Australian Stocks: What Happened Today?

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            [1] => ((DJS))
            [2] => ((MAD))
            [3] => ((NAB))
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            [0] => AGO
            [1] => DJS
            [2] => MAD
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This story features MADER GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: MAD
The company is included in ALL-ORDS

By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives

Australian Market

The Australian market (XJO) closed down -23.6 points or -0.47% to 4959.9 today. The Australian share market has finished in negative territory for the fifth consecutive trading day, as retail and materials stocks posted some solid losses. Materials stocks including Evolution Mining ((EVN)), Alacer Gold ((AQG)) and Atlas Iron ((AGO)) all hit 12 month lows today. The value of trades was $4 billion on volume of 805 million shares at the close of trade. The best performing sector was Telco services adding 12 points to close at 1,687. The worst performing sector was Materials, losing 140 points to close at 9,245.

Karoon Gas Australia Limited ((KAR)) has completed its three well Santos Basin exploration campaign, at a total net cost of $30 million. During the exploration program, the hydrocarbon explorer made two potential commercial oil discoveries, which CEO Bob Hosking says have dramatically improved the prospects for discovering oil in other targets within its offshore blocks in Brazil. Shares in Karoon Gas closed 4.51% down at $5.50.

Gindalbie Metals Limited ((GBG)) says the ramp-up of its Karara Project in Western Australia is continuing to progress, with no material issues encountered with the commissioning of the plant, which has seen seven of nine key areas complete. Gindalbie says the project team is targeting to achieve nameplate capacity of 8 mega tonnes annually, subject to the timely installation of the new equipment and the absence of any issues. Shares in Gindalbie Metals closed 7.69 per cent down at $0.12.

Westfield Retail Trust ((WRT)) plans to spend $435 million on redeveloping Westfield Miranda in New South Wales. The project will increase the size of the centre by about 19,000 square meters.

David Jones Limited ((DJS)) has posted a slight drop in sales in the third quarter, weighed down by a warm start to winter and more consumer caution.

Sundance Resources Limited ((SDL)) shares spiked to be today's best performing stock, with the Africa focused iron ore explorer fielding approaches from a number of interested parties about the development of its Mbalam-Nabeba Iron Ore Project in Cameroon.

Top Performers

Sundance Resources ((SDL)) up $0.018 or 22.50% to $0.098

M2 Telecommunications ((MTU)) up $0.29 or 5.51% to $5.55

Discovery Metals ((DML)) up $0.01 or 4.76% to $0.22

Mirabela Nickel ((MBN)) up $0.005 or 3.23% to $0.16

ALS Limited ((ALQ)) up $0.25 or 2.86% to $8.99
 
Bottom Performers

Maverick Drilling ((MAD)) down -$0.045 or -9.68% to $0.42

Coalspur Mines ((CPL)) down -$0.025 or -7.58% to $0.305

Western Areas Limited ((WSA)) down -$0.21 or -7.19% to $2.71

Horizon Oil ((HZN)) down -$0.028 or -6.75% to $0.387

Independance Group ((IGO)) down -$0.20 or -6.10% to $3.08

Our Comments

The new week has started the same way the last one finished, with sellers dominating. The debate about the US Federal Reserve exiting its quantitative easing program continues to dominate the bigger picture even though unemployment has still not reached the FED's target.

We set a downside target around the 4900 level and we are almost there now. BHP Billiton ((BHP)) seems to be trading well here even though the share price is declining, the last couple of sessions it has outperformed the overall market.

Any continued weakness here in National Australia Bank ((NAB)) before Thursday before it goes ex dividend we view as a buying opportunity.

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
 

Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).

Stephen Hogan is an Authorised Representative of Novus Capital. Authorised Representative No.345411 – http://www.stephenhogan.com.au

Novus Capital Limited ("Novus") is holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this e-mail or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.

Novus believes that any information or advice (including any financial product recommendation) contained in this document is accurate when issued but do not warrant its accuracy or reliability. Novus is not obliged to provide you with updated information or advice if circumstances change. Novus, its directors, officers, associates and employees exclude to the full extent permitted by law, all liability of any kind whether in negligence, contract, under a fiduciary duty or otherwise, for any loss or damage, whether direct, indirect, consequential or otherwise, whether foreseeable or not, arising from or in connection with this e-mail or an attached document.

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