Australian Stocks: What Happened Today?

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List StockArray ( [0] => RSG [1] => BRU [2] => NST [3] => MML [4] => PDN [5] => EHL )

By Ashley Jessen

 

Slightly weaker than expected jobs data out of the US failed to inspire our local market with a subdued, low volume day, which is not unusual for a Monday and with little volatility across Gold and Crude Oil, the S&P/ASX 200 was unable to hit positive territory, down 5.5 points or -0.1% on well under average volume.

Inflation figures were in highlighting a 0.5% rise with most being attributed to rising petrol and hotel prices, which has brought the reading to 2.7% year on year. Retail sales figures from the Australian Bureau of Statistics came in at zero growth despite seeing growth across areas such as clothing and personal accessories.

Consumer Discretionary and Materials stocks were in the minority today, each ending the day in the positive along with a total of 3 sectors. Consumer Discretionary forged ahead by 0.88% whilst the Materials sector was less buoyant, rising 0.3%. Seven sectors failed to make it into positive territory with Consumer Staples and Utilities the worst performers, falling 0.36% and 0.35% respectively.

Looking over the charts

Unfortunately the S&P/ASX 200 was unable to capitalise on Friday’s positive close with market action today proving quite tentative, forming a tweezer top just above the 5100 mark. On open our market plodded downwards with a mid morning attempt to rally back to breakeven proving unsuccessful. At this juncture it is like déjà vu with sideways market action but now we are slightly higher than last week. Momentum is still favouring the bulls but there are telling signs showing since the market action is unable to follow through on previous positive closes.

S&P/ASX 200 Gainers and Losers

Resolute Mining ((RSG)) recovered from Friday’s sell off to post a 10.49% gain and hold above the $0.75 mark, which is acting as immediate short term support but volume was half the daily average, so little conviction from the bulls. Buru Energy ((BRU)) bounced strongly off support about $1.70 to push forward a stellar 7.89% on double the average volume, as it approaches a near term double top around the $1.86 mark.

Top 5 gainers:

RESOLUTE MINING +10.49%
BURU ENERGY +7.89%
NORTHERN STAR RESOURCES ((NST)) +7.59%
SILVER LAKE RESOURCES ((SLR)) +7.25%
MEDUSA MINING ((MML)) +5.85%

Paladin Energy ((PDN)) continues to push lower with the last 9 months stuck in a fairly wide trading range between $0.70 and $1.25. Today the market took Paladin’s capital raising of $75 million as negative news and drove the share price down a staggering 27.5% with 49.2 million shares changing hands. Paladin is now on the borderline of the lowest price since January 2005 and send a further blow to the Uranium sector as a whole. Virgin Australian ((VAH)) shares fell 4.40% but in the greater scheme the price really isn’t doing much whilst it is stuck in quite a long term trading range.

Top 5 Losers:

PALADIN ENERGY -27.50%
VIRGIN AUSTRALIA HOLDINGS -4.40%
EMECO HOLDINGS ((EHL)) -3.92%
TELECOM CORPORATION OF NEW ZEALAND ((TEL)) -3.85%
ALACER GOLD CORP ((AQG)) -3.33%

 

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