 33.34m units, and volume in the lone rising index component was 0m shares, The major percentage decliners within the index were
- Singapore Telecommunications (SGT), -$0.11 (3.86%) to $2.74 on volume of 1.3 million shares;
- Telecom Corporation Of New Zealand (TEL), -$0.08 (3.39%) to $2.28 on volume of 5.6 million shares; and
- Telstra Corporation (TLS), -$0.11 (2.55%) to $4.20 on volume of 26.5 million shares.
Just missing out on the wooden spoon was Materials (XMJ), which slid 286.7 points (2.26%) to 12406.5 points. The 45 stocks which make up the index traded a total of 146.49m units; The 21 decliners had volume traded totalling 63.06m units, and 21 index components rose, with rising volume amounting to 79.55m shares, The major percentage decliners within the index were
- Paperlinx (PPX), -$0.25 (10.99%) to $1.99 on volume of 3.1 million shares;
- Great Southern (GTP), -$0.05 (10.59%) to $0.38 on volume of 1.5 million shares;
- Coeur d'Alene Mines Corporation (CXC), -$0.21 (9.37%) to $2.03 on volume of 370.6 thousand shares;
- Sims Group (SGM), -$1.47 (4.56%) to $30.79 on volume of 425.3 thousand shares; and
- St Barbara (SBM), -$0.02 (4%) to $0.36 on volume of 6.5 million shares.
Third-to-last amongst the sector indices was Financials ex Property Trusts (XXJ), which slid 63.7 points (1.23%) to 5101.3 points. The 29 stocks which make up the index traded a total of 125.91m units; The 16 decliners had volume traded totalling 51.58m units, and 12 index components rose, with rising volume amounting to 71.35m shares, The major percentage decliners within the index were
- AXA Asia Pacific Holdings (AXA), -$0.33 (5.88%) to $5.28 on volume of 2.2 million shares;
- AMP (AMP), -$0.27 (3.78%) to $6.88 on volume of 4.8 million shares;
- FKP Property Group (FKP), -$0.18 (3.61%) to $4.80 on volume of 596.3 thousand shares;
- Insurance Australia Group (IAG), -$0.13 (3.1%) to $4.06 on volume of 3.4 million shares; and
- Bendigo and Adelaide Bank (BEN), -$0.38 (2.94%) to $12.55 on volume of 356.3 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XIJ | Information Technology | 521.1 | 9.6 | 1.88 | 1m |
| XUJ | Utilities | 4756.1 | 78.1 | 1.67 | 56m |
| XEJ | Energy | 17507.8 | 71 | 0.41 | 38m |
| XDJ | Consumer Discretionary | 1668.9 | 4.8 | 0.29 | 56m |
| XPJ | Property Trusts | 1488.5 | -3.8 | -0.25 | 150m |
| XNJ | Industrials | 4617.2 | -12.2 | -0.26 | 96m |
| XHJ | Healthcare | 9168.7 | -30.3 | -0.33 | 11m |
| XSJ | Consumer Staples | 7156.8 | -42.6 | -0.59 | 35m |
| XXJ | Financials ex Property Trusts | 5101.3 | -63.7 | -1.23 | 126m |
| XMJ | Materials | 12406.5 | -286.7 | -2.26 | 146m |
| XTJ | Telecommunications | 1424.5 | -38.9 | -2.66 | 33m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| ADY | Admiralty Resources NL | 0.08 | -0.02 | -19.59 | 47.2m |
| CNP | Centro Properties Group | 0.08 | 0.00 | 5.06 | 35.2m |
| BNB | Babcock & Brown Limited | 2.37 | 0.67 | 39.41 | 33.4m |
| TLS | Telstra Corporation Limited. | 4.20 | -0.11 | -2.55 | 26.5m |
| CER | Centro Retail | 0.14 | 0.02 | 16.67 | 25.4m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| AFG | Allco Finance Group Limited | 0.23 | 0.10 | 70.37 | 18.4m |
| BNB | Babcock & Brown Limited | 2.37 | 0.67 | 39.41 | 33.4m |
| ARR | Arasor International Limited | 0.11 | 0.03 | 35.8 | 640.5k |
| MRE | Minara Resources Limited | 1.81 | 0.45 | 32.6 | 7.7m |
| CEG | CEC Group Limited | 0.19 | 0.05 | 32.14 | 150.1k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| ADY | Admiralty Resources NL | 0.08 | -0.02 | -19.59 | 47.2m |
| TIM | Timbercorp Limited | 0.68 | -0.10 | -12.82 | 1.1m |
| RJT | Rubicon Japan Trust | 0.03 | 0.00 | -11.43 | 1.7m |
| PPX | Paperlinx Limited | 1.99 | -0.25 | -10.99 | 3.1m |
| GTP | Great Southern Limited | 0.38 | -0.05 | -10.59 | 1.5m |
