Australian Stocks: What Happened Today?

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            [0] => ((PDN))
            [1] => ((ENV))
            [2] => ((APA))
            [3] => ((WTF))
            [4] => ((TOL))
            [5] => ((ASL))
            [6] => ((PRU))
            [7] => ((MMS))
            [8] => ((AHE))
            [9] => ((MFG))
            [10] => ((TWE))
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            [1] => ENV
            [2] => APA
            [3] => WTF
            [4] => TOL
            [5] => ASL
            [6] => PRU
            [7] => MMS
            [8] => AHE
            [9] => MFG
            [10] => TWE
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List StockArray ( [0] => PDN [1] => ENV [2] => APA [3] => ASL [4] => PRU [5] => MMS [6] => AHE [7] => MFG [8] => TWE )

By Ashley Jessen

16 July 2013 ASX Market Summary – Invast Financial Services

Mildly positive US markets gave traders the hope of a reasonable start but shortly after the open the market drifted into a 15-20 point range, barely able to stay in positive territory, finishing the day up 4.9 points or 0.09% on below average volume.

Given today’s flat market, it wasn’t a surprise to see no clear leaders among the sectors with all sectors ranging between +0.48% to -0.70%. Telecommunications stocks and Financials led the way with both pull 0.48% and 0.37% respectively. Failing to move into positive territory were the Consumer Discretionary, down 0.70% and Energy stocks, down 0.40%.

Looking over the charts

Consolidation continues on the S&P/ASX 200 as buying volume dries up with little activity among the sellers. Today’s dojo star formation is a good indication of the indecision behind the current market participants, as they look for signals of clear bullish or bearish opportunities. Currently we have a number of traders sitting on the sidelines as they wait for a solid continuation of the upside move or the potential of a move lower.

S&P/ASX 200 Gainers and Losers

Paladan Energy ((PDN)) managed a nice breakout of its recent consolidation to close up 7.29% with triple the average daily volume, off the back of a record full year production report, which was up 20 percent on the previous year. Envestra ((ENV)) shares managed a healthy 6.32% move higher thanks to a potential merger proposal by the biggest owner of natural gas pipelines, APA Group ((APA)).  As a result, shares of Envestra hit the highest price since August 2007.

Top 5 gainers:

• PALADIN ENERGY +7.81%
• ENVESTRA +6.32%
• WOTIF.COM HOLDINGS ((WTF)) +3.48%
• TOLL HOLDINGS ((TOL)) +2.99%
• AUSDRILL ((ASL)) +2.48%

Perseus Mining ((PRU)) shares took a nosedive today, falling 21.97% following their quarterly activity report with the shares fast approaching their last line of support around the $0.44 – $0.50 mark. McMillan Shakespeare ((MMS)) also took a turn for the worse due to potential changes to the FBT (Fringe Benefits Tax) as the government looks to make changes to offset the scrapping of the carbon tax. Shares were down 14.67% with all of the steady gains achieved over the last 2 months being wiped out.

Top 5 Losers:

• PERSEUS MINING -21.97%
• MCMILLAN SHAKESPEARE -14.67%
• AUTOMOTIVE HOLDINGS GROUP ((AHE)) -7.28%
• MAGELLAN FINANCIAL GROUP ((MFG)) -6.56%
• TREASURY WINE ESTATES ((TWE)) -6.07%

 

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