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So here we are again, making new multi-year closing lows. The Cancer Fairy has come and gone, spreading its vile infection hither and yon. Trillions of dollars (and counting) of promises from the globe's most parasitic species (politicians), and yet bits keep dropping off the combined market capitalisation of the world's bourses - like fingers off a lazy leper.
Nobody has mentioned Mr Hankie's name in awe-infused tones for some time now - his cred has disappeared faster than the 'MILF factor' for Caribou Barbie/Bible Spice. She was unable to keep her religious whackery and nasty streak from seeping through the $45k makeover, and 95% of the men who 'would have', wouldn't now if you paid them.
In some sense, the short-lived Palin phenomenon and the Paulson aura were both symptoms of the same social trends - a trend which is also made clear by the almost insulting tone of most TV advertising.
The political class and their media propaganda machine, all think that you and I and the rest of the western world, are absolute morons. So car ads have to be exercises in CGI smart-arse-ery, shampoo is now a 'hair reglamouring service' (OK, I made up the reglamouring bit, but there is an ad - forget which - in which the makers actually call their latest shampoo a 'service' rather than 'dishwashing liquid with perfume in it').
And of course when women get their period or shave their legs, they go to the beach and frolic with other women in a sunny world where everyone is about 18 years old and flawless.I've met quite a few women in my life - my mother is a woman. As far as I can tell, they are not all buffoons. Not every one of them has a shoe fetish to rival Imelda Marcos: sure, the bulk of them will pour highly toxic chemicals into their scalps and smear coloured mud on their faces in a bid to look younger... after having taken up smoking at the age of 14 in a bid to look older.
Here's a hint for the 14 year old girls out there: the smoking bit doesn't make you look grown up - it makes you look like a 14 year old who is so desperate for attention that she would do something known to be highly bad for you, in order to be noticed. It's like walking around with a sign saying "Hey paedophiles - I'm really insecure. Tell me I look like a grown up and you're in with a shot."
But smoking does make you look older - much older - over time. And one final word - once the accelerated aging you induce has wreaked its havoc on your skin, and your mouth looks like a cat's bum, the coloured mud and hair dye doesn't make you look younger...
But enough of feminine stupidity (which on balance is far less entrenched than you might think if you watched 100 ads aimed at women)... on to the markets.
Major Market Indices
The broad market - the All Ordinaries (XAO) - slid pretty savagely, posting a loss of 180.8 points (4.39%), finishing at 3939.3 points. The index hit an intraday high of 3989.2 at 10:59 am, while the low for the day was 3937.3 - set at 11:32 am Sydney time. The last time the index closed below this level was on May 17th 2005 - however today's low was slightly (0.7 points) higher than the intraday low of October 17th of this year.
Total volume traded on the ASX was 1.17bn units, 14.8% above its 10-day average. The ASX's daily listing of all stocks included 1183 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 198 issues rose, with volume in rising issues totalling 172m units; decliners numbered 776 counters, and between them they traded aggregate declining volume of 882.3m shares.
Of the 495 All Ordinaries components, 80 rose while 359 fell. Volume was tilted in favour of the losers by a margin of 5.1:1, with 144.11m shares traded in gainers while 728.1m 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) - dipped pretty savagely,rather savagely, losing 181.7 points (4.37%), closing out the session at 3974.4 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3939.30 | -180.80 (4.4%) |
| ASX 20 | 2385.10 | -106.20 (4.3%) |
| ASX 50 | 3988.30 | -186.00 (4.5%) |
| ASX 100 | 3265.00 | -150.60 (4.4%) |
| ASX 200 | 3974.40 | -181.70 (4.4%) |
| ASX 300 | 3951.50 | -180.60 (4.4%) |
| ASX Mid-Cap 50 | 3700.10 | -157.00 (4.1%) |
| ASX Small Ordinaries | 1889.30 | -77.60 (3.9%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - was taken to the woodshed somewhat, sliding 106.2 points (4.26%), closing out the session at 2385.1 points.
The 21 stocks which make up the index traded a total of 148.15m units; not a single one of the top 20 stocks rose.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Newcrest Mining Limited (NCM), -$3.43 (16.78%) to $17.01 on volume of 5.1 million shares;
- Rio Tinto Limited (RIO), -$11.45 (14.6%) to $66.95 on volume of 4.9 million shares;
- Stockland (SGP), -$0.46 (9.62%) to $4.32 on volume of 4.5 million shares;
- BHP Billiton Limited (BHP), -$2.55 (9.36%) to $24.70 on volume of 26.7 million shares; and
- Westfield Group (WDC), -$1 (6.33%) to $14.80 on volume of 10.4 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 slid in line with its large-cap counterpart. The Small Ords was taken to the woodshed somewhat, sliding 77.6 points (3.95%), closing out the session at 1889.3 points.
Among the stocks that make up the Small Caps index, 33 index components finished to the upside, and of the rest, 162 closed lower for the session.
The 208 stocks which make up the index traded a total of 314.64m units: volume in the 33 gainers totalling 50.47m shares, with trade totalling 242.51m units in the index's 162 declining components. The major percentage gainers within the index were- Murchison Metals Ltd (MMX), +$0.16 (30.19%) to $0.69 on volume of 2.3 million shares;
- Mineral Deposits Limited (MDL), +$0.05 (11.11%) to $0.45 on volume of 177.4 thousand shares;
- Specialty Fashion Group Limited (SFH), +$0.04 (8.14%) to $0.47 on volume of 197.5 thousand shares;
- CBH Resources Limited (CBH), +$0.01 (7.69%) to $0.07 on volume of 2.7 million shares; and
- Charter Hall Group (CHC), +$0.03 (5.81%) to $0.46 on volume of 3.3 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Mirabela Nickel Limited (MBN), -$0.4 (25%) to $1.20 on volume of 275.2 thousand shares;
- Rubicon America Trust (RAT), -$0.01 (20.83%) to $0.02 on volume of 761.8 thousand shares;
- Biota Holdings Limited (BTA), -$0.09 (20.48%) to $0.33 on volume of 1.4 million shares;
- Record Realty (RRT), -$0 (20%) to $0.01 on volume of 2.9 million shares; and
- Linc Energy Ltd (LNC), -$0.56 (19.24%) to $2.35 on volume of 2 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3939.3 | -180.8 | -4.39 | 966.5m |
| XFL | ASX 50 | 3988.3 | -186 | -4.46 | 356m |
| XJO | ASX 200 | 3974.4 | -181.7 | -4.37 | 801.3m |
| XKO | ASX 300 | 3951.5 | -180.6 | -4.37 | 908.3m |
| XMD | ASX Mid-Cap 50 | 3700.1 | -157 | -4.07 | 246.7m |
| XSO | ASX Small Ordinaries | 1889.3 | -77.6 | -3.95 | 305.5m |
| XTL | ASX 20 | 2385.1 | -106.2 | -4.26 | 143.6m |
| XTO | ASX 100 | 3265 | -150.6 | -4.41 | 602.8m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 0 | 14 | 30 | 80 | 33 | 198 |
| Declines | 20 | 84 | 167 | 359 | 162 | 776 |
| Advancing Volume | 0m | 91.1m | 126.8m | 144.1m | 50.5m | 172m |
| Declining Volume | 120.1m | 452.1m | 607.3m | 728.1m | 242.5m | 882.3m |
GICS Industry Indices
Among the 11 industry indices, today's market action was dominated by sectoral declines - only one sector managed a gain for the day.
The only index to post a gain was Information Technology (XIJ), which added 14.4 points (3.36%) to 443.2 points. There are only two stock in the index, and only one of those rose. Computershare Limited (CPU), +$0.33 (4.35%) to $7.92 on volume of 1.7 million shares.
The worst-performed index for the session was Materials (XMJ), which dipped 859.7 points (9.65%) to 8044.7 points. The 45 stocks which make up the index traded a total of 249.12m units; The 40 decliners had volume traded totalling 221.01m units, and 2 index components rose, with rising volume amounting to 4.43m shares, The major percentage decliners within the index were
- Minara Resources Limited (MRE), -$0.12 (19.05%) to $0.51 on volume of 3.5 million shares;
- Equinox Minerals Limited (EQN), -$0.32 (18.29%) to $1.43 on volume of 2.7 million shares;
- Newcrest Mining Limited (NCM), -$3.43 (16.78%) to $17.01 on volume of 5.1 million shares;
- Coeur d'Alene Mines Corporation (CXC), -$0.18 (15.93%) to $0.95 on volume of 421.4 thousand shares; and
- Aquarius Platinum Limited (AQP), -$0.49 (15.26%) to $2.72 on volume of 680.4 thousand shares.
Just missing out on the wooden spoon was Property Trusts (XPJ), which slid 90.8 points (7.7%) to 1088.4 points. The 21 stocks which make up the index traded a total of 153.43m units; The 17 decliners had volume traded totalling 100.98m units, and 3 index components rose, with rising volume amounting to 35.68m shares, The major percentage decliners within the index were
- ING Industrial Fund (IIF), -$0.28 (28.21%) to $0.70 on volume of 7.3 million shares;
- Goodman Group (GMG), -$0.2 (16.67%) to $1.00 on volume of 18.3 million shares;
- Apn/Uka European Retail Property Group (AEZ), -$0.02 (15.38%) to $0.11 on volume of 1.2 million shares;
- Macquarie Office Trust (MOF), -$0.1 (15.27%) to $0.56 on volume of 5.4 million shares; and
- Tishman Speyer Office Fund (TSO), -$0.07 (14.43%) to $0.42 on volume of 1.5 million shares.
Third-to-last amongst the sector indices was Consumer Discretionary (XDJ), which slid 56.2 points (4.08%) to 1320 points. The 24 stocks which make up the index traded a total of 43.58m units; The 20 decliners had volume traded totalling 34.36m units, and 3 index components rose, with rising volume amounting to 4.58m shares, The major percentage decliners within the index were
- Pacific Brands Limited (PBG), -$0.17 (10.41%) to $1.42 on volume of 4.8 million shares;
- Macquarie Communications Infrastructure Group (MCG), -$0.2 (10.16%) to $1.73 on volume of 1.5 million shares;
- Flight Centre Limited (FLT), -$1.28 (8.21%) to $14.32 on volume of 159.1 thousand shares;
- Austar United Communications Limited (AUN), -$0.08 (7.84%) to $0.94 on volume of 946.9 thousand shares; and
- News Corporation Inc (Voting CDI) (NWS), -$0.95 (6.79%) to $13.05 on volume of 3.4 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XIJ | Information Technology | 443.2 | 14.4 | 3.36 | 2m |
| XTJ | Telecommunications | 1364.7 | -7 | -0.51 | 39m |
| XSJ | Consumer Staples | 6393.2 | -90.1 | -1.39 | 47m |
| XHJ | Healthcare | 8586.5 | -138.8 | -1.59 | 19m |
| XUJ | Utilities | 4485.3 | -97.9 | -2.14 | 32m |
| XXJ | Financials ex Property Trusts | 4715.2 | -125.1 | -2.58 | 79m |
| XNJ | Industrials | 3752.1 | -138.3 | -3.55 | 85m |
| XEJ | Energy | 11884.2 | -490.5 | -3.96 | 68m |
| XDJ | Consumer Discretionary | 1320 | -56.2 | -4.08 | 44m |
| XPJ | Property Trusts | 1088.4 | -90.8 | -7.7 | 153m |
| XMJ | Materials | 8044.7 | -859.7 | -9.65 | 249m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| OZL | OZ Minerals Limited | 0.96 | -0.14 | -12.39 | 43.6m |
| VPG | Valad Property Group | 0.08 | 0.00 | 5.13 | 29.3m |
| TLS | Telstra Corporation Limited. | 4.06 | 0.00 | 0 | 28.1m |
| BHP | BHP Billiton Limited | 24.70 | -2.55 | -9.36 | 26.7m |
| LGL | Lihir Gold Limited | 1.54 | -0.27 | -14.68 | 23.8m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MMX | Murchison Metals Ltd | 0.69 | 0.16 | 30.19 | 2.3m |
| WDS | WDS Limited | 2.11 | 0.24 | 12.83 | 74.7k |
| BNB | Babcock & Brown Limited | 1.57 | 0.17 | 12.14 | 8.9m |
| MDL | Mineral Deposits Limited | 0.45 | 0.05 | 11.11 | 177.4k |
| TRY | Troy Resources NL | 1.07 | 0.09 | 9.18 | 202.7k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BVA | Bravura Solutions Limited | 0.34 | -0.15 | -30.21 | 282.8k |
| CLO | Clough Limited | 0.35 | -0.14 | -28.87 | 1.4m |
| IIF | ING Industrial Fund | 0.70 | -0.28 | -28.21 | 7.3m |
| MBN | Mirabela Nickel Limited | 1.20 | -0.40 | -25 | 275.2k |
| CEG | CEC Group Limited | 0.17 | -0.05 | -21.43 | 99.9k |
