Australian Stocks: What Happened Today?

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List StockArray ( [0] => SBM [1] => MMS [2] => ASL [3] => REA [4] => SGP )

By Ashley Jessen

12 August 2013 ASX Market Summary – Invast Financial Services

Neutral market action in the US and Australian business confidence hitting an 8 month low could not dent the confidence of the bulls as our early consolidation led to strong buying activity to close out the session, with the S&P/ASX 200 rising 49 points or 0.95% to close at 5157.7 on volume of $3.8 billion.

Health Care stocks rebounded from yesterday’s lack lustre performance to post a solid 2.81% gain with the shining light coming from Primary Health Care ((PRY)), which rose 5.17%. Industrials put in a solid performance as well, rising 1.81%. Only one sector managed a negative result with Utilities falling 0.74%. The next worst performer was the Telecommunications sector but it was still able to remain in the black, rising 0.25%.

Looking over the charts

Yesterday we spoke about the importance of a follow through session off the back of a strong day yesterday and this is the first solid follow through since the 11th of July this year. Not only were we able to break through immediate resistance but the strength of the day can be seen in the S&P/ASX 200 closing on its highs for two straight days. Consolidation early in the day was met with euphoric buying activity to close the session out and might even be enough to convince the sceptical bears that our market is destined to go higher in the short and medium term. Immediate resistance is sitting at and above the 5200 mark.

S&P/ASX 200 Gainers and Losers

St Barbara ((SBM)) has fought back gallantly from recent lows to finish the day up 13.86% on double average volume but is fast approaching key resistance between the $0.60 & $0.70 levels. Bradken ((BKN)) had an incredible day rising 12.40% on triple the average volume despite reporting a 33% fall in earnings, which was clearly unable to deter the bulls.

Top 5 gainers:

ST BARBARA +13.86%
BRADKEN +12.40%
MCMILLAN SHAKESPEARE ((MMS)) +12.20%
AUSDRILL ((ASL)) +11.69%
BOART LONGYEAR ((BLY)) +10.19%

REA Group ((REA)) was unable to maintain the momentum gathered over the last 2 months and in particular yesterday’s strong breakout, as it retreated 4.37%. FKP Property Group ((FKP)) hit the same low price for the third consecutive day with the market closing on its lows and finishing down 4.05% but bulls may be comforted to know if the price can hold these levels then it will form a new higher low.

Top 5 Losers:

REA GROUP -4.37%
FKP PROPERTY GROUP -4.05%
BILLABONG INTERNATIONAL ((BBG)) -3.17%
DUET GROUP ((DUE)) -3.14%
STOCKLAND ((SGP)) -2.89%

 

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