Australian Stocks: What Happened Today?

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List StockArray ( [0] => SBM [1] => LYC [2] => FMG [3] => IRE [4] => PRU [5] => FLT )

By Ashley Jessen

9 August 2013 ASX Market Summary – Invast Financial Services

Gold, Silver, Platinum and Copper provided an interesting heartbeat to today’s market on open, following a lacklustre trading session in the US, but early gains faded quickly as the market waited for key figures coming out of China. Today we saw the S&P/ASX 200 fall 9.6 points or 0.19% to close at 5055.2 on turnover of $3.3 billion.

The Materials sector was the stand out performer, rising a hefty 1.64% on an otherwise lacklustre trading day. The Utilities sector was the only other sector in the black, managing a small 0.36% gain. 11 sectors were unable to make it into positive territory with the Industrials and Telecommunications sectors the hardest hit, falling 0.97% and 0.91% respectively.

Looking over the charts

Given the recent lack of volatility, the call the S&P/ASX 200 must be for consolidation between the most recent high at 5116 and the recent low at 5007 and until we get some life back into the market it almost seems destined to track between these levels. Today was essentially an inside day with low volatility with the morning session selling off quickly until support was found at 5025. The remainder of the session saw the market grind away slightly higher and pick up 30 points from the low leaving little direction for those looking to hold over the weekend.

S&P/ASX 200 Gainers and Losers

St Barbara ((SBM)) jumped 6.82% but remains clearly stuck in a narrow range off the back of a long term downtrend and will have to have many more days like today before it breaks out of this downtrend and above resistance sitting at $0.75. Lynas Corporation ((LYC)) was almost identical in price action, jumping 6.67% but also coming off the back off a long term downtrend and a shorter term consolidation.

Top 5 gainers:

ST BARBARA +6.82%
LYNAS CORPORATION +6.67%
FORTESCUE METALS GROUP ((FMG)) +5.53%
IRESS ((IRE)) +5.20%
PERSEUS MINING ((PRU)) +4.95%

Transfield Services ((TSE)) recently hit a double top around the $0.97 level and today sellers pushed the price down 4.89% and will need to hold on to these levels if it is to break out of the current medium and long term downtrend. Flight Centre ((FLT)) has had a volatile week, falling 8.2% with today’s loss amounting to 4.42% and closing below previous support around the $43 mark to finish the session at $42.40.

Top 5 Losers:

TRANSFIELD SERVICES -4.89%
FLIGHT CENTRE -4.42%
FAIRFAX MEDIA ((FXL)) -3.77%
TEN NETWORK HOLDINGS ((TEN)) -3.57%
DISCOVERY METALS ((DML)) -3.57%

 

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