Australian Stocks: What Happened Today?

Array
(
    [0] => Array
        (
            [0] => ((AGO))
            [1] => ((GPT))
            [2] => ((IGO))
            [3] => ((BBG))
            [4] => ((AQG))
            [5] => ((RSG))
            [6] => ((FLT))
            [7] => ((SLR))
            [8] => ((EVN))
            [9] => ((VAH))
        )

    [1] => Array
        (
            [0] => AGO
            [1] => GPT
            [2] => IGO
            [3] => BBG
            [4] => AQG
            [5] => RSG
            [6] => FLT
            [7] => SLR
            [8] => EVN
            [9] => VAH
        )

)

List StockArray ( [0] => GPT [1] => IGO [2] => RSG [3] => FLT [4] => EVN )

By Ashley Jessen

 

Below average growth with the expectation of a pick up next year has prompted Glenn Stevens from the Reserve Bank of Australia (RBA) to drop official interest rates by 25 basis points to 2.5%. Markets reacted slightly negatively, with the S&P/ASX 200 falling 0.2%, but steadied towards the end of the session to fall 5.7 points or 0.1% to close at 5105.6 on average volume.

Few sectors managed to post any significant gains today and the only shining lights were the Telecommunications and Utility sectors, up 0.43% and 0.24% respectively. More than half the sectors were down with Energy and Consumer Discretionary stocks posting the biggest losses, falling 0.92% and 0.65% each.

Looking over the charts

Yesterday’s bearish tweezer top never resulted in anything more than a weak consolidation with today’s chart popping up a little higher on the open to then fall gradually throughout the day. We could suggest we had a tweezer top followed by a hammer as weak signals but the market is coming off new recent highs and this minor profit taking could push the price down towards the 5045 mark (another 55 points) and we’d still be well and truly in an uptrend. Volatility is still low so intraday traders would be struggling to find reasons to jump back on board the S&P/ASX 200 or SPI to trade.

S&P/ASX 200 Gainers and Losers

Atlas Iron ((AGO)) bounced off support at $0.85 to post a 5.36% gain on double the average volume but was unable to close above the $0.90 mark. GPT Group ((GPT)) managed to fight back from the recent 8% sell off from below resistance to gain 4.52% for the day.

Top 5 gainers:

ATLAS IRON +5.36%
GPT GROUP +4.52%
INDEPENDENCE GROUP ((IGO)) +4.35%
BILLABONG INTERNATIONAL ((BBG)) +3.49%
ALACER GOLD CORP ((AQG)) +3.45%

Resolute Mining ((RSG)) gave back all of yesterday’s strong gains (up 10.49%) to approach critical resistance around the $0.70 mark, falling 10.76% for the day. Flight Centre ((FLT)) has been flying well and truly under the radar, notching up very consistent gains month after month but that was put to a halt today, falling 5.71% on double the average volume.

Top 5 Losers:

RESOLUTE MINING -10.76%
FLIGHT CENTRE -5.71%
SILVER LAKE RESOURCES ((SLR)) -5.41%
EVOLUTION MINING ((EVN))  -5.29%
VIRGIN AUSTRALIA HOLDINGS ((VAH)) -4.60%

 

Reprinted with permission of the publisher. Content included in this article is not by association the view of FNArena (see our disclaimer).