Australian Stocks: What Happened Today?

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By Ashley Jessen

3 September 2013 ASX Market Summary – Invast Financial Services

Holidays in the US and RBA keeping rates on hold were enough to keep our market level pegging with initial upside gains being erased as our market bounced between slightly ahead and breakeven for most of the day. In the end the S&P/ASX 200 closed up 8.3 points or 0.15% on volume of $3.5 billion.

Reasonable prospects of a pickup next year is one of the reasons the RBA has decided to keep rates on hold at the historically low 2.5 per cent and with inflation remaining steady it was enough justification. The Aussie Dollar reacted positively on the news moving up to new highs just above 0.9040.

Both the Utilities and Materials sectors managed to outperform their counterparts today with Utilities up a bold 1.99% and the Materials pushing forward a hearty 1.10%. At the other end of the scale we saw Consumer Discretionary and the Health Care sector losing ground with both down an identical 0.95%.

Looking over the charts

Momentum was momentarily carried forward today with a quick push to the intraday highs with some distributive selling from just above the 5200 level to close the day slightly lower, leaving a shooting star candlestick formation. September is traditionally the worst performing month of the year and this better than average start to the month has ominous signs with a possible bearish divergence signal emerging, which will be important to keep our eye on. Our market and global markets are doing their best to progress forward but for one reason or another seem to be stalling and hesitating at the current levels.

ASX top 200 stock analysis

13% of stocks are showing oversold levels, 34% are showing overbought levels and 61% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Ausdrill ((ASL)) maintained its strongly upward lift of the last 5 days, rising 44%, with 14.97% of that coming just today as it broke out into the highest price since the 18th of April on significantly higher than usual volume. Transfield Services ((TSE)) has had an incredible run up in the last 5 trading sessions, moving 64% from the recent low on the 27th of August, with today’s move pushing up a stellar 8.37%.

Top 5 gainers:

AUSDRILL +14.97%
TRANSFIELD SERVICES +8.37%
CUDECO ((CDU)) +6.41%
NRW HOLDINGS ((NWH)) +6.08%
ATLAS IRON ((AGO)) +5.70

Discovery Metals ((DML)) is hitting the third straight day of biggest loser with today’s 10.71% drop almost par for the course but the key point is the amount of volume changing hands at these levels with over 38 million shares changing hands in the last 2 days. Perseus Mining ((PRU)) has been bouncing around yet again with support being tested at $0.70 and if this level cannot hold the likely next move is to support at $0.50.

Top 5 Losers:

DISCOVERY METALS -10.71%
PERSEUS MINING -9.15%
NORTHERN STAR RESOURCES ((NSR)) -7.81%
ALACER GOLD CORP ((AQG)) -4.79%
SUPER RETAIL GROUP ((SUL)) -4.60%

 

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