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The Australian market ended the year with a little flourish - the sort of thing that might go down well if you're writing a history of the Roman conquest of Gaul, but frankly invokes contempt from any real war fan. Finishing a battle in which you have been humiliated (as long traders have been this year) by doing a little dance or holding your chin up? Well, you're a loser with his chin in the air... no more, no less.
Having taken an absolute shellacking for the year-to-date, da Boyz think they can fool the mugs just by showing a bit of front on a day when they were the only people trading. Thing is, they are just as keen for their rival firms to do badly, as they are for themselves to do well - otherwise there would have ben almost no counter-pressure to any buying.
So where to from here? Well, it is impossible to write off a concerted effort to goose the indices between now and year-end; there is certainly enough liquidity sloshing around to enable that to happen.
The thing that I think mitigates against that scenario is the fact that nobody wants to be holding a long position going into the New Year.
This is where conrtrarianism can get you running in ever-decreasing circles, to the point where you eventually disappear up your own bum-hole. You might think "Well, everyone believes that 2009 will be a bad year, so on a contrarian basis we should be looking for a long position."
I would agree, except that the first bit - "everyone believes that 2009 will be a bad year..." is not borne out by recent price action.
In fact, it seems that people are expecting long positions to pay off. Volatility indices are down, there is this tedious tendency for markets to rise on bad news, and of course the end-of-day and end-of-week (and 'pre Christmas shutdown') wafts higher... these are most definitely NOT signs of bearish sentiment.
If you notice a slew of typos (more than my usual fat-fingered efforts) then bear in mind that I am using a text editor at present - and the text is being rendered in about 12px (not 12pt) so my old tired eyes are having trouble deciphering what I am typing. Also, it being Boxing Day I am slightly the worse for some considerable Festive Wear and Tear on the brain.
Major Market Indices
The broad market - the All Ordinaries (XAO) - rose strongly, registering a gain of 46.8 points (1.35%), finishing at 3515 points. The index hit an intraday high of 3528.5 at 10:55 am, while the low for the day was 3470.2 - set at 12:03 pm Sydney time.
Total volume traded on the ASX was 556m units, 57.4% below its 10-day average of 1.31bn shares.The ASX's daily listing of all stocks included 825 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 397 issues rose, with volume in rising issues totalling 333.4m units; there were 234 declining stocks, which traded aggregate declining volume of 126.3m shares.
Of the 488 All Ordinaries components, 234 rose while 115 fell. Volume was tilted in favour of the gainers by a margin of 2.6:1, with 270.21m shares traded in gainers while 104.46m shares traded in the day's losers.
The Index that forms the cash basis for the SPI Futures - the S&P/ASX 200 (XJO) - managed a solid gain, adding 50.8 points (1.44%), closing out the session at 3582.2 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3515.00 | 46.80 (1.3%) |
| ASX 20 | 2148.40 | 31.60 (1.5%) |
| ASX 50 | 3619.80 | 49.20 (1.4%) |
| ASX 100 | 2957.90 | 41.70 (1.4%) |
| ASX 200 | 3582.20 | 50.80 (1.4%) |
| ASX 300 | 3564.20 | 50.10 (1.4%) |
| ASX Mid-Cap 50 | 3300.20 | 58.70 (1.8%) |
| ASX Small Ordinaries | 1622.50 | 22.00 (1.4%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - performed solidly, in moving up 31.6 points (1.49%), closing out the session at 2148.4 points.
Among the 20 big guns, 15 index components finished to the upside, and 3 lost ground. The stocks which make up the index traded a total of 52.73m units; 15 index components rose, with rising volume amounting to 39.87m shares, while the 3 decliners had volume traded totalling 6.77m units. The major percentage gainers within the index were
- Macquarie Group (MQG), +$1.22 (4.47%) to $28.50 on volume of 498.1 thousand shares;
- Wesfarmers (WES), +$0.72 (4.44%) to $16.92 on volume of 890.4 thousand shares;
- Origin Energy (ORG), +$0.55 (3.52%) to $16.16 on volume of 1.1 million shares;
- RIO Tinto (RIO), +$1.22 (3.45%) to $36.59 on volume of 1.1 million shares; and
- QBE Insurance Group (QBE), +$0.80 (3.23%) to $25.59 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:
- Newcrest Mining (NCM), -$0.64 (1.97%) to $31.78 on volume of 897.1 thousand shares;
- Westfield Group (WDC), -$0.14 (1.03%) to $13.40 on volume of 2.7 million shares; and
- Stockland (SGP), -$0.01 (0.26%) to $3.85 on volume of 3.2 million shares.
The ASX Small Ordinaries (XSO) The small end of the market performed broadly in line with its large-cap counterpart. The Small Ords performed solidly, in moving up 22 points (1.37%), closing out the session at 1622.5 points.
Among the stocks that make up the Small Caps index, 118 index components finished to the upside, and of the rest, 47 closed lower for the session.
The 210 stocks which make up the index traded a total of 156.12m units: volume in the 118 gainers totalling 104.08m shares, with trade totalling 32.49m units in the index's 47 declining components. The major percentage gainers within the index were- NRW Holdings (NWH), +$0.03 (20.69%) to $0.18 on volume of 1.2 million shares;
- Record Realty (RRT), +$0.00 (20%) to $0.01 on volume of 80 thousand shares;
- Tishman Speyer Office Fund (TSO), +$0.02 (16%) to $0.15 on volume of 2.8 million shares;
- HFA Holdings (HFA), +$0.01 (13.95%) to $0.05 on volume of 28.7 million shares; and
- Carbon Energy Ltd (CNX), +$0.03 (13.33%) to $0.26 on volume of 2.1 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Lynas Corporation (LYC), -$0.09 (33.96%) to $0.18 on volume of 15.1 million shares;
- Babcock & Brown Communities Group (BBC), -$0.02 (10.34%) to $0.13 on volume of 1.2 million shares;
- Pharmaxis Ltd (PXS), -$0.14 (9.93%) to $1.23 on volume of 119.9 thousand shares;
- Charter Hall Group (CHC), -$0.03 (8.47%) to $0.27 on volume of 54.5 thousand shares; and
- Rubicon America Trust (RAT), -$0 (8.33%) to $0.01 on volume of 402 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3515 | 46.8 | 1.35 | 425.8m |
| XFL | ASX 50 | 3619.8 | 49.2 | 1.38 | 125m |
| XJO | ASX 200 | 3582.2 | 50.8 | 1.44 | 363.9m |
| XKO | ASX 300 | 3564.2 | 50.1 | 1.43 | 406.4m |
| XMD | ASX Mid-Cap 50 | 3300.2 | 58.7 | 1.81 | 130.3m |
| XSO | ASX Small Ordinaries | 1622.5 | 22 | 1.37 | 151.1m |
| XTL | ASX 20 | 2148.4 | 31.6 | 1.49 | 49.5m |
| XTO | ASX 100 | 2957.9 | 41.7 | 1.43 | 255.3m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 15 | 68 | 138 | 234 | 118 | 397 |
| Declines | 3 | 22 | 43 | 115 | 47 | 234 |
| Advancing Volume | 39.9m | 168m | 238.7m | 270.2m | 104.1m | 333.4m |
| Declining Volume | 6.8m | 65.5m | 91.3m | 104.5m | 32.5m | 126.3m |
GICS Industry Indices
Among the 11 industry indices, things were relatively upbeat: every sector bar one managed to keep its head above water.
The best performing index was Information Technology (XIJ), which added 11.1 points (2.63%) to 432.8 points. This index only contains 2 stocks; they traded a total of 0.63m units today. The lone rising index component had volume amounting to 0.53m shares, while the sole declining stock traded 0.1m units. The gainer within the index was
- Computershare (CPU), +$0.23 (3.08%) to $7.69 on volume of 527.9 thousand shares.
Second in the index leadership stakes was Energy (XEJ), which gained 293.2 points (2.56%) to 11768.3 points. The 20 stocks which make up the index traded a total of 15.91m units; 14 index components rose, with rising volume amounting to 11m shares, while the 4 decliners had volume traded totalling 1.71m units. The major percentage gainers within the index were
- Paladin Energy (PDN), +$0.17 (7.66%) to $2.39 on volume of 2.1 million shares;
- Centennial Coal Company (CEY), +$0.18 (6.9%) to $2.79 on volume of 163 thousand shares;
- Arrow Energy (AOE), +$0.09 (4.41%) to $2.13 on volume of 1.1 million shares;
- Origin Energy (ORG), +$0.55 (3.52%) to $16.16 on volume of 1.1 million shares; and
- OIL Search (OSH), +$0.12 (2.93%) to $4.22 on volume of 1.7 million shares.
The bronze medal for today goes to Consumer Staples (XSJ), which climbed 134.3 points (2.27%) to 6048.4 points. The 13 stocks which make up the index traded a total of 13.34m units; 8 index components rose, with rising volume amounting to 6.17m shares, while the 4 decliners had volume traded totalling 5.26m units. The major percentage gainers within the index were
- Premier Investments Limited (PMV), +$0.23 (6.35%) to $3.85 on volume of 0 thousand shares;
- Goodman Fielder (GFF), +$0.06 (5%) to $1.26 on volume of 1.4 million shares;
- Wesfarmers (WES), +$0.72 (4.44%) to $16.92 on volume of 890.4 thousand shares;
- AWB (AWB), +$0.08 (3.27%) to $2.53 on volume of 370 thousand shares; and
- ABB Grain (ABB), +$0.20 (2.86%) to $7.20 on volume of 151.4 thousand shares.
The only declining index for the session was Property Trusts (XPJ), which dipped 6.8 points (0.74%) to 917 points. The 21 stocks which make up the index traded a total of 113.89m units; The 9 decliners had volume traded totalling 31.63m units, and 8 index components rose, with rising volume amounting to 63.31m shares, The major percentage decliners within the index were
- ING Industrial Fund (IIF), -$0.01 (6.06%) to $0.16 on volume of 2.3 million shares;
- Bunnings Warehouse Property Trust (BWP), -$0.08 (4.08%) to $1.77 on volume of 184.1 thousand shares;
- ING Office Fund (IOF), -$0.03 (3.45%) to $0.84 on volume of 1.6 million shares;
- GPT Group (GPT), -$0.03 (3.19%) to $0.91 on volume of 15.9 million shares; and
- CFS Retail Property Trust (CFX), -$0.05 (2.44%) to $2.00 on volume of 2.6 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XIJ | Information Technology | 432.8 | 11.1 | 2.63 | 1m |
| XEJ | Energy | 11768.3 | 293.2 | 2.56 | 16m |
| XSJ | Consumer Staples | 6048.4 | 134.3 | 2.27 | 13m |
| XNJ | Industrials | 3163.2 | 69.4 | 2.24 | 24m |
| XHJ | Healthcare | 8367.4 | 134.9 | 1.64 | 3m |
| XXJ | Financials ex Property Trusts | 3812.9 | 58.2 | 1.55 | 57m |
| XTJ | Telecommunications | 1261.7 | 19.3 | 1.55 | 14m |
| XDJ | Consumer Discretionary | 1147.3 | 16.2 | 1.43 | 13m |
| XMJ | Materials | 8211.3 | 81.1 | 1 | 77m |
| XUJ | Utilities | 4235.8 | 18.9 | 0.45 | 40m |
| XPJ | Property Trusts | 917 | -6.8 | -0.74 | 114m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MOF | Macquarie Office Trust | 0.33 | 0.04 | 13.79 | 35.2m |
| BBI | Babcock & Brown Infrastructure Group | 0.09 | 0.01 | 18.67 | 32.3m |
| HFA | HFA Holdings | 0.05 | 0.01 | 13.95 | 28.7m |
| GPT | GPT Group | 0.91 | -0.03 | -3.19 | 15.9m |
| LYC | Lynas Corporation | 0.18 | -0.09 | -33.96 | 15.1m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| ARR | Arasor International | 0.04 | 0.01 | 20.69 | 83k |
| NWH | NRW Holdings | 0.18 | 0.03 | 20.69 | 1.2m |
| RRT | Record Realty | 0.01 | 0.00 | 20 | 80k |
| SDM | Sedgman | 0.60 | 0.10 | 19 | 45k |
| BBI | Babcock & Brown Infrastructure Group | 0.09 | 0.01 | 18.67 | 32.3m |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| LYC | Lynas Corporation | 0.18 | -0.09 | -33.96 | 15.1m |
| BTR | Blackthorn Resources | 0.06 | -0.01 | -14.29 | 81.4k |
| WTP | Watpac | 1.00 | -0.15 | -13.04 | 178.9k |
| GPM | GEO Property Group | 0.11 | -0.02 | -12 | 2.2m |
| BBC | Babcock & Brown Communities Group | 0.13 | -0.02 | -10.34 | 1.2m |
