Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
The pullback predicted in last week's OzRant is proceeding nicely - and as this afternoon's price action made clear, nobody yet believes that the markets are headed lower. Today it was a 50-point abortive rally starting in the thin lunch trade... tomorrow it will be something different, but it will reinforce that the average 'investor' is committed to doing his balls.
It's a bit like the constant flow of bullshit concerning how real estate markets have 'turned a corner' and that good times are ahead. Evidence - the breathless reportage concerning the fact that BIS-Shrapnel decided to hang out a bullshit balloon (doubtless paid for by one or other of the Real Estate Agent Unions) forecasting a 20-ish% rise over the next three years... indicating that their analyst maybe needs a piece of shrapnel removed from his brain.
Seriously - who gives a shit? Did they see the global crisis ahead of time? No? Well fuck them - their research is not worth the bits used to transmit it to journalists (except as an indicator that you can say whatever the fuck you like, and hope nobody calls you on it later).
I keep forgetting to put up a table of the S&P 'targets' promulgated by the 17 major houses for year-end 2008 - including our old chum, that Greenspan-in-a-skirt Abby Joseph Cohen. The average target that these chumps foresaw for year-end 2008... was above 1750 - the lowest target was 1575. Douchebags.
I've said it before - by the time this is all over and done with, the Dow will trade below the price of an ounce of Gold, and I will be able to buy an entire hamlet for less than you can currently buy a falling-down village house.
But that's for later... now I'm off to make a delicious tofu green curry with mushrooms and green beans - just to make sure that the other apartments know that there are foreigners living next door.
Major Market Indices
The broad market - the All Ordinaries (XAO) - dipped reasonably hard, registering a loss of 53.7 points (1.36%), finishing at 3904.2 points. The index hit an intraday high of 3957.9 at 10:00 am, while the low for the day was 3876.5 - set at 12:56 pm Sydney time.
Total volume traded on the ASX was 2.11bn units, 1.3% below its 10-day average of 2.14bn shares.The ASX's daily listing of all stocks included 1335 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 344 issues rose, with volume in rising issues totalling 458.6m units; there were 678 declining stocks, which traded aggregate declining volume of 1.35bn shares.
Of the 498 All Ordinaries components, 123 rose while 285 fell. Volume was tilted in favour of the losers by a margin of 4.7:1, with 236.76m shares traded in gainers while 1.12bn 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 46.8 points (1.18%), closing out the session at 3915.7 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 3904.20 | -53.70 (1.4%) |
| ASX 20 | 2361.90 | -36.50 (1.5%) |
| ASX 50 | 3921.00 | -59.70 (1.5%) |
| ASX 100 | 3197.10 | -47.90 (1.5%) |
| ASX 200 | 3915.70 | -46.80 (1.2%) |
| ASX 300 | 3910.70 | -46.90 (1.2%) |
| ASX Mid-Cap 50 | 3511.70 | -46.20 (1.3%) |
| ASX Small Ordinaries | 2077.60 | -31.10 (1.5%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - registered a loss of 36.5 points (1.52%), closing out the session at 2361.9 points.
Among the 20 big guns, 2 index components finished to the upside, and 19 lost ground. The stocks which make up the index traded a total of 185.39m units; 2 index components rose, with rising volume amounting to 7.27m shares, while the 19 decliners had volume traded totalling 178.12m units. The major percentage gainers within the index were
- Suncorp-Metway Ltd (SUN), +$0.16 (2.53%) to $6.49 on volume of 4.5 million shares; and
- Woodside Petroleum Ltd (WPL), +$0.06 (0.15%) to $40.91 on volume of 2.7 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Rio Tinto Ltd (RIO), -$15.55 (21.23%) to $57.68 on volume of 10.5 million shares;
- Stockland (SGP), -$0.2 (6.21%) to $3.02 on volume of 11.5 million shares;
- Macquarie Group Ltd (MQG), -$1.65 (4.39%) to $35.95 on volume of 2.3 million shares;
- Westfield Group (WDC), -$0.32 (2.82%) to $11.01 on volume of 8.3 million shares; and
- Wesfarmers Ltd (WES), -$0.58 (2.63%) to $21.47 on volume of 2.7 million shares.
The ASX Small Ordinaries (XSO) The small end of the market slid in line with its large-cap counterpart. The Small Ords registered a loss of 31.1 points (1.47%), closing out the session at 2077.6 points.
Among the stocks that make up the Small Caps index, 57 index components finished to the upside, and of the rest, 128 closed lower for the session.
The 214 stocks which make up the index traded a total of 484.87m units: volume in the 57 gainers totalling 96.38m shares, with trade totalling 299.35m units in the index's 128 declining components. The major percentage gainers within the index were- PAN Pacific Petroleum NL (PPP), +$0.05 (13.51%) to $0.42 on volume of 2 million shares;
- Lion Selection (LST), +$0.08 (8%) to $1.08 on volume of 98.8 thousand shares;
- Wattyl Ltd (WYL), +$0.04 (6.93%) to $0.54 on volume of 593.6 thousand shares;
- Virgin Blue Hldgs Ltd (VBA), +$0.02 (6.15%) to $0.35 on volume of 8.2 million shares; and
- Healthscope Ltd (HSP), +$0.24 (5.94%) to $4.28 on volume of 2 million shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Centro Retail Trust (CER), -$0.02 (15.38%) to $0.11 on volume of 28.8 million shares;
- Gloucester Coal (GCL), -$0.93 (13.58%) to $5.92 on volume of 234.7 thousand shares;
- Macquarie DDR Trust (MDT), -$0.02 (11.76%) to $0.15 on volume of 9.8 million shares;
- Linc Energy (LNC), -$0.16 (8.51%) to $1.72 on volume of 1.5 million shares; and
- Jabiru Metals Ltd (JML), -$0.03 (7.94%) to $0.29 on volume of 2.6 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 3904.2 | -53.7 | -1.36 | 1481.4m |
| XFL | ASX 50 | 3921 | -59.7 | -1.5 | 462.6m |
| XJO | ASX 200 | 3915.7 | -46.8 | -1.18 | 1288.7m |
| XKO | ASX 300 | 3910.7 | -46.9 | -1.19 | 1439.5m |
| XMD | ASX Mid-Cap 50 | 3511.7 | -46.2 | -1.3 | 522.9m |
| XSO | ASX Small Ordinaries | 2077.6 | -31.1 | -1.47 | 454m |
| XTL | ASX 20 | 2361.9 | -36.5 | -1.52 | 173.9m |
| XTO | ASX 100 | 3197.1 | -47.9 | -1.48 | 985.4m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 2 | 21 | 45 | 123 | 57 | 344 |
| Declines | 19 | 77 | 145 | 285 | 128 | 678 |
| Advancing Volume | 7.3m | 138.6m | 185.5m | 236.8m | 96.4m | 458.6m |
| Declining Volume | 178.1m | 857.2m | 1.04b | 1.12b | 299.3m | 1.35bn |
GICS Industry Indices
Among the 11 industry indices, 2 registered an advance for the session, the remaining 9 lost ground.
The best performing index was Healthcare (XHJ), which added 11.5 points (0.15%) to 7827 points. The 10 stocks which make up the index traded a total of 13.52m units; 5 index components rose, with rising volume amounting to 8.6m shares, while the 5 decliners had volume traded totalling 4.91m units. The major percentage gainers within the index were
- Healthscope Ltd (HSP), +$0.24 (5.94%) to $4.28 on volume of 2 million shares;
- Ansell Ltd (ANN), +$0.31 (3.5%) to $9.16 on volume of 675.9 thousand shares;
- Sigma Pharmaceuticals (SIP), +$0.03 (2.43%) to $1.06 on volume of 2.6 million shares;
- Primary Health Care Ltd (PRY), +$0.08 (1.49%) to $5.45 on volume of 1.1 million shares; and
- Sonic Healthcare Ltd (SHL), +$0.12 (1%) to $12.15 on volume of 2.3 million shares.
Second in the index leadership stakes was Telecommunications (XTJ), which gained 0.4 points (0.03%) to 1162.3 points. This index only contains 3 stocks; they traded a total of 62.76m units today. not a single member of the index managed a closing gain. while the sole declining stock traded 59.28m units. The major percentage gainers within the index were
The worst-performed index for the session was Property Trusts (XPJ), which dipped 19.9 points (2.62%) to 740.3 points. The 21 stocks which make up the index traded a total of 317.09m units; The 12 decliners had volume traded totalling 255.25m units, and 4 index components rose, with rising volume amounting to 19.78m shares, The major percentage decliners within the index were
- Centro Retail (CER), -$0.02 (15.38%) to $0.11 on volume of 28.8 million shares;
- Macquarie DDR Trust (MDT), -$0.02 (11.76%) to $0.15 on volume of 9.8 million shares;
- Macquarie Office Trust (MOF), -$0.03 (11.11%) to $0.20 on volume of 37.5 million shares;
- Goodman Group (GMG), -$0.04 (8.43%) to $0.38 on volume of 70.6 million shares; and
- Macquarie Countrywide Trust (MCW), -$0.04 (6.36%) to $0.52 on volume of 5.3 million shares.
Just missing out on the wooden spoon was Industrials (XNJ), which slid 67.4 points (2.22%) to 2969.3 points. The 34 stocks which make up the index traded a total of 334.67m units; The 26 decliners had volume traded totalling 299.33m units, and 6 index components rose, with rising volume amounting to 30.7m shares, The major percentage decliners within the index were
- Asciano Group (AIO), -$0.58 (31.69%) to $1.25 on volume of 109.3 million shares;
- Boart Longyear (BLY), -$0.07 (20%) to $0.26 on volume of 137.4 million shares;
- PMP Ltd (PMP), -$0.03 (6.82%) to $0.41 on volume of 296.1 thousand shares;
- Bradken Ltd (BKN), -$0.26 (6.19%) to $3.94 on volume of 1.3 million shares; and
- Downer EDI Ltd (DOW), -$0.31 (5.95%) to $4.90 on volume of 1.1 million shares.
Third-to-last amongst the sector indices was Consumer Staples (XSJ), which slid 120.6 points (1.83%) to 6455.6 points. The 12 stocks which make up the index traded a total of 36.57m units; The 10 decliners had volume traded totalling 31.14m units, and 2 index components rose, with rising volume amounting to 5.42m shares, The major percentage decliners within the index were
- Elders Ltd (ELD), -$0.03 (8.82%) to $0.31 on volume of 6 million shares;
- Premier Investments Limited (PMV), -$0.2 (3.64%) to $5.30 on volume of 60.8 thousand shares;
- Wesfarmers Ltd (WES), -$0.58 (2.63%) to $21.47 on volume of 2.7 million shares;
- Woolworths Ltd (WOW), -$0.66 (2.52%) to $25.50 on volume of 3.8 million shares; and
- Goodman Fielder (GFF), -$0.02 (1.46%) to $1.35 on volume of 3.9 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XHJ | Healthcare | 7827 | 11.5 | 0.15 | 14m |
| XTJ | Telecommunications | 1162.3 | 0.4 | 0.03 | 63m |
| XUJ | Utilities | 4055 | -26.4 | -0.65 | 46m |
| XEJ | Energy | 14326.8 | -97.5 | -0.68 | 75m |
| XIJ | Information Technology | 507.4 | -4 | -0.78 | 2m |
| XXJ | Financials ex Property Trusts | 4184.2 | -40.9 | -0.97 | 72m |
| XMJ | Materials | 10441.9 | -122.8 | -1.16 | 321m |
| XDJ | Consumer Discretionary | 1271.5 | -22.9 | -1.77 | 61m |
| XSJ | Consumer Staples | 6455.6 | -120.6 | -1.83 | 37m |
| XNJ | Industrials | 2969.3 | -67.4 | -2.22 | 335m |
| XPJ | Property Trusts | 740.3 | -19.9 | -2.62 | 317m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| BLY | Boart Longyear | 0.26 | -0.07 | -20 | 137.4m |
| AIO | Asciano Group | 1.25 | -0.58 | -31.69 | 109.3m |
| GMG | Goodman Group | 0.38 | -0.04 | -8.43 | 70.6m |
| TLS | Telstra Corp Ltd | 3.36 | -0.02 | -0.59 | 59.3m |
| GPT | GPT Group | 0.51 | -0.01 | -1.92 | 50.1m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| PPI | Pelorus Property Group | 0.20 | 0.03 | 14.29 | 4.3k |
| PPP | PAN Pacific Petroleum NL | 0.42 | 0.05 | 13.51 | 2m |
| RCR | RCR Tomlinson | 0.59 | 0.06 | 11.32 | 531.2k |
| PBB | Pacifica Group | 0.24 | 0.02 | 9.3 | 416.4k |
| WTP | Watpac | 1.30 | 0.11 | 9.24 | 89.5k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| AIO | Asciano Group | 1.25 | -0.58 | -31.69 | 109.3m |
| RIO | RIO Tinto Ltd | 57.68 | -15.55 | -21.23 | 10.5m |
| BLY | Boart Longyear | 0.26 | -0.07 | -20 | 137.4m |
| CER | Centro Retail Trust | 0.11 | -0.02 | -15.38 | 28.8m |
| AVG | Australian Vintage Ltd | 0.19 | -0.03 | -13.64 | 147.1k |
