Australian Stocks: What Happened Today?

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List StockArray ( [0] => FWD [1] => IRE [2] => EHL [3] => RSG [4] => KCN [5] => PRU )

By Ashley Jessen

12 September 2013 ASX Market Summary – Invast Financial Services

Australian unemployment figures came in worse than expected today with 10,800 jobs lost instead of 10,200 jobs added as originally forecast, driving the Aussie Dollar down 122 pips as a result, yet the local S&P/ASX 200 managed to remain steady throughout the afternoon session, closing the day up 8.1 points or 0.15% on volume of $4.1 billion.

Information Technology stocks had a brilliant up day today, hitting 1.24% and leading the other 10 sectors to the largest gain. Next we saw the Telecommunications sector rising a better than average 0.95% whilst the biggest losers were only down modestly in what ended up being a fairly flat day. Utilities and Financials were the worst performers but both only managed to fall a modest 0.26% and 0.13% respectively.

Looking over the charts

Bullish momentum has carried forward for the 4th consecutive day and with Wall Street powering along and our market nearly breaking through resistance, one could be mistaken for thinking we are in the midst of a new possible bull market. With our market up nearly 14% off the 4632 lows and the overall market severely under exposed, one could imagine the possibility of further upside still to come. The Divergence signal has not formed with the stochastic rising above the previous top, making this a failed setup. We’ll keep our eye on any early warning signals for a top over the next few days.

ASX top 200 stock analysis

14% of stocks are showing oversold levels, 45% are showing overbought levels and 63% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Cudeco ((CDU)) got off to a blistering start today, gapping up significantly but was unable to maintain the early momentum, finishing the day up 5.50% on triple the average volume. Fleetwood Corporation ((FWD)) managed a solid performance today but the pattern was an inside day off yesterday’s dominant red candle but still up 4.05% on the day.

Top 5 gainers:

CUDECO +5.50%
FLEETWOOD CORPORATION +4.05%
NEWS CORPORATION ((NNC)) +3.83%
IRESS ((IRE)) +3.16%
INVESTA OFFICE FUND ((IOF)) +3.08%

Boart Longyear ((BLY)) never ceases to let us down for either the biggest gainer or loser and today the result was negative with the fall hitting a neat 10% drop and sitting right on support at $0.50. Emeco Holdings ((EHL)) saw profit taking continue from yesterday’s session with traders wiping off another 9.62% on double the average volume with possible support sitting at $0.22 or 1.5 cents below today’s close.

Top 5 Losers:

BOART LONGYEAR -10.00%
EMECO HOLDINGS -9.62%
RESOLUTE MINING ((RSG)) -6.49%
KINGSGATE CONSOLIDATED ((KCN)) -6.41%
PERSEUS MINING ((PRU)) -5.38%

 

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