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The last time the All Ordinaries closed below 3775 points was exactly 4 years ago - October 27th, 2004. On that date it closed at 3753 and the low for the day was 3718. So we've had a round trip to remember - and one which will serve as a cautionary lesson for all those who place their faith in the shills who tout stocks for a living.
I'm feeling a little lazy today - so let's go straight to the market numbers.
I promise a much more effusive set of prefatory comments tomorrow. For now let's just settle with the following piece of wisdom...
White supremacist organisations can be useful if you want someone's head kicked in at low cost. Plus there is the additional benefit of helping improve marriage statistics - by ensuring that at least one couple will spend the rest of their lives together.
Major Market Indices
The broad market - the All Ordinaries (XAO) - dipped reasonably hard, registering a loss of 63.3 points (1.65%), finishing at 3768.3 points. The index hit an intraday high of 3810 at 12:12 pm, while the low for the day was 3725.6 - set at 11:09 am Sydney time.
Notice that? In one hour and three minutes, the All ords bounced 85 points. If anyone tells you that sentiment is bearish, slap them - you don't get 85 point moves in 63 minutes when sentiment is bearish - everyone is still trying to be the guy who picked the bottom.
There will come a day when everyone just chucks in the towel, and markets don't bounce off morning lows. It will be a time when anybody who makes a declaration in favour of a long side entry will be a voice in the wilderness. We'll be among those making the call, and everyone will think we've lost our minds.
Picking bottoms is fun - although you really ought only ever try to pick your own bottom. And make sure you clean under your fingernails before preparing any food thereafter.
But I digress...
Total volume traded on the ASX was 1.18bn units, 5% below its 10-day average. The ASX's daily listing of all stocks included 1212 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 211 issues rose, with volume in rising issues totalling 223.5m units; decliners numbered 796 counters, and between them they traded aggregate declining volume of 835.1m shares.
Of the 494 All Ordinaries components, 72 rose while 362 fell. Volume was tilted in favour of the losers by a margin of 3.6:1, with 183.56m shares traded in gainers while 658.68m 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 60.2 points (1.56%), closing out the session at 3809.2 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3768.30 | -63.30 (1.7%) |
| ASX 20 | 2301.10 | -24.10 (1.0%) |
| ASX 50 | 3839.90 | -54.20 (1.4%) |
| ASX 100 | 3137.60 | -45.00 (1.4%) |
| ASX 200 | 3809.20 | -60.20 (1.6%) |
| ASX 300 | 3785.90 | -61.80 (1.6%) |
| ASX Mid-Cap 50 | 3507.50 | -56.00 (1.6%) |
| ASX Small Ordinaries | 1750.50 | -67.90 (3.7%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 24.1 points (1.04%), closing out the session at 2301.1 points.
The 21 stocks which make up the index traded a total of 137.07m units; 7 index components rose, with rising volume amounting to 57.48m shares, while the 13 decliners had volume traded totalling 74.31m units. The major percentage gainers within the index were
- Westfield Group (WDC), +$0.90 (6.75%) to $14.24 on volume of 12.4 million shares;
- Stockland (SGP), +$0.15 (3.64%) to $4.27 on volume of 9.7 million shares;
- Newcrest Mining (NCM), +$0.45 (2.58%) to $17.90 on volume of 7 million shares;
- BHP Billiton (BHP), +$0.22 (0.9%) to $24.60 on volume of 15.6 million shares; and
- CSL (CSL), +$0.31 (0.89%) to $35.20 on volume of 1.8 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Macquarie Group (MQG), -$1.75 (6.09%) to $27.00 on volume of 1.7 million shares;
- Woodside Petroleum (WPL), -$2.31 (5.89%) to $36.90 on volume of 1.9 million shares;
- Suncorp-Metway (SUN), -$0.43 (5.13%) to $7.95 on volume of 2.3 million shares;
- AMP (AMP), -$0.21 (3.69%) to $5.48 on volume of 4.6 million shares; and
- Westpac Banking Corporation (WBC), -$0.67 (3.24%) to $19.99 on volume of 7.9 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 had significantly worse day than its large-cap counterpart and was taken to the woodshed somewhat, sliding 67.9 points (3.73%), closing out the session at 1750.5 points.
Among the stocks that make up the Small Caps index, 26 index components finished to the upside, and of the rest, 169 closed lower for the session.
The 208 stocks which make up the index traded a total of 263.62m units: volume in the 26 gainers totalling 22.58m shares, with trade totalling 232.3m units in the index's 169 declining components. The major percentage gainers within the index were- Babcock&Brown Japan Property Trust (BJT), +$0.09 (23.08%) to $0.48 on volume of 4.5 million shares;
- HFA Holdings (HFA), +$0.04 (13.11%) to $0.35 on volume of 673.6 thousand shares;
- Sino Gold Mining (SGX), +$0.30 (12.66%) to $2.67 on volume of 976.9 thousand shares;
- Strike Resources Ltd (SRK), +$0.05 (12.16%) to $0.42 on volume of 393.2 thousand shares; and
- St Barbara (SBM), +$0.02 (9.3%) to $0.24 on volume of 2.2 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Kagara Zinc (KZL), -$0.19 (25.68%) to $0.55 on volume of 2.9 million shares;
- Rubicon Japan Trust (RJT), -$0 (23.08%) to $0.01 on volume of 3.1 million shares;
- Oakton (OKN), -$0.52 (22.81%) to $1.76 on volume of 313.5 thousand shares;
- Admiralty Resources NL (ADY), -$0.01 (22.58%) to $0.02 on volume of 12 million shares; and
- Nido Petroleum (NDO), -$0.03 (21.43%) to $0.11 on volume of 8.9 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3768.3 | -63.3 | -1.65 | 914.8m |
| XFL | ASX 50 | 3839.9 | -54.2 | -1.39 | 396.5m |
| XJO | ASX 200 | 3809.2 | -60.2 | -1.56 | 780.7m |
| XKO | ASX 300 | 3785.9 | -61.8 | -1.61 | 864.9m |
| XMD | ASX Mid-Cap 50 | 3507.5 | -56 | -1.57 | 220.6m |
| XSO | ASX Small Ordinaries | 1750.5 | -67.9 | -3.73 | 247.8m |
| XTL | ASX 20 | 2301.1 | -24.1 | -1.04 | 127.4m |
| XTO | ASX 100 | 3137.6 | -45 | -1.41 | 617.1m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 7 | 21 | 36 | 72 | 26 | 211 |
| Declines | 13 | 73 | 158 | 362 | 169 | 796 |
| Advancing Volume | 57.5m | 157m | 176.5m | 183.6m | 22.6m | 223.5m |
| Declining Volume | 74.3m | 405.4m | 554.5m | 658.7m | 232.3m | 835.1m |
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 Information Technology (XIJ), which added 16.5 points (3.5%) to 488.3 points. The 2 stocks which make up the index traded a total of 3.28m units; The lone rising index component had volume amounting to 3.05m shares, while sole declining stock traded 0.23m units. The gainer in the index was
- Computershare (CPU), +$0.34 (4%) to $8.84 on volume of 3.1 million shares.
Second in the index leadership stakes was Property Trusts (XPJ), which gained 17.6 points (1.8%) to 994.1 points. The 21 stocks which make up the index traded a total of 274.73m units; 8 index components rose, with rising volume amounting to 87.4m shares, while the 12 decliners had volume traded totalling 169.02m units. The major percentage gainers within the index were
- Babcock&Brown Japan Property Trust (BJT), +$0.09 (23.08%) to $0.48 on volume of 4.5 million shares;
- CFS Retail Property Trust (CFX), +$0.23 (13.07%) to $1.99 on volume of 12.1 million shares;
- Commonwealth Property Office Fund (CPA), +$0.15 (12.5%) to $1.35 on volume of 6.5 million shares;
- Valad Property Group (VPG), +$0.01 (11.49%) to $0.10 on volume of 22.1 million shares; and
- Dexus Property Group (DXS), +$0.08 (8.47%) to $0.96 on volume of 14.9 million shares.
The bronze medal for today goes to Healthcare (XHJ), which climbed 35.1 points (0.4%) to 8739.6 points. The 9 stocks which make up the index traded a total of 7.89m units; only 2 index components rose, with rising volume amounting to 2.47m shares, while the 7 decliners had volume traded totalling 5.43m units. The percentage gainers within the index were
- Ansell (ANN), +$0.34 (2.66%) to $13.10 on volume of 649.2 thousand shares; and
- CSL (CSL), +$0.31 (0.89%) to $35.20 on volume of 1.8 million shares.
The worst-performed index for the session was Energy (XEJ), which dipped 419.7 points (3.57%) to 11344.8 points. The 19 stocks which make up the index traded a total of 46.2m units; The 15 decliners had volume traded totalling 33.87m units, and 2 index components rose, with rising volume amounting to 6.73m shares, The major percentage decliners within the index were
- Riversdale Mining (RIV), -$0.43 (14.58%) to $2.52 on volume of 985.7 thousand shares;
- Roc Oil Company (ROC), -$0.07 (13.46%) to $0.45 on volume of 2 million shares;
- Beach Petroleum (BPT), -$0.1 (11.49%) to $0.77 on volume of 3.7 million shares;
- Centennial Coal Company (CEY), -$0.3 (9.68%) to $2.80 on volume of 2.5 million shares; and
- Oil Search (OSH), -$0.3 (8.7%) to $3.15 on volume of 6.1 million shares.
Just missing out on the wooden spoon was Financials ex Property Trusts (XXJ), which slid 131.9 points (2.89%) to 4439.6 points. The 29 stocks which make up the index traded a total of 61.27m units; The 25 decliners had volume traded totalling 58.91m units, and volume in the lone rising index component was 0.67m shares, The major percentage decliners within the index were
- Sunland Group (SDG), -$0.25 (20.08%) to $0.98 on volume of 1.7 million shares;
- Allco Finance Group (AFG), -$0.02 (19.1%) to $0.07 on volume of 2 million shares;
- Challenger Financial Services Group (CGF), -$0.18 (9.8%) to $1.61 on volume of 2.2 million shares;
- Australand Property Group (ALZ), -$0.03 (8.96%) to $0.31 on volume of 3 million shares; and
- Platinum Asset Management (PTM), -$0.29 (8.17%) to $3.26 on volume of 270.3 thousand shares.
Third-to-last amongst the sector indices was Utilities (XUJ), which slid 102.1 points (2.3%) to 4345 points. The 10 stocks which make up the index traded a total of 27.43m units; The 8 decliners had volume traded totalling 24.82m units, and volume in the lone rising index component was 0.96m shares, The major percentage decliners within the index were
- Babcock & Brown Power (BBP), -$0.02 (15.38%) to $0.11 on volume of 4.7 million shares;
- Hastings Diversified Utilities Fund (HDF), -$0.28 (10.77%) to $2.32 on volume of 360.1 thousand shares;
- Babcock & Brown Infrastructure Group (BBI), -$0.02 (10%) to $0.18 on volume of 9.9 million shares;
- Spark Infrastructure Group (SKI), -$0.13 (7.94%) to $1.45 on volume of 4.3 million shares; and
- Duet Group (DUE), -$0.06 (2.31%) to $2.54 on volume of 931 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XIJ | Information Technology | 488.3 | 16.5 | 3.5 | 3m |
| XPJ | Property Trusts | 994.1 | 17.6 | 1.8 | 275m |
| XHJ | Healthcare | 8739.6 | 35.1 | 0.4 | 8m |
| XTJ | Telecommunications | 1346.4 | -5.7 | -0.42 | 30m |
| XMJ | Materials | 7793.7 | -45.5 | -0.58 | 198m |
| XSJ | Consumer Staples | 6199.3 | -57.8 | -0.92 | 35m |
| XNJ | Industrials | 3616.1 | -71.5 | -1.94 | 65m |
| XDJ | Consumer Discretionary | 1272.9 | -28.4 | -2.18 | 47m |
| XUJ | Utilities | 4345 | -102.1 | -2.3 | 27m |
| XXJ | Financials ex Property Trusts | 4439.6 | -131.9 | -2.89 | 61m |
| XEJ | Energy | 11344.8 | -419.7 | -3.57 | 46m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| GPT | GPT Group | 0.84 | -0.31 | -26.96 | 109.1m |
| TLS | Telstra Corporation Limited. | 4.02 | -0.01 | -0.25 | 27.4m |
| OZL | OZ Minerals Limited | 0.86 | -0.06 | -6.01 | 24.8m |
| VPG | Valad Property Group | 0.10 | 0.01 | 11.49 | 22.1m |
| LGL | Lihir Gold Limited | 1.57 | 0.04 | 2.61 | 21.3m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BJT | Babcock&Brown Japan Property Trust | 0.48 | 0.09 | 23.08 | 4.5m |
| NHF | NIB Holdings Limited | 0.74 | 0.09 | 13.85 | 136.6k |
| HFA | HFA Holdings Limited | 0.35 | 0.04 | 13.11 | 673.6k |
| CFX | CFS Retail Property Trust | 1.99 | 0.23 | 13.07 | 12.1m |
| SGX | Sino Gold Mining Limited | 2.67 | 0.30 | 12.66 | 976.9k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| IIF | ING Industrial Fund | 0.42 | -0.22 | -34.13 | 7.8m |
| APD | APN Property Group Limited | 0.22 | -0.10 | -31.25 | 442.1k |
| CXG | Coote Industrial Ltd | 0.31 | -0.13 | -29.07 | 405.9k |
| GPT | GPT Group | 0.84 | -0.31 | -26.96 | 109.1m |
| KZL | Kagara Zinc Limited | 0.55 | -0.19 | -25.68 | 2.9m |
