Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Today I am once again up to my vord in things to do - re-writing an outlook for the Energy sector (for the subscription site) and trying to convert some straightforward algebra to PHP code in order to advance - ever so slightly - the valuation core of the algorithm.
Some say it is not partial to differential equations, and that it produces valuations by reading the entrails of free-range poultry. All we know is, it's called the algorithm.
Again, apologies to Stig and Top Gear (and profuse apologies for the reference to partial differential equations... a real geek joke). However the algorithm is adamant - whenever its name is mentioned, it must be accompanied by a Stig-like homage. How I wish that the algorithm was less adamant and more like Adam Ant...
Anyway - end of prefatory blather... on to the show.
Oh - one last thing before that... Babcock & Brown is still in a trading halt... does anybody seriously reckon they will get funds? Perhaps they are waiting for the Oz Gummint bailouts to begin so that they can belly up to the trough like the soi-disant Uber-Capitalists in the US...
Major Market Indices
The broad market - the All Ordinaries (XAO) - dipped reasonably hard, registering a loss of 53.7 points (1.46%), finishing at 3619 points. The index hit an intraday high of 3665.2 at 1:38 pm, after rallying almost 80 points from the morning low at 3588.6 - set at 10:30 am Sydney time. (I am not going to mention how fading the opening decline worked - I already mentioned the 'nuffie fade' in one of last week's Rants).
Total volume traded on the ASX was 1.06bn units, 10.3% below its 10-day average of 1.19bn shares.The ASX's daily listing of all stocks included 999 different 3-letter FPO's which traded (i.e., had non-zero trade volume).
Overall, the marekt was very evenly split: 384 stocks rose, and 385 fell. Volume-wise, advancing volume was 495.8m shares - about 8% more than declining volume of 460.9m shares.
Trade in the 489 All Ordinaries components was lesds even - 170 All Ords components rose while 211 fell. Oddly, volume was tilted in favour of the gainers by a margin of 1.2:1, with 413.17m shares traded in gainers while 341.98m shares traded in the day's losers.
The Index that forms the cash basis for the SPI Futures - the S&P/ASX 200 (XJO) - registered a loss of 61.3 points (1.64%), closing out the session at 3681.2 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3619.00 | -53.70 (1.5%) |
| ASX 20 | 2225.80 | -45.60 (2.0%) |
| ASX 50 | 3735.40 | -65.70 (1.7%) |
| ASX 100 | 3038.50 | -51.10 (1.7%) |
| ASX 200 | 3681.20 | -61.30 (1.6%) |
| ASX 300 | 3659.90 | -59.50 (1.6%) |
| ASX Mid-Cap 50 | 3274.90 | -34.80 (1.1%) |
| ASX Small Ordinaries | 1656.90 | -15.70 (0.9%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - was taken to the woodshed somewhat, sliding 45.6 points (2.01%), closing out the session at 2225.8 points.
Among the 20 big guns, 8 index components finished to the upside, and 12 lost ground. The stocks which make up the index traded a total of 111.28m units; 8 index components rose, with rising volume amounting to 20.34m shares, while the 12 decliners had volume traded totalling 87.81m units. The major percentage gainers within the index were
- Newcrest Mining (NCM), +$1.29 (5.25%) to $25.84 on volume of 1.2 million shares;
- Woolworths (WOW), +$0.50 (1.87%) to $27.30 on volume of 1.9 million shares;
- Wesfarmers (WES), +$0.34 (1.83%) to $18.94 on volume of 1.2 million shares;
- Macquarie Group (MQG), +$0.42 (1.41%) to $30.12 on volume of 937 thousand shares; and
- QBE Insurance Group (QBE), +$0.19 (0.8%) to $23.94 on volume of 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), -$3.90 (8.37%) to $42.70 on volume of 5.2 million shares;
- Brambles (BXB), -$0.55 (7.59%) to $6.70 on volume of 3.8 million shares;
- Westpac Banking Corporation (WBC), -$0.95 (5.31%) to $16.94 on volume of 13.4 million shares;
- BHP Billiton (BHP), -$1.10 (3.55%) to $29.90 on volume of 12.5 million shares; and
- Commonwealth Bank Of Australia (CBA), -$1.09 (3.2%) to $33.00 on volume of 3.7 million shares.
The ASX Small Ordinaries (XSO), while still dropping overall, did significantly better than its large-cap counterpart. The Small Ords slid modestly, falling 15.7 points (0.94%), closing out the session at 1656.9 points.
Among the stocks that make up the Small Caps index, 80 index components finished to the upside, and 102 closed lower for the session.
The 209 stocks which make up the index traded a total of 249.15m units: volume in the 80 gainers totalling 104.38m shares, with trade totalling 110.25m units in the index's 102 declining components. The major percentage gainers within the index were- Rubicon Japan Trust (RJT), +$0.01 (87.5%) to $0.02 on volume of 1.5 million shares;
- Becton Property Group (BEC), +$0.03 (31.25%) to $0.11 on volume of 1.5 million shares;
- Babcock & Brown Power (BBP), +$0.01 (21.88%) to $0.08 on volume of 29 million shares;
- Galileo Japan Trust (GJT), +$0.01 (18.33%) to $0.07 on volume of 780.2 thousand shares; and
- Minara Resources (MRE), +$0.06 (17.91%) to $0.40 on volume of 4.3 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- PanAust Ltd (PNA), -$0.03 (15.62%) to $0.14 on volume of 19.2 million shares;
- Sunland Group (SDG), -$0.13 (13%) to $0.87 on volume of 531.9 thousand shares;
- OM Holdings (OMH), -$0.15 (11.15%) to $1.16 on volume of 505.3 thousand shares;
- Platinum Australia (PLA), -$0.07 (10.32%) to $0.57 on volume of 579.4 thousand shares; and
- Macquarie DDR Trust (MDT), -$0.01 (10%) to $0.07 on volume of 3.8 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3619 | -53.7 | -1.46 | 810.6m |
| XFL | ASX 50 | 3735.4 | -65.7 | -1.73 | 254.8m |
| XJO | ASX 200 | 3681.2 | -61.3 | -1.64 | 707.1m |
| XKO | ASX 300 | 3659.9 | -59.5 | -1.6 | 773.6m |
| XMD | ASX Mid-Cap 50 | 3274.9 | -34.8 | -1.05 | 280.8m |
| XSO | ASX Small Ordinaries | 1656.9 | -15.7 | -0.94 | 238m |
| XTL | ASX 20 | 2225.8 | -45.6 | -2.01 | 105.8m |
| XTO | ASX 100 | 3038.5 | -51.1 | -1.65 | 535.6m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 8 | 39 | 72 | 170 | 80 | 384 |
| Declines | 12 | 55 | 118 | 211 | 102 | 385 |
| Advancing Volume | 20.3m | 300m | 379.5m | 413.2m | 104.4m | 495.8m |
| Declining Volume | 87.8m | 232.1m | 318.1m | 342m | 110.2m | 460.9m |
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 Consumer Staples (XSJ), which added 78.2 points (1.25%) to 6317.2 points. The 13 stocks which make up the index traded a total of 22.05m units; 6 index components rose, with rising volume amounting to 13.03m shares, while the 6 decliners had volume traded totalling 9m units. The major percentage gainers within the index were
- Australian Agricultural Company. (AAC), +$0.07 (4.74%) to $1.44 on volume of 387.1 thousand shares;
- Woolworths (WOW), +$0.50 (1.87%) to $27.30 on volume of 1.9 million shares;
- Wesfarmers (WES), +$0.34 (1.83%) to $18.94 on volume of 1.2 million shares;
- Coca-Cola Amatil (CCL), +$0.15 (1.73%) to $8.80 on volume of 1.7 million shares; and
- Metcash (MTS), +$0.03 (0.76%) to $4.00 on volume of 2.6 million shares.
Second in the index leadership stakes was Utilities (XUJ), which gained 39.7 points (0.9%) to 4435 points. The 11 stocks which make up the index traded a total of 148.43m units; 6 index components rose, with rising volume amounting to 142.22m shares, while the 5 decliners had volume traded totalling 6.21m units. The major percentage gainers within the index were
- Babcock & Brown Infrastructure Group (BBI), +$0.02 (26.67%) to $0.10 on volume of 108.6 million shares;
- Babcock & Brown Power (BBP), +$0.01 (21.88%) to $0.08 on volume of 29 million shares;
- Hastings Diversified Utilities Fund (HDF), +$0.06 (2.75%) to $2.24 on volume of 159.4 thousand shares;
- Duet Group (DUE), +$0.04 (2.11%) to $1.94 on volume of 2.9 million shares; and
- APA Group (APA), +$0.05 (1.85%) to $2.75 on volume of 545 thousand shares.
The bronze medal for today goes to Consumer Discretionary (XDJ), which climbed 2.4 points (0.22%) to 1108.3 points. The 23 stocks which make up the index traded a total of 28.16m units; 11 index components rose, with rising volume amounting to 15.46m shares, while the 10 decliners had volume traded totalling 8.18m units. The major percentage gainers within the index were
- Fairfax Media (FXJ), +$0.08 (5.56%) to $1.43 on volume of 5.1 million shares;
- West Australian Newspapers Holdings (WAN), +$0.19 (3.75%) to $5.26 on volume of 321.9 thousand shares;
- GUD. Holdings (GUD), +$0.14 (3.65%) to $3.98 on volume of 124.2 thousand shares;
- David Jones (DJS), +$0.07 (2.8%) to $2.57 on volume of 1.7 million shares; and
- News Corporation Inc (Voting CDI) (NWS), +$0.33 (2.8%) to $12.10 on volume of 1.7 million shares.
The worst-performed index for the session was Industrials (XNJ), which dipped 112.2 points (3.54%) to 3057.5 points. The 32 stocks which make up the index traded a total of 87.75m units; The 21 decliners had volume traded totalling 46.72m units, and 10 index components rose, with rising volume amounting to 37.77m shares, The major percentage decliners within the index were
- Transfield Services (TSE), -$2.26 (64.43%) to $1.25 on volume of 14.6 million shares;
- Alesco Corporation (ALS), -$0.49 (9.07%) to $4.91 on volume of 128.8 thousand shares;
- NRW Holdings (NWH), -$0.03 (8.47%) to $0.27 on volume of 2.8 million shares;
- Brambles (BXB), -$0.55 (7.59%) to $6.70 on volume of 3.8 million shares; and
- Leighton Holdings (LEI), -$1.78 (7.32%) to $22.55 on volume of 772.1 thousand shares.
Just missing out on the wooden spoon was Financials ex Property Trusts (XXJ), which slid 112.8 points (2.82%) to 3884.6 points. The 27 stocks which make up the index traded a total of 69.18m units; The 22 decliners had volume traded totalling 56.44m units, and 3 index components rose, with rising volume amounting to 9.52m shares, The major percentage decliners within the index were
- Sunland Group (SDG), -$0.13 (13%) to $0.87 on volume of 531.9 thousand shares;
- Henderson Group PLC (HGG), -$0.11 (7.87%) to $1.23 on volume of 349 thousand shares;
- AXA Asia Pacific Holdings (AXA), -$0.29 (6.44%) to $4.21 on volume of 2.1 million shares;
- Lend Lease Corporation (LLC), -$0.48 (6.2%) to $7.26 on volume of 322 thousand shares; and
- Westpac Banking Corporation (WBC), -$0.95 (5.31%) to $16.94 on volume of 13.4 million shares.
Third-to-last amongst the sector indices was Materials (XMJ), which slid 174 points (2.03%) to 8412.1 points. The 45 stocks which make up the index traded a total of 187.87m units; The 18 decliners had volume traded totalling 65.99m units, and 22 index components rose, with rising volume amounting to 117.37m shares, The major percentage decliners within the index were
- PanAust Ltd (PNA), -$0.03 (15.62%) to $0.14 on volume of 19.2 million shares;
- OM Holdings (OMH), -$0.15 (11.15%) to $1.16 on volume of 505.3 thousand shares;
- Platinum Australia (PLA), -$0.07 (10.32%) to $0.57 on volume of 579.4 thousand shares;
- RIO Tinto (RIO), -$3.9 (8.37%) to $42.70 on volume of 5.2 million shares; and
- Alumina (AWC), -$0.09 (7.09%) to $1.18 on volume of 12.3 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XSJ | Consumer Staples | 6317.2 | 78.2 | 1.25 | 22m |
| XUJ | Utilities | 4435 | 39.7 | 0.9 | 148m |
| XDJ | Consumer Discretionary | 1108.3 | 2.4 | 0.22 | 28m |
| XPJ | Property Trusts | 1023.1 | -2.3 | -0.22 | 106m |
| XIJ | Information Technology | 370.1 | -2 | -0.54 | 1m |
| XTJ | Telecommunications | 1359.5 | -7.7 | -0.56 | 22m |
| XHJ | Healthcare | 8493.5 | -94.8 | -1.1 | 9m |
| XEJ | Energy | 12199.1 | -217 | -1.75 | 35m |
| XMJ | Materials | 8412.1 | -174 | -2.03 | 188m |
| XXJ | Financials ex Property Trusts | 3884.6 | -112.8 | -2.82 | 69m |
| XNJ | Industrials | 3057.5 | -112.2 | -3.54 | 88m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BBI | Babcock & Brown Infrastructure Group | 0.10 | 0.02 | 26.67 | 108.6m |
| FMG | Fortescue Metals Group Ltd | 2.50 | 0.44 | 21.36 | 33m |
| BBP | Babcock & Brown Power | 0.08 | 0.01 | 21.88 | 29m |
| MGX | Mount Gibson Iron | 0.35 | 0.05 | 16.67 | 25.9m |
| VPG | Valad Property Group | 0.05 | 0.00 | -5.45 | 20.5m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| RJT | Rubicon Japan Trust | 0.02 | 0.01 | 87.5 | 1.5m |
| AVM | Anvil Mining | 1.52 | 0.57 | 60 | 57.3k |
| BEC | Becton Property Group | 0.11 | 0.03 | 31.25 | 1.5m |
| VMG | VDM Group | 0.54 | 0.12 | 27.06 | 210k |
| BBI | Babcock & Brown Infrastructure Group | 0.10 | 0.02 | 26.67 | 108.6m |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TSE | Transfield Services | 1.25 | -2.26 | -64.43 | 14.6m |
| KBC | KeyBridge Capital | 0.10 | -0.03 | -20 | 2m |
| PNA | PanAust Ltd | 0.14 | -0.03 | -15.62 | 19.2m |
| SDG | Sunland Group | 0.87 | -0.13 | -13 | 531.9k |
| DWS | DWS Advanced Business Solutions | 0.56 | -0.08 | -12.5 | 182k |
