Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
The DAX took a lot longer than expected to get through its bounce, but it finished pretty much where it was supposed to. Don't sweat the 'throwover' to 4711, which was 23 points above my previously stated maximum upside objective of 4688. The rally is finished, and markets will make anther move down - to another interim low that I will tell you about in advance.
Everybody is finally aware that the 'rescues' are bullshit. Everybody is now aware that the 'stress tests' are bullshit. Everybody is now aware that the 'profits' being reported by the Welfare Queens of Wall Street are bullshit.
Doubtless you've forgotten what I said would happen during Obama's first 100 days: I'm not going to reiterate it, but lets just say I was not one of the mindless fuck-knuckles backing the Great Beige Hope. Like all politicians, he is a fraud and a parasite, so I am glad that all the hope that was 'invested' in him is being dashed to death like a baby's head on a sharp rock.
AS I mentioned the other day, I had been planning on re-commencing OzRants on Monday afternoon, but I had forgotten about all the stupid clock-changes, and so the scripts that prepare all the tables and such, were buggered. I re-wrote them and rejigged my crontab (the re-write was necessary because I have changed data provider).
Now, let's talk politics.
Turns out that there is a US Congress-parasite (a female, to the extent that these vermin have gender) who was caught on tape conspiring with AIPAC to get the FBI to drop a case against two Israeli spies. Her name is Jane Harman, and she is clearly a shill for the racist scum who run the 'state' of 'Israel'.
She was caught by a wiretap which was in place with a warrant. She was a senior member of the US House Intelligence committee, and she was caught on tape conspiring with agents of influence of a foreign government to pervert the course of justice.
When this information was transmitted to Bush's pet Mexican torture-advocate (Alberto 'Speedy' Gonzales), did he say "¡Ándale! ¡Ándale! ¡Arriba! ¡Arriba! Queeek! Arrest thees tray-tor!"?
Nope - he conspired with her, to make the charges go away so long as she undertook to be a voice in support of the Bush administration's illegal wiretapping.
Like a good whore, she dropped to her knees the moment she understood that her options were (1) do as the john says; or (2) go to priz.
Now perhaps you understand why people like me refuse to consider themselves as bound to follow the rules laid down by shitbirds like this Harman cow - there is no 'law' if it is made by people as corrupt as her, Gonzales and Bush (and Cheney, and the nest of dual-passport-holding descendants of Eastern European peasant scum that calls itself 'neocon').
Major Market Indices
The broad market - the All Ordinaries (XAO) - slid pretty savagely, posting a loss of 89.2 points (2.4%), finishing at 3633.1 points. The index hit an intraday high of 3633.1 at 4:36 pm, while the low for the day was 3629.4 - set at 3:55 pm Sydney time.
Total volume traded on the ASX was 1.6bn units, 29.2% above its 10-day average of 1.24bn shares.The ASX's daily listing of all stocks included 1195 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 372.3m units; there were 658 declining stocks, which traded aggregate declining volume of 1.08bn shares.
Of the 486 All Ordinaries components, 97 rose while 315 fell. Volume was tilted in favour of the losers by a margin of 8.1:1, with 114.27m shares traded in gainers while 928.68m shares traded in the day's losers.
The Index that forms the cash basis for the SPI Futures - the S&P/ASX 200 (XJO) - dipped rather savagely, losing 91.6 points (2.43%), closing out the session at 3677.4 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3633.10 | -89.20 (2.4%) |
| ASX 20 | 2252.10 | -54.60 (2.4%) |
| ASX 50 | 3730.00 | -90.90 (2.4%) |
| ASX 100 | 3026.00 | -74.60 (2.4%) |
| ASX 200 | 3677.40 | -91.60 (2.4%) |
| ASX 300 | 3667.20 | -91.20 (2.4%) |
| ASX Mid-Cap 50 | 3195.00 | -86.60 (2.6%) |
| ASX Small Ordinaries | 1805.10 | -49.80 (2.7%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - was taken to the woodshed somewhat, sliding 54.6 points (2.37%), closing out the session at 2252.1 points.
Among the 20 big guns, 4 index components finished to the upside, and 17 lost ground. The stocks which make up the index traded a total of 131.43m units; 4 index components rose, with rising volume amounting to 12.4m shares, while the 17 decliners had volume traded totalling 119.04m units. The major percentage gainers within the index were
- Newcrest Mining (NCM), +$1.26 (4.53%) to $29.10 on volume of 2.5 million shares;
- Wesfarmers (WES), +$0.46 (2.25%) to $20.86 on volume of 3.6 million shares;
- Woolworths (WOW), +$0.14 (0.53%) to $26.78 on volume of 2.8 million shares; and
- QBE Insurance Group (QBE), +$0.06 (0.29%) to $20.42 on volume of 3.5 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Stockland (SGP), -$0.32 (8.1%) to $3.63 on volume of 11.4 million shares;
- Westfield Group (WDC), -$0.68 (6.19%) to $10.31 on volume of 14.6 million shares;
- RIO Tinto (RIO), -$3.37 (5.82%) to $54.53 on volume of 2.6 million shares;
- Macquarie Group (MQG), -$1.49 (4.78%) to $29.66 on volume of 1.2 million shares; and
- Suncorp-Metway. (SUN), -$0.28 (4.31%) to $6.22 on volume of 3.3 million shares.
The ASX Small Ordinaries (XSO) The small end of the market fell quite a bit harder than its large-cap counterpart. The Small Ords copped a bit of a hiding, sliding 49.8 points (2.68%), closing out the session at 1805.1 points.
Among the stocks that make up the Small Caps index, 38 index components finished to the upside, and of the rest, 153 closed lower for the session.
The 209 stocks which make up the index traded a total of 404.94m units: volume in the 38 gainers totalling 44.63m shares, with trade totalling 338.85m units in the index's 153 declining components. The major percentage gainers within the index were- Biota Holdings (BTA), +$0.07 (9.03%) to $0.79 on volume of 716.3 thousand shares;
- Mineral Resources (MIN), +$0.22 (7.91%) to $3.00 on volume of 121.4 thousand shares;
- Mintails (MLI), +$0.00 (7.5%) to $0.04 on volume of 3.8 million shares;
- Karoon Gas Australia (KAR), +$0.26 (6.95%) to $4.00 on volume of 2 million shares; and
- St Barbara (SBM), +$0.02 (6.06%) to $0.35 on volume of 12.2 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Moly Mines (MOL), -$0.07 (14.44%) to $0.39 on volume of 1.4 million shares;
- Perilya (PEM), -$0.04 (14.29%) to $0.24 on volume of 1.3 million shares;
- Strike Resources Ltd (SRK), -$0.07 (12.84%) to $0.48 on volume of 365.3 thousand shares;
- PMP (PMP), -$0.06 (12.22%) to $0.40 on volume of 288 thousand shares; and
- Abacus Property Group (ABP), -$0.05 (12.16%) to $0.33 on volume of 5.2 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3633.1 | -89.2 | -2.4 | 1089.3m |
| XFL | ASX 50 | 3730 | -90.9 | -2.38 | 367.4m |
| XJO | ASX 200 | 3677.4 | -91.6 | -2.43 | 912.7m |
| XKO | ASX 300 | 3667.2 | -91.2 | -2.43 | 1018.3m |
| XMD | ASX Mid-Cap 50 | 3195 | -86.6 | -2.64 | 261.8m |
| XSO | ASX Small Ordinaries | 1805.1 | -49.8 | -2.68 | 389.1m |
| XTL | ASX 20 | 2252.1 | -54.6 | -2.37 | 120.1m |
| XTO | ASX 100 | 3026 | -74.6 | -2.41 | 629.2m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 4 | 17 | 33 | 97 | 38 | 306 |
| Declines | 17 | 84 | 164 | 315 | 153 | 658 |
| Advancing Volume | 12.4m | 60.3m | 95.2m | 114.3m | 44.6m | 372.3m |
| Declining Volume | 119m | 609.5m | 804m | 928.7m | 338.9m | 1.08bn |
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 best performing index was Consumer Staples (XSJ), which added 40.5 points (0.64%) to 6329.8 points. The 13 stocks which make up the index traded a total of 38.2m units; 5 index components rose, with rising volume amounting to 8.99m shares, while the 8 decliners had volume traded totalling 29.21m units. The major percentage gainers within the index were
- Wesfarmers (WES), +$0.46 (2.25%) to $20.86 on volume of 3.6 million shares;
- Australian Agricultural Company. (AAC), +$0.02 (0.96%) to $1.58 on volume of 382.8 thousand shares;
- Woolworths (WOW), +$0.14 (0.53%) to $26.78 on volume of 2.8 million shares;
- Premier Investments Limited (PMV), +$0.02 (0.49%) to $4.12 on volume of 178.9 thousand shares; and
- Coca-Cola Amatil (CCL), +$0.02 (0.24%) to $8.41 on volume of 2 million shares.
The worst-performed index for the session was Property Trusts (XPJ), which dipped 54.1 points (7.09%) to 708.8 points. The 21 stocks which make up the index traded a total of 295.78m units; The 18 decliners had volume traded totalling 282.38m units, and volume in the lone rising index component was 0.59m shares, The major percentage decliners within the index were
- GPT Group (GPT), -$0.09 (15.25%) to $0.50 on volume of 48.2 million shares;
- Goodman Group (GMG), -$0.07 (13.73%) to $0.44 on volume of 27.1 million shares;
- ING Office Fund (IOF), -$0.06 (12.63%) to $0.42 on volume of 7.3 million shares;
- Mirvac Group (MGR), -$0.15 (12.61%) to $1.04 on volume of 11.4 million shares; and
- Abacus Property Group (ABP), -$0.05 (12.16%) to $0.33 on volume of 5.2 million shares.
Just missing out on the wooden spoon was Materials (XMJ), which slid 294.2 points (3.15%) to 9059.1 points. The 46 stocks which make up the index traded a total of 217.08m units; The 38 decliners had volume traded totalling 174.89m units, and 7 index components rose, with rising volume amounting to 40.89m shares, The major percentage decliners within the index were
- Perilya Limited (PEM), -$0.04 (14.29%) to $0.24 on volume of 1.3 million shares;
- Kagara Zinc (KZL), -$0.11 (11.23%) to $0.83 on volume of 6.2 million shares;
- Western Areas NL (WSA), -$0.52 (10.59%) to $4.39 on volume of 832.9 thousand shares;
- Aquarius Platinum (AQP), -$0.52 (9.61%) to $4.89 on volume of 907.6 thousand shares; and
- Murchison Metals Ltd (MMX), -$0.1 (8.48%) to $1.03 on volume of 1.9 million shares.
Third-to-last amongst the sector indices was Energy (XEJ), which slid 383.3 points (2.81%) to 13280.7 points. The 20 stocks which make up the index traded a total of 56.48m units; The 17 decliners had volume traded totalling 40.7m units, and 2 index components rose, with rising volume amounting to 8.35m shares, The major percentage decliners within the index were
- Aquila Resources (AQA), -$0.24 (7.12%) to $3.13 on volume of 359.2 thousand shares;
- Linc Energy Ltd (LNC), -$0.14 (6.57%) to $1.99 on volume of 810.3 thousand shares;
- Centennial Coal Company (CEY), -$0.13 (6.05%) to $2.02 on volume of 2.3 million shares;
- Caltex Australia (CTX), -$0.57 (5.86%) to $9.16 on volume of 898.7 thousand shares; and
- Felix Resources (FLX), -$0.58 (4.97%) to $11.08 on volume of 319.4 thousand shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XSJ | Consumer Staples | 6329.8 | 40.5 | 0.64 | 38m |
| XTJ | Telecommunications | 1102.8 | -2.6 | -0.24 | 40m |
| XIJ | Information Technology | 512.3 | -1.4 | -0.27 | 2m |
| XHJ | Healthcare | 7710.9 | -39.5 | -0.51 | 8m |
| XUJ | Utilities | 4036.6 | -25.2 | -0.62 | 30m |
| XDJ | Consumer Discretionary | 1187 | -19 | -1.58 | 41m |
| XXJ | Financials ex Property Trusts | 4088.1 | -110.6 | -2.63 | 57m |
| XNJ | Industrials | 2772.8 | -79.4 | -2.78 | 143m |
| XEJ | Energy | 13280.7 | -383.3 | -2.81 | 56m |
| XMJ | Materials | 9059.1 | -294.2 | -3.15 | 217m |
| XPJ | Property Trusts | 708.8 | -54.1 | -7.09 | 296m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BLY | Boart Longyear | 0.14 | -0.04 | -20 | 54.2m |
| GPT | GPT Group | 0.50 | -0.09 | -15.25 | 48.2m |
| VPG | Valad Property Group | 0.05 | -0.01 | -12.07 | 39.5m |
| TLS | Telstra Corporation. | 3.20 | -0.01 | -0.31 | 32.5m |
| MOF | Macquarie Office Trust | 0.19 | -0.01 | -5 | 27.6m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| SAV | Savcor Group | 0.48 | 0.08 | 20 | 85.6k |
| PRU | Perseus Mining | 0.99 | 0.16 | 19.28 | 3.1m |
| PTN | Prime Retirement And Aged Care Property Trust | 0.15 | 0.02 | 11.54 | 450.3k |
| SRX | Sirtex Medical | 2.65 | 0.25 | 10.42 | 84.6k |
| BTA | Biota Holdings | 0.79 | 0.07 | 9.03 | 716.3k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BLY | Boart Longyear | 0.14 | -0.04 | -20 | 54.2m |
| GPT | GPT Group | 0.50 | -0.09 | -15.25 | 48.2m |
| CFU | Ceramic Fuel Cells | 0.06 | -0.01 | -15.07 | 22.1m |
| MOL | Moly Mines | 0.39 | -0.07 | -14.44 | 1.4m |
| PEM | Perilya | 0.24 | -0.04 | -14.29 | 1.3m |
