Australian Stocks: What Happened Today?

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            [1] => ((TPM))
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            [3] => ((EHL))
            [4] => ((ACR))
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            [6] => ((EVN))
            [7] => ((SLR))
            [8] => ((KCN))
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List StockArray ( [0] => EHL [1] => ACR [2] => MML [3] => EVN [4] => KCN )

By Ashley Jessen

13 September 2013 ASX Market Summary – Invast Financial Services

Twitter has filed for an Initial Public Offering (IPO) in one of the most anticipated floats in 2013 with estimations around the $10 Billion mark, yet Wall Street shrugged off the optimism (falling 25 points) as cautious trading set in, waiting for next week's FOMC meeting and further talks around Quantitative Easing or Septaper. The S&P/ASX 200 managed to steady the ship after an initial 30 point fall to end the day down 22.9 points or 0.43% on below average volume of $3.5 billion.

Only 4 sectors managed to hang on to positive territory with Consumer Staples and Utilities leading the way, posting 0.55% and 0.54% gains respectively. Information Technology stocks were hardest hit, pulling back a much larger than usual 1.73% with Materials the next worst performing sector losing ground by 1.24%.

Looking over the charts

Today we saw a lot of cautious traders holding back to see what is going to happen at next week’s FOMC meeting with profit takers stepping in early in the session, driving the S&P/ASX 200 down a quick fire 30 points. The 5200 level is now going to be important support and we’ll see if that can hold if any further downside or negative news comes out tonight or early next week across the US session.

ASX top 200 stock analysis

17% of stocks are showing oversold levels, 41% are showing overbought levels and 57% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

M2 Telecommunications Group ((MTU)) was one of the few shining lights in an otherwise mediocre trading session, rising a meagre 3.81% but on 5 times the average volume. TPG Telecom ((TPM)) had a fairly average up day of 2.56% but that minor rise managed to place it second among the biggest winners.

Top 5 gainers:

M2 TELECOMMUNICATIONS GROUP +3.81%
TPG TELECOM +2.56%
DECMIL GROUP ((DCG)) +2.40%
EMECO HOLDINGS ((EHL)) +2.13%
ACRUX ((ACR)) +2.12%

Medusa Mining ((MML)) gained further momentum to the downside breaking a critical support level at $2.20 to finish the day down 9.09% on triple the average volume and quickly approaching new lows. Evolution Mining ((EVN)) is currently sitting right on support at $0.80 after today's fall of 8.99% and volume was double the average and it needs to hold these levels for any further upside.

Top 5 Losers:

MEDUSA MINING -9.09%
EVOLUTION MINING -8.99%
SILVER LAKE RESOURCES ((SLR)) -7.93%
KINGSGATE CONSOLIDATED ((KCN)) -7.12%
ALACER GOLD CORP ((AQG)) -6.75%

 

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