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George the Turd (or 'Brokeback Cowboy', if you prefer) once asked "Is our children learning?". It is to be hoped that if they were learning at ABC Learning Centres, they weren't doing Management or Accounting.
I know, I know... ABC blah blah was more into child-care. Big whoop. They called themselves 'Learning Centres', but it seems that management only read chapters on 'The Upside of Leverage' and, armed with that wisdom, went out and borrowed up to their scrota (scrotums? who knows).
Frankly, my warped sense of humour gets great delight from the idea that a private enterprise was unable to make money in a business which is subsidised by the government. Government encourages mothers to chuck their offspring into crêche and go out to work (and more to the point, the economic situation is such that almost all households require two breadwinners to meet the mortgage).
So Mummy chucks Tarquin (or Summer, or some other godawful moniker) into kiddiecare, and off she goes to work. She pays through the nose, and still gets some form of handout from the government for having been silly enough to breed.
So non-breeders have some of their tax wasted on child care for breeders, and yet still the biggest childcare crowd in the country goes toes up trying to make a dollar out of furnishing kiddie care. That's just ACE.
Priceless.
Major Market Indices
The broad market - the All Ordinaries (XAO) - slid pretty savagely, posting a loss of 99.9 points (2.43%), finishing at 4006.6 points. The index hit an intraday high of 4016.2 at 3:32 pm, having bounced almost 90 points from the low for the day (3929.2 points) set at 11:39 am Sydney time.
Yet again, we see a big bounce from a morning slide on low volume - yet more evidence (as if any is needed) to reinforce the idea that every dickhead with an online brokerage account is still trying to pick the bottom.
Do you recall the 'Confucius say...' jokes that used to do the rounds when you were at school?
Doubtless Nanny-staters have outlawed such jokes by now, since nowadays nobody is allowed to proffer even the most benign racial epithet... except if the profferor is non-white, or a cripple, or a gay. Anybody can tell jokes about Whitey (so long as Whitey is a heterosexual Protestant or atheist).
It's a bit like this stupid l;aw against 'historical revisionism'... it's perfectly fine to revise away the death tolls of German goyim: oh, those dead can be revised downward ... no problem with dishonouring the memory of those dead, because they weren't suffering from a mental delusion that made them think that they were Chosen by the Storm God Yahweh.
And when little heterosexual boys behave as boys do - boisterous, not particularly interested in following orders from women, easily diverted - they are forced to curb their natural playfulness and act like little girls... by medication, if necessary.
Thus we have a third of all young males on psychotropic drugs, all because there is a slice of humanity that finds competitiveness somehow vaguely upsetting (and a lot of those, who fail as undergraduates, then become schoolteachers).
Anyway - where was I? Oh yes... my new 'Confucius Say' joke. I don't make any representation as to its funniness
Confucius say: nuffnuff who try to pick bottom, end up with smelly finger.
Ahhh, how I miss the days when Mr Ah Chong (not his real name) would ask "Heet up fuh youh?"
As an aside, Confucius (K'ung-Fu Tsu) lived at about the same time as Siddharta Gautama (Buddha)... amazing that two such people lived at the same time (Master Kung: 551-479BC; Buddha: 560-480BC), even if one was a curry-muncher and the other was a Chink.
As a further aside - did you realise that the Romans traded with both India (which Alexander the Makedonski tried to invade) and China? And even with Persia (once Crassus got his head chopped off trying to take Baghdad).
Free trade, open borders, free migration (but not citizenship)... little wonder there was such a flowering of philosophy until the Jeebus crowd decided we needed a Dark Ages. Typical.
But back to the markets...
Total volume traded on the ASX was soft at just 1.06bn units, 18.1% below its 10-day average of 1.29bn shares.
The ASX's daily listing of all stocks included 1073 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 275 issues rose, with volume in rising issues totalling 346.7m units; there were 583 declining stocks, which traded aggregate declining volume of 604.3m shares.
Of the 493 All Ordinaries components, 126 rose while 292 fell. Volume was tilted in favour of the losers by a margin of 1.6:1, with 300.81m shares traded in gainers while 482.54m 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 rather savagely, losing 98.4 points (2.37%), closing out the session at 4051.3 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 4006.60 | -99.90 (2.4%) |
| ASX 20 | 2441.80 | -69.70 (2.8%) |
| ASX 50 | 4088.10 | -105.30 (2.5%) |
| ASX 100 | 3332.80 | -82.70 (2.4%) |
| ASX 200 | 4051.30 | -98.40 (2.4%) |
| ASX 300 | 4030.00 | -97.50 (2.4%) |
| ASX Mid-Cap 50 | 3662.60 | -65.40 (1.8%) |
| ASX Small Ordinaries | 1909.70 | -33.00 (1.7%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - was taken to the woodshed somewhat, sliding 69.7 points (2.78%), closing out the session at 2441.8 points.
The 21 stocks which make up the index traded a total of 152.98m units; 5 index components rose, with rising volume amounting to 46.52m shares, while the 15 decliners had volume traded totalling 100.9m units.
The major percentage gainers within the index were
- QBE Insurance Group (QBE), +$0.75 (2.76%) to $27.90 on volume of 3.9 million shares;
- Telstra Corporation (TLS), +$0.09 (2.14%) to $4.30 on volume of 36.4 million shares;
- Newcrest Mining (NCM), +$0.29 (1.36%) to $21.69 on volume of 1.3 million shares;
- Commonwealth Bank (CBA), +$0.27 (0.68%) to $40.07 on volume of 3.4 million shares; and
- Woolworths (WOW), +$0.05 (0.17%) to $29.00 on volume of 1.5 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- National Australia Bank (NAB), -$2.55 (10.32%) to $22.15 on volume of 10.9 million shares;
- Stockland (SGP), -$0.42 (9.84%) to $3.85 on volume of 9.1 million shares;
- RIO Tinto (RIO), -$6.77 (8.57%) to $72.27 on volume of 2.6 million shares;
- Woodside Petroleum (WPL), -$2.87 (6.73%) to $39.80 on volume of 2.3 million shares; and
- Westfield Group (WDC), -$1 (6.58%) to $14.20 on volume of 6.9 million shares.
At the other end of the market-cap spectrum lie the denizens of the ASX Small Ordinaries (XSO) which while still dropping overall, did significantly better than its large-cap counterpart. The Small Ords registered a loss of 33 points (1.7%), closing out the session at 1909.7 points.
The 207 stocks which make up the index traded a total of 266.27m units: volume in the 60 gainers totalling 82.87m shares, with trade totalling 145.88m units in the index's 126 declining components. The major percentage gainers within the index were- Marion Energy (MAE), +$0.04 (17.02%) to $0.28 on volume of 8.7 million shares;
- Challenger Financial Services Group (CGF), +$0.21 (12.42%) to $1.86 on volume of 2.2 million shares;
- Bannerman Resources (BMN), +$0.05 (11.49%) to $0.49 on volume of 404 thousand shares;
- OceanaGold Corporation (OGC), +$0.03 (9.37%) to $0.35 on volume of 152.6 thousand shares; and
- Dominion Mining (DOM), +$0.19 (8.41%) to $2.45 on volume of 499.4 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Rubicon Europe Trust Group (REU), -$0 (28.57%) to $0.01 on volume of 260 thousand shares;
- Macmahon Holdings (MAH), -$0.24 (25.53%) to $0.70 on volume of 10.6 million shares;
- NRW Holdings (NWH), -$0.14 (21.88%) to $0.50 on volume of 1.3 million shares;
- Rubicon America Trust (RAT), -$0.01 (20%) to $0.02 on volume of 370 thousand shares; and
- Aditya Birla Minerals (ABY), -$0.05 (18%) to $0.21 on volume of 4.5 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4006.6 | -99.9 | -2.43 | 854.9m |
| XFL | ASX 50 | 4088.1 | -105.3 | -2.51 | 324.3m |
| XJO | ASX 200 | 4051.3 | -98.4 | -2.37 | 718.9m |
| XKO | ASX 300 | 4030 | -97.5 | -2.36 | 815.8m |
| XMD | ASX Mid-Cap 50 | 3662.6 | -65.4 | -1.75 | 230.6m |
| XSO | ASX Small Ordinaries | 1909.7 | -33 | -1.7 | 260.9m |
| XTL | ASX 20 | 2441.8 | -69.7 | -2.78 | 143.9m |
| XTO | ASX 100 | 3332.8 | -82.7 | -2.42 | 554.9m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 5 | 35 | 69 | 126 | 60 | 275 |
| Declines | 15 | 61 | 125 | 292 | 126 | 583 |
| Advancing Volume | 46.5m | 215.5m | 274.9m | 300.8m | 82.9m | 346.7m |
| Declining Volume | 100.9m | 319.2m | 414.5m | 482.5m | 145.9m | 604.3m |
GICS Industry Indices
Among the 11 industry indices, 2 registered an advance for the session, the remaining 9 lost ground.
The best performing index was Telecommunications (XTJ), which added 31.1 points (2.21%) to 1438.1 points. The 3 stocks which make up the index traded a total of 42.96m units; all of them rose as follows:
- Singapore Telecommunications. (SGT), +$0.12 (5.15%) to $2.45 on volume of 4.2 million shares;
- Telecom Corporation Of New Zealand (TEL), +$0.05 (2.26%) to $2.04 on volume of 2.3 million shares; and
- Telstra Corporation (TLS), +$0.09 (2.14%) to $4.30 on volume of 36.4 million shares.
The only other index to rise was Utilities (XUJ), which gained 21.7 points (0.46%) to 4707.7 points. The 10 stocks which make up the index traded a total of 38.82m units; 4 index components rose, with rising volume amounting to 4.35m shares, while the 6 decliners had volume traded totalling 34.47m units. The major percentage gainers within the index were
- APA Group (APA), +$0.13 (4.3%) to $3.15 on volume of 389.7 thousand shares;
- AGL Energy (AGK), +$0.35 (2.31%) to $15.50 on volume of 974.7 thousand shares;
- SP Ausnet (SPN), +$0.01 (0.9%) to $1.12 on volume of 2.8 million shares; and
- Hastings Diversified Utilities Fund (HDF), +$0.02 (0.83%) to $2.44 on volume of 183.1 thousand shares.
The worst-performed index for the session was Property Trusts (XPJ), which dipped 51.2 points (5.02%) to 968.1 points. The 21 stocks which make up the index traded a total of 179.26m units; The 13 decliners had volume traded totalling 81.71m units, and 6 index components rose, with rising volume amounting to 94.72m shares, The major percentage decliners within the index were
- Abacus Property Group (ABP), -$0.04 (12.96%) to $0.24 on volume of 5.7 million shares;
- Macquarie Office Trust (MOF), -$0.04 (10.26%) to $0.35 on volume of 9.7 million shares;
- Stockland (SGP), -$0.42 (9.84%) to $3.85 on volume of 9.1 million shares;
- Mirvac Group (MGR), -$0.13 (9.65%) to $1.17 on volume of 16.4 million shares; and
- Macquarie DDR Trust (MDT), -$0.01 (9.09%) to $0.10 on volume of 6.3 million shares.
Just missing out on the wooden spoon was Materials (XMJ), which slid 390.9 points (4.24%) to 8826.1 points. The 45 stocks which make up the index traded a total of 142.9m units; The 29 decliners had volume traded totalling 102.36m units, and 14 index components rose, with rising volume amounting to 35.96m shares, The major percentage decliners within the index were
- OM Holdings (OMH), -$0.18 (14.29%) to $1.08 on volume of 1.7 million shares;
- Macarthur Coal (MCC), -$0.77 (11.16%) to $6.13 on volume of 1.2 million shares;
- Alumina (AWC), -$0.27 (10.8%) to $2.23 on volume of 5.6 million shares;
- Mount Gibson Iron (MGX), -$0.04 (9.52%) to $0.38 on volume of 11.6 million shares; and
- Minara Resources (MRE), -$0.07 (9.49%) to $0.62 on volume of 1.6 million shares.
Third-to-last amongst the sector indices was Information Technology (XIJ), which slid 19.1 points (4.14%) to 442.5 points. The index only has 2 stocks in it - and both fell today...
- Iress Market Technology (IRE), -$0.30 (5.87%) to $4.81 on volume of 219.1 thousand shares; and
- Computershare (CPU), -$0.32 (3.91%) to $7.86 on volume of 4.2 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XTJ | Telecommunications | 1438.1 | 31.1 | 2.21 | 43m |
| XUJ | Utilities | 4707.7 | 21.7 | 0.46 | 39m |
| XHJ | Healthcare | 9041.2 | -17.1 | -0.19 | 16m |
| XDJ | Consumer Discretionary | 1288.9 | -13.7 | -1.05 | 38m |
| XSJ | Consumer Staples | 6891.2 | -85.9 | -1.23 | 32m |
| XXJ | Financials ex Property Trusts | 4529.2 | -98.4 | -2.13 | 92m |
| XNJ | Industrials | 3765.1 | -83.2 | -2.16 | 102m |
| XEJ | Energy | 13193.9 | -434.4 | -3.19 | 48m |
| XIJ | Information Technology | 442.5 | -19.1 | -4.14 | 4m |
| XMJ | Materials | 8826.1 | -390.9 | -4.24 | 143m |
| XPJ | Property Trusts | 968.1 | -51.2 | -5.02 | 179m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TLS | Telstra Corporation. | 4.30 | 0.09 | 2.14 | 36.4m |
| GMG | Goodman Group | 1.02 | 0.02 | 2 | 33.5m |
| GPT | GPT Group | 0.90 | 0.03 | 2.86 | 30.7m |
| BBI | Babcock & Brown Infrastructure Group | 0.13 | -0.01 | -3.7 | 25m |
| OZL | OZ Minerals | 0.95 | -0.01 | -0.53 | 21.3m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MAE | Marion Energy | 0.28 | 0.04 | 17.02 | 8.7m |
| CGF | Challenger Financial Services Group | 1.86 | 0.21 | 12.42 | 2.2m |
| BMN | Bannerman Resources | 0.49 | 0.05 | 11.49 | 404k |
| CEG | CEC Group | 0.22 | 0.02 | 10 | 45.3k |
| DXS | Dexus Property Group | 0.88 | 0.08 | 10 | 15m |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| ABS | ABC Learning Centres | 0.00 | 0.00 | 38k | |
| REU | Rubicon Europe Trust Group | 0.01 | 0.00 | -28.57 | 260k |
| MAH | Macmahon Holdings | 0.70 | -0.24 | -25.53 | 10.6m |
| UOS | United Overseas Australia | 0.12 | -0.04 | -25 | 30k |
| TSE | Transfield Services | 3.50 | -1.10 | -23.91 | 2.6m |
