Australia | Apr 23 2013
By Ashley Jessen, director of LearnCFDs.com and author of CFDs Made Simple
Despite weaker than expected Chinese PMI data, the S&P/ASX 200 followed positive leads from its overseas counterparts and with a very strong energy sector managed a stellar 49.64 point gain or 1% to close at 5016.2 on slightly more than $4 billion in turnover.
The HSBC Flash Manufacturing Purchasing Managers Index (PMI) came in below expectations, stepping down 1.1 points to 50.5 in April with the Manufacturing output hitting a 2 month low, down to 51.1 from a reading of 53 in March.
Oil & Gas stocks, fuelled largely by Woodside Petroleum ((WPL)), rose an incredible 4.53% today with potential for an excellent follow through over the next couple of days. Consumer Services also outperformed, rising 1.83% but Basic Materials just couldn’t get into positive territory with the rest of the market, falling 1.56% and was the only sector in the red.
Looking over the charts
Anzac Day rallies have been on the money some 76% of the last 15 plus years, according to Jody Elliss, with the market likely to rise up to the next trading day and this year looks to be working as well, with our market bouncing off recent support and heading up to the 5025 resistance level and providing a handy 50+ point move. Technically our market looks strong for a break above the 5025 resistance level but savvy traders will be monitoring the force of the break closely.
S&P/ASX 200 Gainers and Losers
Coalspur Mines ((CPL)) retraced from its serious downtrend, rising 11.43% but has suffered recently with a 58% decline in price from mid February so today’s pop back above $0.35 will provide little respite for investors. Woodside Petroleum ((WPL)) was well and truly in favour with investors, rising 10.12% off the back of their special dividend of USD$0.63 per share being revealed.
Mirabela Nickel ((MBN)) more than continued its slide to consistently lower lows, falling a massive 24.32% after revealing their quarterly activity report. Silver Lake Resources ((SLR)) couldn’t get things right today, falling an incredible 14.50% on this highest volume seen in well over a year and pushing the stock to the lowest price since March 2010.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
Disclaimer: There is a high degree of risk involved in trading various financial instruments. It is possible to lose significant amounts of money when trading the markets. As your trading decisions are beyond my control, I accept no responsibility for your trading results. Please seek professional financial advice to determine if trading is for you.
While Ashley Jessen attempts to ensure that the information herein is accurate at the date the information was produced, however, Ashley Jessen does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the information provided herein and under no circumstances are they to be considered an offer, solicitation to invest or be construed as giving investment advice.
Technical limitations
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