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The Dumb Money At Work sign is not quite ready to be set up just yet - today in Australian markets it was (to quote The Bangles) Just Another Manic Monday (Oh-woe).
The Dumb Money At Work sign has been working overtime of late - although folks who don't read these pages (or others equally as clever) will have got a bit of a rude shock by last week's 5-odd percent decline in the Dow. Sadly, although the Dowager gave us a peek at prices below 8000, she didn't let rip and take us down for a real hell-ride.
That, dear Reader, is what garantees that the next 100 days will be awful. Truly and monumentally awful . There will be a bounce during that time, and it will be fast and furious when it happens... but if you were short today and held, by the end of April you would be smiling while every journalist in the country was bemoaning the fact that The Magic Mulatto didn't manage to solve the entire world's problems in his first 100 days.
If we had had a genuine swoon and a retest of the November lows, I would be buying 3-month DOOM calls over any stock index in the world (but concentrating on the beaten-down Asian markets especially). Now I will wait for overboughts and short (at the same time the long end of the US yield curve - which is now broken - is another place where money is to be made by shorting 30-year and 10-year bnd futures [again]).
Major Market Indices
The broad market - the All Ordinaries (XAO) - registered a gain of 36.1 points (1.03%), finishing at 3531 points. The index hit an intraday high of 3539.8 about a minute and a half after the full open, while the low for the day was 3505.6 - set at 2:22 pm Sydney time. Yet again, anyone who hurled themselves onto the buy side at the open was ruing (rueing?) the decision less than an hour later. It took a concerted push to force the inex back towards a 1% gain at the close: at 2:30 p.m. you owuld have thought that a return towards unchanged was more likely.
Apart from the inauguration of The Great Coffee-Coloured Hope tomorrow (US time), there is absolutely no catalyst or any advance in global equities. Nothing is going to save us from the coming devastation of the gobal banking system - not "The Magic Mulatto", and his band of CLinton-era retreads; not the trillions of dollars of debt that these professional grifters intend to bequest to future generations.
Even a major land war in the Middle East - with resultant (nuclear) explosions in Paris and London - will not 'help' (as if wars ever 'help') - except to the extent that it would make French and Engish real estate more affordable (and electricity bills would fall, since the glow from Paris and London would light up the night sky for oh, about a thousand years).
But anyway, today the All Ords got Obama-Fever (plus, it was a Monday), so let's get back to the numbers.
Total volume traded on the ASX was a feeble 799.8m units, 29.7% below its 10-day average of 1.14bn shares.The ASX's daily listing of all stocks included 975 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 354 issues rose, with volume in rising issues totalling 363.9m units; there were 400 declining stocks, which traded aggregate declining volume of 282.9m shares.
Of the 487 All Ordinaries components, 199 rose while 169 fell. Volume was tilted in favour of the gainers by a margin of 1.2:1, with 247.84m shares traded in gainers while 212.16m 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 38.4 points (1.08%), closing out the session at 3589.3 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3531.00 | 36.10 (1.0%) |
| ASX 20 | 2138.70 | 18.50 (0.9%) |
| ASX 50 | 3617.20 | 38.20 (1.1%) |
| ASX 100 | 2955.60 | 30.60 (1.0%) |
| ASX 200 | 3589.30 | 38.40 (1.1%) |
| ASX 300 | 3575.60 | 37.20 (1.1%) |
| ASX Mid-Cap 50 | 3296.70 | 29.40 (0.9%) |
| ASX Small Ordinaries | 1709.20 | 18.60 (1.1%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - advanced by under a percent, adding 18.5 points (0.87%), closing out the session at 2138.7 points.
Among the 20 big guns, 17 index components finished to the upside, and 4 lost ground. The stocks which make up the index traded a total of 107.04m units; 17 index components rose, with rising volume amounting to 58.72m shares, while the 4 decliners had volume traded totalling 48.32m units. The major percentage gainers within the index were
- Newcrest Mining (NCM), +$2.32 (8.01%) to $31.27 on volume of 2.3 million shares;
- Wesfarmers (WES), +$0.97 (5.98%) to $17.20 on volume of 2 million shares;
- RIO Tinto (RIO), +$2.20 (5.74%) to $40.55 on volume of 3.1 million shares;
- Brambles (BXB), +$0.21 (3.17%) to $6.84 on volume of 2.9 million shares; and
- AMP (AMP), +$0.14 (2.65%) to $5.42 on volume of 2.5 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- QBE Insurance Group (QBE), -$0.89 (3.53%) to $24.35 on volume of 3.3 million shares;
- Telstra Corporation. (TLS), -$0.06 (1.67%) to $3.54 on volume of 38.7 million shares;
- Woolworths (WOW), -$0.11 (0.42%) to $26.21 on volume of 1.8 million shares; and
- Westpac Banking Corporation (WBC), -$0.02 (0.12%) to $16.09 on volume of 4.5 million shares.
The ASX Small Ordinaries (XSO) The small end of the market absolutely wiped the floor with its large-cap counterpart. The Small Ords performed solidly, in moving up 18.6 points (1.10%), closing out the session at 1709.2 points.
Among the stocks that make up the Small Caps index, 99 index components finished to the upside, and of the rest, 72 closed lower for the session.
The 210 stocks which make up the index traded a total of 217.57m units: volume in the 99 gainers totalling 65.09m shares, with trade totalling 97.21m units in the index's 72 declining components. The major percentage gainers within the index were- United Minerals Corporation NL (UMC), +$0.14 (24.55%) to $0.69 on volume of 1.1 million shares;
- Carbon Energy Ltd (CNX), +$0.05 (15.52%) to $0.34 on volume of 4.4 million shares;
- Sylvania Resources (SLV), +$0.10 (14.29%) to $0.80 on volume of 28.4 thousand shares;
- Mintails (MLI), +$0.01 (12.82%) to $0.04 on volume of 6.8 million shares; and
- Alliance Resources (AGS), +$0.04 (9.64%) to $0.46 on volume of 234.3 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Centro Retail (CER), -$0.02 (17.53%) to $0.08 on volume of 16.8 million shares;
- Centro Properties Group (CNP), -$0.02 (16%) to $0.11 on volume of 14.1 million shares;
- Australian Education Trust (AEU), -$0.05 (15.87%) to $0.27 on volume of 208.8 thousand shares;
- Industrea (IDL), -$0.02 (14.81%) to $0.12 on volume of 7.1 million shares; and
- Macquarie DDR Trust (MDT), -$0.01 (12.07%) to $0.05 on volume of 3.9 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3531 | 36.1 | 1.03 | 579.4m |
| XFL | ASX 50 | 3617.2 | 38.2 | 1.07 | 188.3m |
| XJO | ASX 200 | 3589.3 | 38.4 | 1.08 | 448.2m |
| XKO | ASX 300 | 3575.6 | 37.2 | 1.05 | 531.5m |
| XMD | ASX Mid-Cap 50 | 3296.7 | 29.4 | 0.9 | 133.8m |
| XSO | ASX Small Ordinaries | 1709.2 | 18.6 | 1.1 | 209.4m |
| XTL | ASX 20 | 2138.7 | 18.5 | 0.87 | 99.1m |
| XTO | ASX 100 | 2955.6 | 30.6 | 1.05 | 322.1m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 17 | 68 | 131 | 199 | 99 | 354 |
| Declines | 4 | 27 | 53 | 169 | 72 | 400 |
| Advancing Volume | 58.7m | 178.6m | 215m | 247.8m | 65.1m | 363.9m |
| Declining Volume | 48.3m | 108.8m | 163.9m | 212.2m | 97.2m | 282.9m |
GICS Industry Indices
Among the 11 industry indices, 8 registered an advance for the session, the remaining 3 lost ground.
The best performing index was Materials (XMJ), which added 227.9 points (2.69%) to 8690.9 points. The 46 stocks which make up the index traded a total of 110.55m units; 32 index components rose, with rising volume amounting to 70.35m shares, while the 7 decliners had volume traded totalling 13.94m units. The major percentage gainers within the index were
- Newcrest Mining (NCM), +$2.32 (8.01%) to $31.27 on volume of 2.3 million shares;
- Aquarius Platinum (AQP), +$0.23 (6.8%) to $3.61 on volume of 283.5 thousand shares;
- Lihir Gold (LGL), +$0.18 (6.72%) to $2.86 on volume of 11.9 million shares;
- Orica (ORI), +$0.88 (6.2%) to $15.08 on volume of 794 thousand shares; and
- Independence Group NL (IGO), +$0.12 (6.09%) to $2.09 on volume of 431.8 thousand shares.
Second in the index leadership stakes was Energy (XEJ), which gained 276.2 points (2.33%) to 12105.4 points. The 20 stocks which make up the index traded a total of 24.24m units; 17 index components rose, with rising volume amounting to 20.26m shares, while the 2 decliners had volume traded totalling 2.3m units. The major percentage gainers within the index were
- Linc Energy Ltd (LNC), +$0.14 (7.71%) to $1.89 on volume of 1.1 million shares;
- Paladin Energy (PDN), +$0.19 (6.53%) to $3.10 on volume of 2.2 million shares;
- Energy Resources Of Australia (ERA), +$0.99 (5.69%) to $18.39 on volume of 160.8 thousand shares;
- Riversdale Mining (RIV), +$0.13 (5.35%) to $2.56 on volume of 280.8 thousand shares; and
- Karoon Gas Australia (KAR), +$0.15 (5.26%) to $3.00 on volume of 170 thousand shares.
The bronze medal for today goes to Consumer Discretionary (XDJ), which climbed 20.1 points (1.78%) to 1151.6 points. The 23 stocks which make up the index traded a total of 22.59m units; 18 index components rose, with rising volume amounting to 18.89m shares, while the 4 decliners had volume traded totalling 2.57m units. The major percentage gainers within the index were
- Pacific Brands (PBG), +$0.03 (6.9%) to $0.47 on volume of 3.2 million shares;
- Billabong International (BBG), +$0.42 (5.47%) to $8.10 on volume of 572.1 thousand shares;
- TEN Network Holdings (TEN), +$0.05 (4.9%) to $1.07 on volume of 495.5 thousand shares;
- GUD. Holdings (GUD), +$0.27 (4.88%) to $5.80 on volume of 55.5 thousand shares; and
- Macquarie Communications Infrastructure Group (MCG), +$0.04 (4.26%) to $0.98 on volume of 959.2 thousand shares.
The worst-performed index for the session was Information Technology (XIJ), which dipped 23.5 points (5.45%) to 408 points. The 2 stocks which make up the index traded a total of 2.27m units; The sole declining stock traded 2.01m units, and volume in the lone rising index component was 0.26m shares, The major percentage decliners within the index were
- Computershare (CPU), -$0.49 (6.46%) to $7.10 on volume of 2 million shares.
Just missing out on the wooden spoon was Telecommunications (XTJ), which slid 16.5 points (1.35%) to 1204.5 points. The 3 stocks which make up the index traded a total of 42.41m units; The sole declining stock traded 38.72m units, and 2 index components rose, with rising volume amounting to 3.69m shares, The major percentage decliners within the index were
- Telstra Corporation. (TLS), -$0.06 (1.67%) to $3.54 on volume of 38.7 million shares.
Third-to-last amongst the sector indices was Utilities (XUJ), which slid 28.9 points (0.69%) to 4156.4 points. The 11 stocks which make up the index traded a total of 16.39m units; The 6 decliners had volume traded totalling 5.73m units, and 3 index components rose, with rising volume amounting to 2.43m shares, The major percentage decliners within the index were
- Babcock & Brown Power (BBP), -$0.01 (5.26%) to $0.09 on volume of 2.6 million shares;
- Energy World Corporation Ltd (EWC), -$0.01 (3.85%) to $0.25 on volume of 807.2 thousand shares;
- Envestra (ENV), -$0.01 (1.54%) to $0.32 on volume of 732.1 thousand shares;
- AGL Energy (AGK), -$0.2 (1.42%) to $13.85 on volume of 1.1 million shares; and
- APA Group (APA), -$0.02 (0.63%) to $3.14 on volume of 346.1 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XMJ | Materials | 8690.9 | 227.9 | 2.69 | 111m |
| XEJ | Energy | 12105.4 | 276.2 | 2.33 | 24m |
| XDJ | Consumer Discretionary | 1151.6 | 20.1 | 1.78 | 23m |
| XNJ | Industrials | 3127.3 | 45.5 | 1.48 | 42m |
| XSJ | Consumer Staples | 6079.3 | 75 | 1.25 | 16m |
| XPJ | Property Trusts | 841.6 | 7.8 | 0.94 | 118m |
| XHJ | Healthcare | 8479.9 | 68.8 | 0.82 | 7m |
| XXJ | Financials ex Property Trusts | 3751.4 | 2.3 | 0.06 | 64m |
| XUJ | Utilities | 4156.4 | -28.9 | -0.69 | 16m |
| XTJ | Telecommunications | 1204.5 | -16.5 | -1.35 | 42m |
| XIJ | Information Technology | 408 | -23.5 | -5.45 | 2m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TLS | Telstra Corporation. | 3.54 | -0.06 | -1.67 | 38.7m |
| BNB | Babcock & Brown | 0.33 | 0.00 | 0 | 28.2m |
| ADY | Admiralty Resources NL | 0.03 | 0.00 | 0 | 19.1m |
| CER | Centro Retail | 0.08 | -0.02 | -17.53 | 16.8m |
| CNP | Centro Properties Group | 0.11 | -0.02 | -16 | 14.1m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MUE | Multiplex European Property Fund | 0.14 | 0.03 | 27.27 | 12.3k |
| UMC | United Minerals Corporation NL | 0.69 | 0.14 | 24.55 | 1.1m |
| CRE | Crescent Gold | 0.11 | 0.02 | 15.79 | 67.3k |
| CNX | Carbon Energy Ltd | 0.34 | 0.05 | 15.52 | 4.4m |
| SLV | Sylvania Resources | 0.80 | 0.10 | 14.29 | 28.4k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| NOD | Nomad Building Solutions | 0.21 | -0.07 | -23.64 | 4.8m |
| CER | Centro Retail | 0.08 | -0.02 | -17.53 | 16.8m |
| CMV | CMA Corporation | 0.13 | -0.03 | -16.67 | 246.2k |
| CNP | Centro Properties Group | 0.11 | -0.02 | -16 | 14.1m |
| AEU | Australian Education Trust | 0.27 | -0.05 | -15.87 | 208.8k |
