Australian Stocks: What Happened Today?

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            [5] => ((LNC))
            [6] => ((ASL))
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            [8] => ((BDR))
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List StockArray ( [0] => HZN [1] => PDN [2] => BSL [3] => ALL [4] => ASL )

By Ashley Jessen

02 October 2013 ASX Market Summary – Invast Financial Services

Despite the first government shutdown in the US in 17 years, markets remained buoyant with the Nasdaq index hitting a 13 year high as it broke out of an ascending triangle technical setup, rising a healthy 1.23%. Locally our S&P/ASX 200 was extremely enthusiastic for the first 20 minutes but got stuck in a narrow 15 point range, managing to eke out a paltry 8.8 points or 0.17% to close at 5215.6 on light volume of $3 billion.

August building approvals and Trade Balance data was released from the Australian Bureau of Statistics (ABS) with building approvals down considerably with a 4.7% decrease instead of a 0.5% expected drop. Australia’s trade deficit widened to $815 million in August, which ended up being double the expected $400 million deficit analysts were predicting.

The Consumer Discretionary and Information Technology sectors took full advantage of any bullish bias to the day with both posting inspiring 1.06% and 1.04% gains respectively with Utilities putting in a notable performance as well, up 0.91%. Only 3 sectors failed to get out of the red with Materials being weighed down by 0.60% and Industrials only slightly behind, falling 0.25%.

Looking over the charts

Today was largely an uneventful day and surprisingly low volatility after the initial push higher in the first 20 minutes. Following that early enthusiasm we failed to see any further interest to the upside with a narrow 15 point range dominating the rest of the trading session. The good news for the bulls is that our market is currently holding above the 5200 level, providing an ideal range between here and resistance just above the 5300 level.

ASX top 200 stock analysis

33% of stocks are showing oversold levels, 11% 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

Horizon Oil ((HZN)) managed an impressive 11.11% gain off the back of an announcement to the market where they noted they have intersected a liquids rich gas column onsite in Papua New Guinea, which could prove quite important. Paladin Energy ((PDN)) finally fought back a solid 10.42% today after being sold off below the $0.50 mark for the first time since late 2004, making share holders quite nervous in the process.

Top 5 gainers:

• HORIZON OIL +11.11%
• PALADIN ENERGY +10.42%
• BLUESCOPE STEEL ((BSL)) +6.15%
• PANAUST ((PNA)) +2.91%
• ARISTOCRAT LEISURE ((ALL)) +2.74%

Linc Energy ((LNC)) was sitting on a double bottom after 3 months of consolidation and was unable to hold the key support level at $1.40 with today’s 10.53% loss putting it into dangerous territory with the next support level sitting down at $0.80. Ausdrill ((ASL)) has been struggling to hold recent strong up moves with a 4.76% fall today pushing it well down below support between $1.50 and $1.60 and will have its work cut out for it to bounce back from here.

Top 5 Losers:

• LINC ENERGY -10.53%
• AUSDRILL -4.76%
• RESOLUTE MINING ((RSL)) -4.65%
• BEADELL RESOURCES ((BDR)) -4.02%
• NEWCREST MINING ((NCM)) -3.95%

 

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