Australian Stocks: What Happened Today?

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            [5] => ((ORI))
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List StockArray ( [0] => PRU [1] => LYC [2] => EWC [3] => NST [4] => ORI [5] => SFR )

By Ashley Jessen

19 July 2013 ASX Market Summary – Invast Financial Services

US markets hitting record highs were unable to inspire our local S&P/ASX 200 to do more than pop its head above the 5000 mark, and within 1 short hour, market action was driven down some 40 points as our mining sector dragged the benchmark index lower. In the end the S&P/ASX 200 finished the day down 21.3 points or 0.42% on just over $4 billion in volume.

The Utilities sector had a robust performance along with the Telecommunications sector, up 0.93% and 0.78% respectively. Those heaviest hit in today’s uneventful trading day included both the Materials and Industrials stocks which fell 1.26% and 0.76% respectively.

Looking over the charts

A relatively minor break to the downside on steady volume won’t be enough to deter the bulls among the crowds with today’s price action suggesting more consolidation and perhaps a favouring to the downside in the very short term. With recent highs getting higher and no evidence yet of the lows breaching new lows, smart traders will be favouring a move to find support over the next couple of days before a steady climb higher.

S&P/ASX 200 Gainers and Losers

Unusual are the days that Perseus Mining ((PRU)) doesn’t feature in either the top gainers or losers and fortunately today saw the price swing up 13.27% as the triple bottom formation held, bouncing off support just below the $0.50 mark. Another favourite among the biggest winners and losers is Billabong International ((BBG)), whose shares managed another successful up day, pushing forward an impressive 9.59% on well and truly above average volume.

Top 5 gainers:

• PERSEUS MINING +13.27%
• BILLABONG INTERNATIONAL +9.59%
• LYNAS CORPORATION ((LYC)) +7.23%
• ENERGY WORLD CORPORATION ((EWC)) +6.32%
• NORTHERN STAR RESOURCES ((NST)) +5.59%

One we haven’t seen for some time in the biggest losers is Orica ((ORI)), who announced their $52.5 million deal to buy gas from Strike Energy over the next 20 years, which spooked investors, driving the share price down 13.38%. Boart Longyear ((BLY)) was unable to hold on to recent gains, falling 10.74% at the close of trading today and compounding recent falls, which has seen the share price drop 76% since February this year.

Top 5 Losers:

• ORICA -13.38%
• BOART LONGYEAR -10.74%
• SANDFIRE RESOURCES NL ((SFR)) -7.86%
• BRADKEN ((BKN)) -7.63%
• TRANSFIELD SERVICES ((TSE)) -6.08%

 

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