Australian Stocks: What Happened Today?

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List StockArray ( [0] => ASL [1] => QAN [2] => KCN [3] => SBM [4] => PRU )

By Ashley Jessen

29 August 2013 ASX Market Summary – Invast Financial Services

Tough trading sessions and continued worries around Syria have provided little optimism for market participants with the Dow posting its first positive close for the week yesterday with Gold, Silver and Crude Oil easing 0.70% – 1.50%. Locally the S&P/ASX 200 jumped slightly on the open only to be sold off heavily early in the session before finding support and closing the day up a mere 5.2 points or 0.1% at 5092.4 on average volume of $4.1 billion.

Data from the Australian Bureau of Statistics (ABS) and the Housing Industry Association (HIA) came out with the ABS noting that the CAPEX figures for the June quarter rose 4% but have fallen 2.3% over the year. New homes sales data came out from HIA suggesting a 4.7% fall over the month and the first decline in five months.

The Energy sector and Consumer Staples stocks led the way with both posting similar gains of 1.01% and 0.95% respectively. Half the sectors managed gains today whilst the other half were unable to claw their way out of the red ink. The Health Care and Telecommunications sectors were the least favoured by traders with Health Care posting a 0.80% loss and Telecommunications posting a 0.60% fall on the day.

Looking over the charts

Fortune favours the brave and today we saw the initial intraday rally pull back sharply to post the low of the day before 11am and those who were able to load up at these levels may have been fortunate enough to collect just over 30 S&P/ASX 200 points. Our new doji star at this point opens the door to a new higher low if these levels can hold and we now find ourselves somewhat wedged in between the 5025 and 5150 mark with the momentum favouring the bears in the short term. Unless there is a sell off to break recent lows, the mark is showing signs of building towards an ascending triangle.

ASX top 200 stock analysis

27% of stocks are showing oversold levels, 13% are showing overbought levels and 53% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Transfield Services ((TSE)) continued yesterday’s positive form to maintain the momentum from an 11% gain to today’s 22.22% gain on 6 times the average volume and well and truly clearing recent resistance points. Ausdrill ((ASL)) bounced back strongly from yesterday’s doji star to post a new higher low combined with today’s 15.02% gain on triple the average volume, boding well for the short term ascending triangle setup in place.

Top 5 gainers:

TRANSFIELD SERVICES +22.22%
AUSDRILL +15.02%
QANTAS AIRWAYS ((QAN)) +13.82%
BOART LONGYEAR ((BLY)) +8.05%
SENEX ENERGY ((SXY)) +5.56%

Kingsgate Consolidated ((KCN)) suffered from excessive sellers as they drove the share price down 22.63%, giving back most of the last week’s strong gains. St Barbara ((SBM)) also fell back from the strong gains of last week, closing the gap and retreating a much bigger than average 15.91% on rising volume.

Top 5 Losers:

KINGSGATE CONSOLIDATED -22.63%
ST BARBARA -15.91%
BILLABONG INTERNATIONAL ((BBY)) -11.34%
PERSEUS MINING ((PRU)) -11.25%
SILVER LAKE RESOURCES ((SLR)) -9.71%

 

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