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I was made aware of a piece in The Australian over the weekend, in which some female journalist wanted to inform The Masses about the best places to stick your dough for 2009. Being a journo, who do you reckon she asked?
You guessed it... she asked fund managers... brokers.... other 'finance journalists'... the usual crowd who never saw 2008 coming, and who then declared that all the damage was over back in June or July. The people who lost money for their clients and readers all year long. The people who were wrong all.the.way.down.
God stab my vitals - all the old ideas were new again. CSL is the next CSL, there are only two resource companies in the world (RIO and BHP) and you must select between the two. Spare me.
I have no idea what the name of this woman is, but frankly she ought to be run out of town on a rail, along with 'Kochie', Mcrann, Kohler, and the rest of the dimwits who were encouraging everyone to stay invested. Franky, it was to 'finance journalism' what "Sex & the City" is to literature.
Why is it that people who are involved in the media - be it in puff pieces like the aforementioned, or 'property porn' - are not accountable for their 'advice'?
Just yesterday, on a piece of Pommie property porn in which some young couple of dullards were going to pay 375 thousand pounds for a 2-bed house, I watched some Pommie bint exclaim "You simply cannot lose on an investment like this", as she tried to cajole the couple into overpaying by what will turn out to be 50% for a perfectly ordinary house.
If I did that for a stock, or if any of my mates did that for any investment, they would be hauled before the beak.
I don't think the beak ought to be wasting his time overseeing the prosecution of people who say "this investment can't lose" - after all, caveat emptor and all that. But if it's sauce for the goose (i.e., me, Mav., Timbo the ginger Ninja) then it ought to be sauce for the gander ('Kochie', Mcrann, Kohler, the bint from Pommie TV, the journal-ess from the Strayan).
Perhaps the rationale is that anyone in TV or the newpapers is actually in the entertainment industry, and therefore not expected to provide 'advice'. So why would ASIC drop an anvil on the head of some finance blogger (e.g., me) if I ever faield to provide access to a fulsome disclaimer? Why am I - some dill in the wilderness - not permitted to say "You should [buy/sell/hold] stock XUZ"?
{Note - they have not as yet dropped any anvils, but everyone knows that they could if they wanted to be a pain}
Major Market Indices
The broad market - the All Ordinaries (XAO) - dipped reasonably hard, registering a loss of 56.4 points (1.53%), finishing at 3624 points. The index hit an intraday high of 3627.2 at 1:27 pm, while the low for the day was 3604 - set at 11:33 am Sydney time.
Total volume traded on the ASX was 949.2m units, 2.2% above its 10-day average of 929.1m shares.The ASX's daily listing of all stocks included 968 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 306 issues rose, with volume in rising issues totalling 351.5m units; there were 475 declining stocks, which traded aggregate declining volume of 497.2m shares.
Of the 487 All Ordinaries components, 128 rose while 263 fell. Volume was tilted in favour of the losers by a margin of 1.3:1, with 292.6m shares traded in gainers while 365.83m 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 52.4 points (1.4%), closing out the session at 3683.3 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3624.00 | -56.40 (1.5%) |
| ASX 20 | 2203.10 | -33.60 (1.5%) |
| ASX 50 | 3718.90 | -53.40 (1.4%) |
| ASX 100 | 3034.20 | -43.20 (1.4%) |
| ASX 200 | 3683.30 | -52.40 (1.4%) |
| ASX 300 | 3670.30 | -51.60 (1.4%) |
| ASX Mid-Cap 50 | 3346.80 | -44.30 (1.3%) |
| ASX Small Ordinaries | 1752.80 | -21.20 (1.2%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 33.6 points (1.5%), closing out the session at 2203.1 points.
Among the 20 big guns, 5 index components finished to the upside, and 16 lost ground. The stocks which make up the index traded a total of 89.28m units; 5 index components rose, with rising volume amounting to 14.79m shares, while the 16 decliners had volume traded totalling 74.48m units. The major percentage gainers within the index were
- Newcrest Mining (NCM), +$0.73 (2.38%) to $31.38 on volume of 1.2 million shares;
- Suncorp-Metway. (SUN), +$0.18 (2.11%) to $8.73 on volume of 2 million shares;
- Foster's Group (FGL), +$0.06 (1.12%) to $5.40 on volume of 3.9 million shares;
- Woolworths (WOW), +$0.07 (0.27%) to $26.30 on volume of 1.4 million shares; and
- Westfield Group (WDC), +$0.01 (0.07%) to $13.82 on volume of 6.2 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), -$2.63 (5.99%) to $41.30 on volume of 1.5 million shares;
- Wesfarmers (WES), -$0.94 (4.96%) to $18.01 on volume of 1.8 million shares;
- BHP Billiton (BHP), -$0.87 (2.74%) to $30.83 on volume of 8.1 million shares;
- Stockland (SGP), -$0.1 (2.56%) to $3.81 on volume of 7.5 million shares; and
- Origin Energy (ORG), -$0.36 (2.24%) to $15.72 on volume of 1.4 million shares.
The ASX Small Ordinaries (XSO) dropped, but still outperformed its large-cap counterpart. The Small Ords registered a loss of 21.2 points (1.2%), closing out the session at 1752.8 points.
Among the stocks that make up the Small Caps index, 65 index components finished to the upside, and of the rest, 120 closed lower for the session.
The 210 stocks which make up the index traded a total of 362.31m units: volume in the 65 gainers totalling 221.14m shares, with trade totalling 106.1m units in the index's 120 declining components. The major percentage gainers within the index were- HFA Holdings (HFA), +$0.04 (29.17%) to $0.16 on volume of 22.1 million shares;
- Mintails (MLI), +$0.01 (28.95%) to $0.05 on volume of 10.4 million shares;
- Becton Property Group (BEC), +$0.03 (19.35%) to $0.19 on volume of 2.8 million shares;
- Valad Property Group (VPG), +$0.01 (15.38%) to $0.11 on volume of 30.2 million shares; and
- Cape Lambert Iron Ore Ltd (CFE), +$0.04 (13.21%) to $0.30 on volume of 2.4 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Sunland Group (SDG), -$0.15 (20%) to $0.58 on volume of 2.9 million shares;
- Moly Mines (MOL), -$0.07 (14.94%) to $0.37 on volume of 343.9 thousand shares;
- Apex Minerals NL (AXM), -$0.05 (10.59%) to $0.38 on volume of 651.2 thousand shares;
- CBH Resources (CBH), -$0.01 (10%) to $0.05 on volume of 698.5 thousand shares; and
- NRW Holdings (NWH), -$0.03 (9.8%) to $0.23 on volume of 960.2 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3624 | -56.4 | -1.53 | 746m |
| XFL | ASX 50 | 3718.9 | -53.4 | -1.42 | 206m |
| XJO | ASX 200 | 3683.3 | -52.4 | -1.4 | 552.1m |
| XKO | ASX 300 | 3670.3 | -51.6 | -1.39 | 706.2m |
| XMD | ASX Mid-Cap 50 | 3346.8 | -44.3 | -1.31 | 147m |
| XSO | ASX Small Ordinaries | 1752.8 | -21.2 | -1.2 | 353.1m |
| XTL | ASX 20 | 2203.1 | -33.6 | -1.5 | 81.8m |
| XTO | ASX 100 | 3034.2 | -43.2 | -1.4 | 353.1m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 5 | 23 | 53 | 128 | 65 | 306 |
| Declines | 16 | 77 | 141 | 263 | 120 | 475 |
| Advancing Volume | 14.8m | 86.5m | 158m | 292.6m | 221.1m | 351.5m |
| Declining Volume | 74.5m | 258.4m | 329.8m | 365.8m | 106.1m | 497.2m |
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 sector index to record a gain was Utilities (XUJ), which added 16.7 points (0.4%) to 4193.9 points. The 11 stocks which make up the index traded a total of 27.52m units; 5 index components rose, with rising volume amounting to 10.18m shares, while the 6 decliners had volume traded totalling 17.34m units. The major percentage gainers within the index were
- Energy World Corporation Ltd (EWC), +$0.02 (7.27%) to $0.30 on volume of 4 million shares;
- Duet Group (DUE), +$0.09 (4.8%) to $1.97 on volume of 1.6 million shares;
- Envestra (ENV), +$0.01 (2.9%) to $0.36 on volume of 2.2 million shares;
- AGL Energy (AGK), +$0.22 (1.57%) to $14.19 on volume of 1.3 million shares; and
- Babcock & Brown Wind Partners Group (BBW), +$0.01 (1.11%) to $0.91 on volume of 1 million shares.
The worst-performed index for the session was Materials (XMJ), which dipped 202.5 points (2.24%) to 8818.4 points. The 46 stocks which make up the index traded a total of 106.06m units; The 33 decliners had volume traded totalling 75.11m units, and 8 index components rose, with rising volume amounting to 22.16m shares, The major percentage decliners within the index were
- Aquarius Platinum (AQP), -$0.38 (7.71%) to $4.55 on volume of 625.8 thousand shares;
- Alumina (AWC), -$0.12 (7.32%) to $1.52 on volume of 5.2 million shares;
- OM Holdings (OMH), -$0.09 (6.72%) to $1.18 on volume of 497.5 thousand shares;
- PanAust Ltd (PNA), -$0.02 (6.52%) to $0.22 on volume of 12.5 million shares; and
- Sino Gold Mining (SGX), -$0.3 (6.38%) to $4.40 on volume of 752.5 thousand shares.
Just missing out on the wooden spoon was Energy (XEJ), which slid 245 points (1.95%) to 12332.1 points. The 20 stocks which make up the index traded a total of 25.46m units; The 18 decliners had volume traded totalling 20.78m units, and 2 index components rose, with rising volume amounting to 4.68m shares, The major percentage decliners within the index were
- Nexus Energy (NXS), -$0.05 (9.68%) to $0.42 on volume of 2.6 million shares;
- Gloucester Coal (GCL), -$0.32 (7.64%) to $3.87 on volume of 474.3 thousand shares;
- Karoon Gas Australia (KAR), -$0.24 (7.02%) to $3.18 on volume of 288.6 thousand shares;
- Linc Energy Ltd (LNC), -$0.11 (6.21%) to $1.66 on volume of 1.4 million shares; and
- Riversdale Mining (RIV), -$0.13 (5.2%) to $2.37 on volume of 288.9 thousand shares.
Third-to-last amongst the sector indices was Information Technology (XIJ), which slid 8.3 points (1.95%) to 418.1 points. The 2 stocks which make up the index traded a total of 0.78m units; The sole declining stock traded 0.62m units, and volume in the lone rising index component was 0.17m shares, The decliner within the index was
- Computershare (CPU), -$0.17 (2.27%) to $7.33 on volume of 615.9 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XUJ | Utilities | 4193.9 | 16.7 | 0.4 | 28m |
| XHJ | Healthcare | 8194.6 | -24.9 | -0.3 | 8m |
| XSJ | Consumer Staples | 6134 | -42.1 | -0.68 | 20m |
| XPJ | Property Trusts | 935.2 | -7.5 | -0.8 | 184m |
| XXJ | Financials ex Property Trusts | 3891.4 | -44 | -1.12 | 84m |
| XTJ | Telecommunications | 1244 | -17.4 | -1.38 | 33m |
| XDJ | Consumer Discretionary | 1170.9 | -19.4 | -1.63 | 22m |
| XNJ | Industrials | 3180.9 | -56.5 | -1.75 | 57m |
| XIJ | Information Technology | 418.1 | -8.3 | -1.95 | 1m |
| XEJ | Energy | 12332.1 | -245 | -1.95 | 25m |
| XMJ | Materials | 8818.4 | -202.5 | -2.24 | 106m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| ADY | Admiralty Resources NL | 0.04 | 0.00 | 5.26 | 87.3m |
| VPG | Valad Property Group | 0.11 | 0.01 | 15.38 | 30.2m |
| BNB | Babcock & Brown | 0.33 | 0.00 | 0 | 28.2m |
| TLS | Telstra Corporation. | 3.65 | -0.07 | -1.88 | 27.8m |
| GPT | GPT Group | 0.91 | -0.01 | -0.55 | 23.6m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| AXQ | Allco Max Securities And Mortgage Trust | 0.02 | 0.01 | 41.67 | 131.8k |
| HFA | HFA Holdings | 0.16 | 0.04 | 29.17 | 22.1m |
| MLI | Mintails | 0.05 | 0.01 | 28.95 | 10.4m |
| MEO | MEO Australia | 0.32 | 0.07 | 28.57 | 8.8m |
| PRU | Perseus Mining | 0.54 | 0.10 | 21.35 | 463.2k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MPF | Multiplex Acumen Property Fund | 0.13 | -0.04 | -21.21 | 138.7k |
| ARR | Arasor International | 0.05 | -0.01 | -20.63 | 83.3k |
| SDG | Sunland Group | 0.58 | -0.15 | -20 | 2.9m |
| CMV | CMA Corporation | 0.14 | -0.03 | -17.65 | 85.9k |
| ARH | Australasian Resources | 0.47 | -0.10 | -17.54 | 82.6k |
