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Some folks make a habit of finding ways to miss the point. For example, whenever I give some or other technology stock a hard time, I am asked why I hate technology... am I a Luddite?
Hell no - I'm a sucker for pretty much any useful gadget (like my nifty new USB hard drive); I just don't get into the whole "Hooray Henry" thing (so no iPhone for GT), and I absolutely refuse to cloud my judgement as to the price of the stock of (say) Dell, Cisco and Research In Motion, simply because I happen to like their products.
It reminds me of a conversation that I had with a young stock analyst when they returned from an analyst briefing with Melbourne IT (shortly after MelbIT was listed, if I recall correctly). The analyst in question was might impressed, and given the rapid growth in the number of websites, saw dollar signs on the horizon for MelbIT, which had a monopoly on .com.au domain registrations.
"Hang on, X" (his name was X... sorry, I gave it away), I said. "How many .com.au domains have to exist before MLB makes enough money to be worth its stock price, with a PE of, say, 15?".
The answer - when we ran the sums - was that every Australian had to pay a premium for a .com.au site (i.e., people were not permitted to be price-sensitive and choose /com at $10 a year,.... they were going to pay $200 a year for .com.au)... and every Australian had to own at least twenty domain names each.
It was not a popular call - but it was right. (And of course, I would not have a .com.au domain except as a gift... or until the price falls to equality with .com).
Likewise, my periodic 'piss-takes' of the little hook-nosed goblin who is currently trying to pretend to be Napoleon IV: folks ask how, if I am so anti-Frog, would I wax lyrical about how much I love living in France?
Simple, silly: you can adore a people and their countryside, and hate their government.
By and large, the French are delightful people (even though they are shit at war, and their language needs a complete overhaul - another battle they are losing). There are two kinds of Frog that are particularly pleasant to be around - the genuine rural peasantry (the 'paysan') and the genuinely urbane middle class.
The really odious sort of Frog is the kind that is born in a shit suburb of a major town (say, Belleville in the late 1950s/early 1960s, when it was genuinely a slum), who spend the rest of their life trying to ape a genuine middle class person - thinking that middle-class people are all poseurs on the subject of wine, cheese and classical music.
Sadly, no. It just makes the little slum-spawn look like a try-hard, while those who merit their particule drink cask wine and think nothing of it.
Now that's not something that is peculiar to the French lower classes (a paysan is not 'lower class', by the way); the Poms are at least as bad (e.g., the 'wide boy' who becomes a wine wanker the minute he gets a decent job), and some urban Strayans have a red hot go at being as affected.
Major Market Indices
The broad market - the All Ordinaries (XAO) - advanced modestly, rising 31 points (0.77%), finishing at 4047.3 points. The index hit an intraday high of 4051.9 at 3:23 pm, while the low for the day was 4013.3 - set at 10:01 am Sydney time.
To put the day's trade into its proper context, it must be noted that the All Ords first touched 4040 just before 10:30 a.m.; that is, pretty much the entire day's move happened at the open. The "Dumb Money At Work" sign is being upgraded to a flashing version with a siren.
Total volume traded on the ASX was 2.32bn units, 8.8% above its 10-day average of 2.14bn shares.The ASX's daily listing of all stocks included 1384 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 583 issues rose, with volume in rising issues totalling 1.41bn units; there were 472 declining stocks, which traded aggregate declining volume of 617.7m shares.
Of the 498 All Ordinaries components, 245 rose while 173 fell. Volume was tilted in favour of the gainers by a margin of 2:1, with 929.29m shares traded in gainers while 471.11m shares traded in the day's losers.
The Index that forms the cash basis for the SPI Futures - the S&P/ASX 200 (XJO) - posted a modest rise of 22.8 points (0.57%), closing out the session at 4047.2 points.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 4047.30 | 31.00 (0.8%) |
| ASX 20 | 2433.30 | 7.20 (0.3%) |
| ASX 50 | 4058.40 | 12.10 (0.3%) |
| ASX 100 | 3309.40 | 14.20 (0.4%) |
| ASX 200 | 4047.20 | 22.80 (0.6%) |
| ASX 300 | 4042.70 | 22.70 (0.6%) |
| ASX Mid-Cap 50 | 3637.20 | 51.00 (1.4%) |
| ASX Small Ordinaries | 2195.50 | 46.90 (2.2%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - advanced by under a percent, adding 7.2 points (0.30%), closing out the session at 2433.3 points.
Among the 20 big guns, 12 index components finished to the upside, and 9 lost ground. The stocks which make up the index traded a total of 150.6m units; 12 index components rose, with rising volume amounting to 96.99m shares, while the 9 decliners had volume traded totalling 53.61m units. The major percentage gainers within the index were
- RIO Tinto Ltd (RIO), +$4.02 (5.5%) to $77.05 on volume of 3.8 million shares;
- Origin Energy Ltd (ORG), +$0.37 (2.49%) to $15.24 on volume of 4.8 million shares;
- Stockland (SGP), +$0.08 (2.47%) to $3.32 on volume of 9 million shares;
- Macquarie Group Ltd (MQG), +$0.73 (1.89%) to $39.38 on volume of 2.5 million shares; and
- BHP Billiton Ltd (BHP), +$0.57 (1.51%) to $38.27 on volume of 10.6 million shares.
On the less salubrious side of the big-cap fence, the following stocks were the worst-performed within the index:
- Brambles Industries Ltd (BXB), -$0.17 (2.82%) to $5.86 on volume of 6.9 million shares;
- Woolworths Ltd (WOW), -$0.37 (1.4%) to $26.11 on volume of 2.9 million shares;
- Commonwealth Bank Australia (CBA), -$0.52 (1.37%) to $37.44 on volume of 4.1 million shares;
- QBE Insurance Group Ltd (QBE), -$0.23 (1.2%) to $18.92 on volume of 10.5 million shares; and
- CSL Ltd (CSL), -$0.33 (1.06%) to $30.77 on volume of 3.3 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 had a bit of a moonshot, stacking on 46.9 points (2.18%), closing out the session at 2195.5 points.
Among the stocks that make up the Small Caps index, 118 index components finished to the upside, and of the rest, 74 closed lower for the session.
The 214 stocks which make up the index traded a total of 631.79m units: volume in the 118 gainers totalling 329.64m shares, with trade totalling 209.99m units in the index's 74 declining components. The major percentage gainers within the index were- GRD (GRD), +$0.09 (21.95%) to $0.50 on volume of 4.1 million shares;
- Aquila Resources (AQA), +$1.00 (20%) to $6.00 on volume of 1.5 million shares;
- Gindalbie Metals Ltd (GBG), +$0.12 (14.37%) to $0.92 on volume of 7.5 million shares;
- Platinum Australia (PLA), +$0.15 (13.95%) to $1.23 on volume of 2.9 million shares; and
- Specialty Fashion Group (SFH), +$0.07 (13.46%) to $0.59 on volume of 282.9 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Kagara Zinc Ltd (KZL), -$0.27 (22.36%) to $0.92 on volume of 38.1 million shares;
- ING Real Estate Community Living Group (ILF), -$0.01 (9.26%) to $0.05 on volume of 4.6 million shares;
- MEO Australia (MEO), -$0.02 (8.57%) to $0.16 on volume of 24.1 million shares;
- Cudeco (CDU), -$0.18 (6.21%) to $2.72 on volume of 901.3 thousand shares; and
- Mirabela Nickel (MBN), -$0.18 (6.12%) to $2.76 on volume of 1.3 million shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 4047.3 | 31 | 0.77 | 1542m |
| XFL | ASX 50 | 4058.4 | 12.1 | 0.3 | 492.8m |
| XJO | ASX 200 | 4047.2 | 22.8 | 0.57 | 1289.7m |
| XKO | ASX 300 | 4042.7 | 22.7 | 0.56 | 1467.2m |
| XMD | ASX Mid-Cap 50 | 3637.2 | 51 | 1.42 | 378.5m |
| XSO | ASX Small Ordinaries | 2195.5 | 46.9 | 2.18 | 595.9m |
| XTL | ASX 20 | 2433.3 | 7.2 | 0.3 | 141.6m |
| XTO | ASX 100 | 3309.4 | 14.2 | 0.43 | 871.4m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 12 | 55 | 121 | 245 | 118 | 583 |
| Declines | 9 | 51 | 77 | 173 | 74 | 472 |
| Advancing Volume | 97m | 595m | 799.4m | 929.3m | 329.6m | 1.41bn |
| Declining Volume | 53.6m | 312.5m | 405.5m | 471.1m | 210m | 617.7m |
GICS Industry Indices
Among the 11 industry indices, it was pretty much even stevens, with a very slight lead to the duds... the 5 that had an "up" day were just shaded by the remaining 6 which didn't.
The best performing index was Materials (XMJ), which added 249.3 points (2.29%) to 11143.7 points. The 45 stocks which make up the index traded a total of 403.67m units; 30 index components rose, with rising volume amounting to 222.7m shares, while the 10 decliners had volume traded totalling 90.02m units. The major percentage gainers within the index were
- Fortescue Metals Group (FMG), +$0.76 (21.17%) to $4.35 on volume of 48.1 million shares;
- Gindalbie Metals Ltd (GBG), +$0.12 (14.37%) to $0.92 on volume of 7.5 million shares;
- Platinum Australia (PLA), +$0.15 (13.95%) to $1.23 on volume of 2.9 million shares;
- Gunns Ltd (GNS), +$0.11 (11.11%) to $1.10 on volume of 1.7 million shares; and
- Panoramic Resources (PAN), +$0.28 (10.94%) to $2.84 on volume of 2.9 million shares.
Second in the index leadership stakes was Energy (XEJ), which gained 225.1 points (1.5%) to 15263.3 points. The 22 stocks which make up the index traded a total of 110.28m units; 16 index components rose, with rising volume amounting to 95.51m shares, while the 6 decliners had volume traded totalling 14.77m units. The major percentage gainers within the index were
- Aquila Resources (AQA), +$1.00 (20%) to $6.00 on volume of 1.5 million shares;
- Nexus Energy (NXS), +$0.04 (11.27%) to $0.40 on volume of 40.3 million shares;
- ROC Oil Co Ltd (ROC), +$0.07 (8.33%) to $0.91 on volume of 10.2 million shares;
- WorleyParsons Ltd (WOR), +$1.53 (6.41%) to $25.40 on volume of 887.4 thousand shares; and
- Karoon Gas Australia (KAR), +$0.40 (5.71%) to $7.40 on volume of 721.5 thousand shares.
The bronze medal for today goes to Property Trusts (XPJ), which climbed 4.7 points (0.62%) to 767.1 points. The 21 stocks which make up the index traded a total of 358.65m units; 11 index components rose, with rising volume amounting to 206.94m shares, while the 8 decliners had volume traded totalling 125.25m units. The major percentage gainers within the index were
- Macquarie DDR Trust (MDT), +$0.02 (10%) to $0.17 on volume of 16.8 million shares;
- Goodman Group (GMG), +$0.04 (9.72%) to $0.40 on volume of 49 million shares;
- Mirvac Group (MGR), +$0.09 (7.96%) to $1.22 on volume of 45.8 million shares;
- Macquarie Countrywide Trust (MCW), +$0.03 (5.21%) to $0.51 on volume of 10.7 million shares; and
- Centro Properties Group (CNP), +$0.01 (5%) to $0.11 on volume of 8.9 million shares.
The worst-performed index for the session was Healthcare (XHJ), which dipped 77.4 points (0.98%) to 7843.7 points. The 10 stocks which make up the index traded a total of 13.25m units; The 6 decliners had volume traded totalling 8.81m units, and 4 index components rose, with rising volume amounting to 4.44m shares, The major percentage decliners within the index were
- Ansell Ltd (ANN), -$0.3 (3.29%) to $8.81 on volume of 919 thousand shares;
- Sonic Healthcare Ltd (SHL), -$0.35 (2.94%) to $11.56 on volume of 1.5 million shares;
- CSL Ltd (CSL), -$0.33 (1.06%) to $30.77 on volume of 3.3 million shares;
- Healthscope Ltd (HSP), -$0.03 (0.74%) to $4.05 on volume of 838.3 thousand shares; and
- Ramsay Health Care Ltd (RHC), -$0.04 (0.35%) to $11.36 on volume of 619.7 thousand shares.
Just missing out on the wooden spoon was Information Technology (XIJ), which slid 3.2 points (0.63%) to 508.8 points. The 2 stocks which make up the index traded a total of 1.98m units; The sole declining stock traded 1.54m units, and volume in the lone rising index component was 0.44m shares, The major percentage decliners within the index were
- Computershare Ltd (CPU), -$0.14 (1.57%) to $8.76 on volume of 1.5 million shares.
Third-to-last amongst the sector indices was Consumer Staples (XSJ), which slid 36.5 points (0.55%) to 6614 points. The 12 stocks which make up the index traded a total of 39.46m units; The 6 decliners had volume traded totalling 26.67m units, and 5 index components rose, with rising volume amounting to 12.1m shares, The major percentage decliners within the index were
- Elders Ltd (ELD), -$0.01 (3.45%) to $0.28 on volume of 4.3 million shares;
- Goodman Fielder (GFF), -$0.04 (2.52%) to $1.36 on volume of 6.9 million shares;
- Metcash Ltd (MTS), -$0.1 (2.33%) to $4.20 on volume of 3.7 million shares;
- Coca-Cola Amatil Ltd (CCL), -$0.13 (1.54%) to $8.29 on volume of 2.7 million shares; and
- Woolworths Ltd (WOW), -$0.37 (1.4%) to $26.11 on volume of 2.9 million shares.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XMJ | Materials | 11143.7 | 249.3 | 2.29 | 404m |
| XEJ | Energy | 15263.3 | 225.1 | 1.5 | 110m |
| XPJ | Property Trusts | 767.1 | 4.7 | 0.62 | 359m |
| XTJ | Telecommunications | 1135.5 | 3.2 | 0.28 | 43m |
| XDJ | Consumer Discretionary | 1330.1 | 3.6 | 0.27 | 76m |
| XUJ | Utilities | 4140.4 | -2.8 | -0.07 | 42m |
| XNJ | Industrials | 3084 | -5.2 | -0.17 | 164m |
| XXJ | Financials ex Property Trusts | 4229.6 | -15.2 | -0.36 | 77m |
| XSJ | Consumer Staples | 6614 | -36.5 | -0.55 | 39m |
| XIJ | Information Technology | 508.8 | -3.2 | -0.63 | 2m |
| XHJ | Healthcare | 7843.7 | -77.4 | -0.98 | 13m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| GPT | GPT Group | 0.50 | -0.01 | -0.99 | 71m |
| BLY | Boart Longyear | 0.24 | 0.04 | 17.5 | 57.1m |
| SDL | Sundance Resources | 0.18 | 0.00 | 0 | 50.7m |
| GMG | Goodman Group | 0.40 | 0.04 | 9.72 | 49m |
| FMG | Fortescue Metals Group | 4.35 | 0.76 | 21.17 | 48.1m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| GRD | GRD | 0.50 | 0.09 | 21.95 | 4.1m |
| FMG | Fortescue Metals Group | 4.35 | 0.76 | 21.17 | 48.1m |
| AQA | Aquila Resources | 6.00 | 1.00 | 20 | 1.5m |
| NFE | Northern Iron | 1.62 | 0.25 | 17.82 | 380.7k |
| BLY | Boart Longyear | 0.24 | 0.04 | 17.5 | 57.1m |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| KZL | Kagara Zinc Ltd | 0.92 | -0.27 | -22.36 | 38.1m |
| FPARA | Fisher & Paykel Appliances Holdings (rights) | 0.18 | -0.02 | -10.26 | 148.1k |
| COZ | CO2 Group | 0.23 | -0.03 | -10 | 98.1k |
| CWP | Cedar Woods Properties Ltd | 1.40 | -0.15 | -9.68 | 41k |
| ILF | ING Real Estate Community Living Group | 0.05 | -0.01 | -9.26 | 4.6m |
