Australian Stocks: What Happened Today?

Array
(
    [0] => Array
        (
            [0] => ((MMS))
            [1] => ((PNA))
            [2] => ((JBH))
            [3] => ((BRU))
            [4] => ((MYR))
            [5] => ((SIP))
            [6] => ((SDL))
            [7] => ((DML))
            [8] => ((FWD))
            [9] => ((BLY))
        )

    [1] => Array
        (
            [0] => MMS
            [1] => PNA
            [2] => JBH
            [3] => BRU
            [4] => MYR
            [5] => SIP
            [6] => SDL
            [7] => DML
            [8] => FWD
            [9] => BLY
        )

)

List StockArray ( [0] => MMS [1] => JBH [2] => BRU [3] => MYR [4] => FWD [5] => BLY )

By Ashley Jessen

26 July 2013 ASX Market Summary – Invast Financial Services

US Markets continue to teeter on all time highs and under normal market conditions we’d see a concerted break through these levels but both the US and Australian S&P/ASX 200 markets, continue to struggle with a lack of commitment from the bulls for a determined push higher. Traders chasing volatility will finish the week scratching their heads with market action for the week remaining flat and until we see a break in either the up or down direction, this lack of volatility will likely continue. In the end we finished the day higher by 6.4 points or 0.19% to close at 5042.

The Consumer Staples and Industrials sectors outperformed all others today but results were well in line with the market, rising 0.43% and 0.42% respectively. Today saw no stand out winners or losers and at the other end of the scale, Telecommunications fell 0.43% and the Materials fell 0.42% for almost a mirror image of best and worst performers.

Looking over the charts

Despite an initial move lower, the S&P/ASX 200 rallied throughout the day to push just above the 5060 level for the first time since mid May. This brief market high seemed to attract a fair amount of selling pressure with market action around 3pm witnessing a short abrupt sell off before consolidating towards the close. Key levels traders need to keep an eye out for include resistance at 5064 and support at 5030. Movement outside of these boundaries will likely dictate the direction of the market in the coming days.

S&P/ASX 200 Gainers and Losers

McMillan Shakespeare ((MMS)) shares bounced back strongly from yesterday’s historic fall, posting a 11.36% rise on just over 5 million shares. Panaust ((PNA)) managed to hold above recent resistance levels at $2.05 to leap ahead 5.50% on nearly double the average volume.

Top 5 gainers:

MCMILLAN SHAKESPEARE+11.36%
PANAUST +5.50%
JB HI-FI   ((JBH))              +5.07%
BURU ENERGY   ((BRU)) +3.55%
MYER HOLDINGS ((MYR)) +3.50%

Sigma Pharmaceuticals ((SIP)) broke through the short term descending triangle on triple the average volume, to close the day down 6.04% with a minor bounce off support at $0.675. Sundance Resources ((SDL)) saw profit takers step in to drive the price down 5.56% with resistance at $0.90 proving too difficult for the bulls to push through.

Top 5 Losers:

SIGMA PHARMACEUTICALS -6.04%
SUNDANCE RESOURCES -5.56%
DISCOVERY METALS ((DML)) -5.56%
FLEETWOOD CORPORATION ((FWD)) -5.22%
BOART LONGYEAR ((BLY)) -4.46%

 

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