Australian Stocks: What Happened Today?

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List StockArray ( [0] => MML [1] => RSG [2] => PRU [3] => NST [4] => ORI )

By Ashley Jessen

22 July 2013 ASX Market Summary – Invast Financial Services

Gold and Silver forged ahead during Friday’s session and provided the perfect springboard for our local S&P/ASX 200 to open strongly and consolidate those early gains to close the day at above the important 5000 mark, at 5001.9, up 29.8 points or 0.59% on just over $4 billion in volume. Gold futures jumped 1.79% or US$23 an ounce spurring many local miners’ shares to jump in tandom.

Energy stocks posted the strongest gains today, rising 1.06% with Materials following closely behind, up a better than average 0.98%. On the other end of the scale we saw 2 sectors in the red with Industrials leading the way, down 0.30%, whilst Real Estate Investment Trusts struggled all day, falling 0.30%.

Looking over the charts

Friday’s weak push to the downside provided a very short lived opportunity for any bears with the bulls taking firm control today, pushing the S&P/ASX 200 to close above the 5000 mark to close at 5001.9 on above average volume. Market action did see some distributive selling shortly after open at the intraday highs but largely the market was seen to consolidate those early gains and remain steady at and above the 5000 level.

S&P/ASX 200 Gainers and Losers

Medusa Mining ((MML)) shares leapt higher by 21.7% and broke out of a short term consolidation, to clear resistance at the $1.80 – $1.85 level, which will provide some relief to investors who have witnessed a 78% drop in a short 8 months. Resolute Mining ((RSG)) shares had similar good fortune today, rising 16.79% and breaking out of a recent downtrend on slightly higher than volume.

Top 5 gainers:

• MEDUSA MINING +21.70%
• RESOLUTE MINING +16.79%
• SILVER LAKE RESOURCES ((SLR)) +15.28%
• PERSEUS MINING ((PRU)) +14.41%
• NORTHERN STAR RESOURCES ((NST)) +12.58%

Leighton Holdings ((LEI)) shares continued their slide from Thursday as momentum pushed the share price down 5.06% to close at $16.33 to take the 3 day fall in price to 11.7%. Ten Network Holdings ((TEN)) pulled back 4.41% to close at $0.28 with immediate support around the $0.26, but the shares continue to range between $0.22 and $0.39 with no obvious trend in place.

Top 5 Losers:

• LEIGHTON HOLDINGS -5.06%
• TEN NETWORK HOLDINGS -4.41%
• ORICA ((ORI)) -3.52%
• INCITEC PIVOT ((IPL)) -3.07%
• ARDENT LEISURE GROUP ((AAD)) -2.50%

 

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