Australian Stocks: What Happened Today?

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List StockArray ( [0] => EWC [1] => WOR [2] => ALL [3] => PRU [4] => MGX )

By Ashley Jessen

27 September 2013 ASX Market Summary – Invast Financial Services

US markets managed to snap a 5 day losing streak but the session overnight can only be described as choppy, but that was enough of a catalyst for the local S&P/ASX 200 to hit and close above the critical 5300 level and notch up the 7th straight week of positive gains. The S&P/ASX 200 is well on the way to notching up a very successful quarter with today’s 12.6 point gain or 0.24% to close at 5307.1, bringing smiles to many local fund managers.

Consistent and above average gains were felt across the top 3 ASX sectors, which all managed over 1% gains with Telecommunications up 1.15%, Health Care up 1.10% and the Utilities sector up 1.05%. Only two sectors were unable to find traction with the Real Estate Investment Trusts and the Financials sectors falling modestly, down 0.11% and 0.01% respectively.

Looking over the charts

Breaking new territory is usually one of excitement and interest and often it is accompanied by a strong break or clear momentum gathering with overzealous buyers. In today’s case we saw an immediate pop to the upside, hitting intraday highs of 5314 and then a steady pull back of only 10 points before a quick 5 point rally into the close. Some minor distributive selling but overall we’ve seen a solid, steady upward climb to hit new highs and provide a number of analysts with some new talking points. Let’s hope the start to next week, after the debt ceiling talks, is a positive one and we maintain that upward momentum.

ASX top 200 stock analysis

17% of stocks are showing oversold levels, 30% are showing overbought levels and 66% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Senex Energy ((SXY)) led the charge on today’s lacklustre trading session with the biggest gainer posting a 3.33% rise as it bounced off recent support and begins heading to recent highs from the middle of September. Energy World Corporation ((EWC)) bounced back from yesterdays dismal session by rising a steady 3.19% with plenty of distributive selling from early intraday highs, which will keep traders cautious going into next week.

Top 5 gainers:

SENEX ENERGY +3.33%
ENERGY WORLD CORPORATION +3.19%
WORLEYPARSONS ((WOR)) +3.04%
LEIGHTON HOLDINGS ((LEI)) +2.97%
ARISTOCRAT LEISURE ((ALL)) +2.91%

Perseus Mining ((PRU)) has been bouncing around on critical support levels as it fights the chance to drop dramatically lower and unfortunately today’s 3.54% drop will not be helping the cause. Newcrest Mining ((NCM)) failed to hold above the key $12.00 support level as traders drove the price down 3.45% to close at $11.47 on triple the average volume.

Top 5 Losers:

PERSEUS MINING -3.54%
NEWCREST MINING -3.45%
SIRIUS RESOURCES NL ((SIR)) -3.41%
ALACER GOLD CORP ((AQG)) -2.99%
MOUNT GIBSON IRON ((MGX)) -2.60%

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