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Oh how sharper than a serpent's tooth to have a thankless child. Poor King George the Turd (yes, he's the third king of the US called George) - he sends his jester to entertain the market, and the market wants to play xBox.
I seem to recall some handsome brainiac who pointed out at the time, that The Cancer Fairy can't kiss it all make it better. Was that only two days ago? Have we really done the entire round-trip in two sessions?
Although I pointed out that the politically appointed dunderheads who aided and abetted this whole shebang are powerless to un-shebang it, that wants a little clarification.
The people who - deliberately and cynically - brought us to this pass are not the politicians who are about to hightail it out of office, nor the lackeys they appoint to various offices. There is a whole other layer of vermin who operate behind the scenes, and who are there no matter who is in office.
And let me remind you - this has not been a disaster for them: it might change the number of tens of millions of dollars they get when they leave their jobs, but whether it's 20 million or 30 million is not going to make a blind bit of difference to the rest of their lives.
Anyone who lends even the slightest credence to ideas of political ponerology, will not be surprised by anything that has gone on - the gutting of the middle class, the cynical exploitation of party adherence and religious faith, and the looting of the Treasury. When a system favours the rise of sociopaths, you simply ought not be shocked when you find that the sociopaths are in charge.
So do not think that Bush, Paulson, Greenspan and Bernanke feel the slightest remorse for what is going on. Do not think that Sandy Weill, Franklin Raines, Richard Syron or Dan Mudd feel the slightest pang of conscience as they cash the tens of millions of dollars that they got paid for overseeing the destruction of shareholder value. It's not like there was nobody else on the board, either. (I know, Weill was CEO of Citigroup - but the results under his stewardship were as dodgy as the results under Raines at Fannie... that page of history is not yet written, but it's there)
And do not for a minute think that the folks who ran Bear Stearns into the ground, or those who are in the process of leaving Lehman Brothers as a shell, will shutter the place thinking "Jeez, did we ever screw that up". Not a bit of it. They will leave thinking "OK. Ten, fifteen mill in the kick... where's the nearest titty-bar?".
And anybody who gets a bit of a feeling of glee thinking "Hahaha, those clowns. They opened a can of fail on they own selfs." - ask yourself... would you feel like a failure if you had pocketed a 10-figure check? After all, it's not about the stock price... it's about self enrichment, and transferring as much as possible from other people's bank account to your own.
Major Market Indices
The broad market - the All Ordinaries (XAO) - dipped reasonably hard, registering a loss of 80.5 points (1.6%), finishing at 4961.4 points. The index hit an intraday high of 5041.9 at 10:00 am, while the low for the day was 4913.8 - set at 10:20 am Sydney time.
Total volume traded on the ASX was 1.34bn units, 14.6% 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, 305 issues rose, with volume in rising issues totalling 267.8m units; decliners numbered 748 counters, and between them they traded aggregate declining volume of 941.6m shares.
Of the 491 All Ordinaries components, 108 rose while 324 fell. Volume was tilted in favour of the losers by a margin of 3.6:1, with 206.23m shares traded in gainers while 748.86m 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 74.6 points (1.5%), closing out the session at 4905.5 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 4961.40 | -80.50 (1.6%) |
| ASX 20 | 2787.50 | -37.30 (1.3%) |
| ASX 50 | 4808.10 | -68.40 (1.4%) |
| ASX 100 | 3980.60 | -58.00 (1.4%) |
| ASX 200 | 4905.50 | -74.60 (1.5%) |
| ASX 300 | 4899.00 | -75.20 (1.5%) |
| ASX Mid-Cap 50 | 4877.70 | -81.10 (1.6%) |
| ASX Small Ordinaries | 2764.20 | -62.00 (2.2%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 37.3 points (1.32%), closing out the session at 2787.5 points.
The 20 stocks which make up the index traded a total of 180.87m units; 8 index components rose, with rising volume amounting to 49.36m shares, while the 12 decliners had volume traded totalling 131.51m units. The major percentage gainers within the index were
- CSL (CSL), +$0.97 (2.46%) to $40.35 on volume of 2.8 million shares;
- Stockland (SGP), +$0.14 (2.41%) to $5.95 on volume of 5.7 million shares;
- QBE Insurance Group (QBE), +$0.55 (2.3%) to $24.50 on volume of 3.8 million shares;
- Westfield Group (WDC), +$0.28 (1.57%) to $18.12 on volume of 7.8 million shares; and
- ANZ Banking Group (ANZ), +$0.20 (1.15%) to $17.61 on volume of 11.3 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Rio Tinto (RIO), -$5.47 (5.09%) to $102.03 on volume of 3.8 million shares;
- Woodside Petroleum (WPL), -$2.54 (4.5%) to $53.93 on volume of 3.4 million shares;
- BHP Billiton (BHP), -$1.25 (3.47%) to $34.80 on volume of 25.3 million shares;
- Macquarie Group (MQG), -$1.3 (2.9%) to $43.50 on volume of 5.1 million shares; and
- Foster's Group (FGL), -$0.16 (2.81%) to $5.53 on volume of 15.6 million shares.
The ASX Small Ordinaries (XSO) had significantly worse day than its large-cap counterpart. The Small Ords was taken to the woodshed somewhat, sliding 62 points (2.19%), closing out the session at 2764.2 points.
Among the stocks that make up the Small Caps index, 40 index components finished to the upside, and of the rest, 136 closed lower for the session.
The 194 stocks which make up the index traded a total of 287.11m units: volume in the 40 gainers totalling 39.1m shares, with trade totalling 224.6m units in the index's 136 declining components. The major percentage gainers within the index were- Rivercity Motorway Group (RCY), +$0.03 (16.67%) to $0.21 on volume of 1.8 million shares;
- Gunns (GNS), +$0.08 (5.63%) to $1.50 on volume of 4.5 million shares;
- Albidon (ALB), +$0.07 (5.38%) to $1.37 on volume of 181.4 thousand shares;
- Australian Pharmaceutical Industries (API), +$0.03 (4.38%) to $0.72 on volume of 436.2 thousand shares; and
- Paperlinx (PPX), +$0.07 (3.41%) to $2.12 on volume of 1.5 million 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 (21.43%) to $0.02 on volume of 100 thousand shares;
- Rubicon Europe Trust Group (REU), -$0.01 (16%) to $0.04 on volume of 2.5 million shares;
- CBH Resources (CBH), -$0.01 (12.66%) to $0.07 on volume of 5.9 million shares;
- Lynas Corporation (LYC), -$0.11 (12.09%) to $0.80 on volume of 5.6 million shares; and
- Jabiru Metals (JML), -$0.04 (11.94%) to $0.30 on volume of 1.2 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4961.4 | -80.5 | -1.6 | 990.3m |
| XFL | ASX 50 | 4808.1 | -68.4 | -1.4 | 424.4m |
| XJO | ASX 200 | 4905.5 | -74.6 | -1.5 | 857.2m |
| XKO | ASX 300 | 4899 | -75.2 | -1.51 | 940.8m |
| XMD | ASX Mid-Cap 50 | 4877.7 | -81.1 | -1.64 | 229.2m |
| XSO | ASX Small Ordinaries | 2764.2 | -62 | -2.19 | 287.1m |
| XTL | ASX 20 | 2787.5 | -37.3 | -1.32 | 180.9m |
| XTO | ASX 100 | 3980.6 | -58 | -1.44 | 653.7m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 8 | 28 | 46 | 108 | 40 | 305 |
| Declines | 12 | 71 | 143 | 324 | 136 | 748 |
| Advancing Volume | 49.4m | 159.6m | 189.5m | 206.2m | 39.1m | 267.8m |
| Declining Volume | 131.5m | 498.8m | 656m | 748.9m | 224.6m | 941.6m |
GICS Industry Indices
Among the 11 industry indices, 3 registered an advance for the session, the remaining 8 lost ground.
The best performing index was Property Trusts (XPJ), which added 23.6 points (1.56%) to 1532.3 points. The 21 stocks which make up the index traded a total of 133.38m units; 10 index components rose, with rising volume amounting to 65.34m shares, while the 9 decliners had volume traded totalling 65.26m units. The major percentage gainers within the index were
- Macquarie Countrywide Trust (MCW), +$0.06 (5.61%) to $1.13 on volume of 3.2 million shares;
- Goodman Group (GMG), +$0.15 (4.81%) to $3.27 on volume of 10.7 million shares;
- GPT Group (GPT), +$0.09 (4.39%) to $2.02 on volume of 11 million shares;
- ING Industrial Fund (IIF), +$0.04 (2.56%) to $1.60 on volume of 2.6 million shares; and
- Stockland (SGP), +$0.14 (2.41%) to $5.95 on volume of 5.7 million shares.
Second in the index leadership stakes was Information Technology (XIJ), which gained 6.5 points (1.25%) to 524.7 points. The 2 stocks which make up the index traded a total of 2.47m units; only gainer was
- Computershare (CPU), +$0.13 (1.43%) to $9.20 on volume of 2.3 million shares.
The bronze medal for today goes to Healthcare (XHJ), which climbed 112.5 points (1.18%) to 9662.8 points. The 8 stocks which make up the index traded a total of 11.66m units; 2 index components rose, with rising volume amounting to 2.97m shares, while the 6 decliners had volume traded totalling 8.68m units. The major percentage gainers within the index were
- CSL (CSL), +$0.97 (2.46%) to $40.35 on volume of 2.8 million shares; and
- Cochlear (COH), +$0.07 (0.12%) to $57.15 on volume of 221.6 thousand shares.
The worst-performed index for the session was Materials (XMJ), which dipped 448.6 points (3.66%) to 11792.7 points. The 42 stocks which make up the index traded a total of 243.89m units; The 37 decliners had volume traded totalling 224.47m units, and 5 index components rose, with rising volume amounting to 19.42m shares, The major percentage decliners within the index were
- Lynas Corporation (LYC), -$0.11 (12.09%) to $0.80 on volume of 5.6 million shares;
- Aquarius Platinum (AQP), -$1.08 (11.74%) to $8.12 on volume of 686 thousand shares;
- Lihir Gold (LGL), -$0.21 (10.71%) to $1.75 on volume of 29.1 million shares;
- Atlas Iron (AGO), -$0.19 (8.81%) to $1.92 on volume of 2.9 million shares; and
- Minara Resources (MRE), -$0.09 (8.11%) to $1.02 on volume of 3.3 million shares.
Just missing out on the wooden spoon was Energy (XEJ), which slid 575 points (3.28%) to 16935.4 points. The 17 stocks which make up the index traded a total of 76.37m units; The 15 decliners had volume traded totalling 69.41m units, and volume in the lone rising index component was 4.26m shares, The major percentage decliners within the index were
- Australian Worldwide Exploration (AWE), -$0.24 (7.95%) to $2.78 on volume of 3.8 million shares;
- Riversdale Mining (RIV), -$0.68 (7.66%) to $8.20 on volume of 1.2 million shares;
- Paladin Energy (PDN), -$0.39 (7.66%) to $4.70 on volume of 5.2 million shares;
- Beach Petroleum (BPT), -$0.05 (5.15%) to $0.92 on volume of 7.1 million shares; and
- Woodside Petroleum (WPL), -$2.54 (4.5%) to $53.93 on volume of 3.4 million shares.
Third-to-last amongst the sector indices was Utilities (XUJ), which slid 102.3 points (2.03%) to 4943.4 points. The 10 stocks which make up the index traded a total of 28.98m units; The 7 decliners had volume traded totalling 19.91m units, and volume in the lone rising index component was 0.43m shares, The major percentage decliners within the index were
- Babcock & Brown Infrastructure Group (BBI), -$0.03 (5.75%) to $0.41 on volume of 10.8 million shares;
- APA Group (APA), -$0.12 (3.34%) to $3.47 on volume of 1.4 million shares;
- Sp Ausnet (SPN), -$0.04 (3.18%) to $1.07 on volume of 2.2 million shares;
- AGL Energy (AGK), -$0.29 (2.05%) to $13.89 on volume of 1.7 million shares; and
- Duet Group (DUE), -$0.05 (1.64%) to $3.00 on volume of 1 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XPJ | Property Trusts | 1532.3 | 23.6 | 1.56 | 133m |
| XIJ | Information Technology | 524.7 | 6.5 | 1.25 | 2m |
| XHJ | Healthcare | 9662.8 | 112.5 | 1.18 | 12m |
| XXJ | Financials ex Property Trusts | 5096.2 | -10 | -0.2 | 104m |
| XTJ | Telecommunications | 1448.6 | -19.6 | -1.33 | 67m |
| XDJ | Consumer Discretionary | 1727.9 | -24.4 | -1.39 | 45m |
| XNJ | Industrials | 4827.1 | -86.4 | -1.76 | 112m |
| XSJ | Consumer Staples | 7232.6 | -132.1 | -1.79 | 43m |
| XUJ | Utilities | 4943.4 | -102.3 | -2.03 | 29m |
| XEJ | Energy | 16935.4 | -575 | -3.28 | 76m |
| XMJ | Materials | 11792.7 | -448.6 | -3.66 | 244m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| OZL | OZ Minerals Limited | 1.35 | -0.07 | -4.93 | 58.6m |
| TLS | Telstra Corporation Limited. | 4.23 | -0.06 | -1.4 | 45.1m |
| LGL | Lihir Gold Limited | 1.75 | -0.21 | -10.71 | 29.1m |
| BHP | BHP Billiton Limited | 34.80 | -1.25 | -3.47 | 25.3m |
| ORG | Origin Energy Limited | 16.71 | -0.69 | -3.97 | 23.7m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| RCY | Rivercity Motorway Group | 0.21 | 0.03 | 16.67 | 1.8m |
| BVA | Bravura Solutions Limited | 0.75 | 0.06 | 8.7 | 84.8k |
| HWI | Housewares International Limited | 1.39 | 0.11 | 8.59 | 45.8k |
| AXQ | Allco Max Securities And Mortgage Trust | 0.07 | 0.01 | 7.25 | 121.7k |
| APD | APN Property Group Limited | 0.56 | 0.03 | 5.71 | 58.5k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| RRT | Record Realty | 0.02 | -0.01 | -21.43 | 100k |
| REU | Rubicon Europe Trust Group | 0.04 | -0.01 | -16 | 2.5m |
| CBH | CBH Resources Limited | 0.07 | -0.01 | -12.66 | 5.9m |
| LYC | Lynas Corporation Limited | 0.80 | -0.11 | -12.09 | 5.6m |
| JML | Jabiru Metals Limited | 0.30 | -0.04 | -11.94 | 1.2m |
