Australian Stocks: What Happened Today?

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            [0] => ((DML))
            [1] => ((BBG))
            [2] => ((BLY))
            [3] => ((EHL))
            [4] => ((HZN))
            [5] => ((ACR))
            [6] => ((AAD))
            [7] => ((NCM))
            [8] => ((PBG))
            [9] => ((KCN))
        )

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            [1] => BBG
            [2] => BLY
            [3] => EHL
            [4] => HZN
            [5] => ACR
            [6] => AAD
            [7] => NCM
            [8] => PBG
            [9] => KCN
        )

)

18 July 2013 ASX Market Summary – Invast Financial Services

Ben Bernanke provided a calming speech regarding his economic stimulus program overnight, suggesting the US is looking to taper, but the future is not set in stone, and as a result, our local S&P/ASX 200 jumped over the 5000 level early in the session, only to pull back and finish the day up 11.7 points or 0.23% on slightly lower than average volume.

The Telecommunications sector rose 0.84% on what can only be considered a fairly flat trading session. Next best performing sector was the Energy stocks, rising 0.64%. Today saw 6 sectors in the red with Health Care and Consumer Discretionary suffering the most, down 0.84% and 0.45% respectively.

Looking over the charts

Price action took a rise to the upside early in today’s session, but was unable to hold on to those early gains, faltering within the first 15 minutes. As a result traders have been left with 5 straight days of consolidation, which is setting up nicely for a determined break one way or the other. As it stands the current market action has been favouring the bulls but savvy traders will be keeping their options open and remaining flexible to a break either side.

S&P/ASX 200 Gainers and Losers

Discovery Metals ((DML)) jumped up on extremely low volume to be 12.90% higher for the day but still stuck languishing around the $0.15 mark and suffering from a 4 month consolidation. Billabong International ((BBG)) backed up yesterday’s extraordinary gain by posting another positive 8.96% rise, with higher than average volume but considerably less than yesterdays 83 million shares.

Top 5 gainers:

• DISCOVERY METALS +12.90%
• BILLABONG INTERNATIONAL +8.96%
• BOART LONGYEAR ((BLY)) +8.04%
• EMECO HOLDINGS ((EHL)) +7.41%
• HORIZON OIL ((HZN)) +7.04%

Acrux ((ACR)) shares gave back excellent gains made over the last month by falling 8.47% and sitting precariously on support around the $3.40-$3.45 level. Ardent Leisure ((AAD)) share holders will be disappointed with today’s 4.92% fall in price but can be confident in the fact that the recent price action has been so positive, rising 30.9% since March 2013.

Top 5 Losers:

• ACRUX -8.47%
• ARDENT LEISURE GROUP -4.92%
• NEWCREST MINING ((NCM)) -4.53%
• PACIFIC BRANDS ((PBG)) -4.32%
• KINGSGATE CONSOLIDATED ((KCN)) -4.20%