Australian Stocks: What Happened Today?

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            [0] => ((TEN))
            [1] => ((MML))
            [2] => ((ARI))
            [3] => ((NST))
            [4] => ((RRL))
            [5] => ((LEI))
            [6] => ((PDN))
            [7] => ((BLY))
            [8] => ((MND))
            [9] => ((BKN))
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            [2] => ARI
            [3] => NST
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            [5] => LEI
            [6] => PDN
            [7] => BLY
            [8] => MND
            [9] => BKN
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List StockArray ( [0] => MML [1] => ARI [2] => NST [3] => RRL [4] => PDN [5] => BLY [6] => MND )

By Ashley Jessen

03 October 2013 ASX Market Summary – Invast Financial Services

Softer US markets were counteracted by stronger closes in both the precious metal and Crude Oil markets, opening the door to a steady upward trending market as traders continue to digest information around the US Government shutdown as it becomes available. On the closing bell the S&P/ASX 200 pushed ahead 19.3 points or 0.37% on weak volume of just over $3 billion.

Not much to report on the economic front with new car sales for September down 2.1% year on year and 0.8% down from August. China’s non-manufacturing PMI firmed to 55.4.

Sectors were largely flat across the board with no stand-out winners or losers with Materials climbing 0.69% and the Telecommunications Sector rising 0.62%. Only two sectors failed to make ground compared to yesterday with Industrials and Energy falling 0.71% and 0.44% respectively.

Looking over the charts

Large distributive selling, as was noted by today’s long wick on the candle, highlights the indecision that still exists among market participants as they try and work out whether they are going to push this market higher or provide some further opportunity by allowing the market to fall below current support at the 5200 mark. A more powerful signal is now emerging with the stochastic indicator showing oversold with the market in an uptrend and hitting an equal or higher low. Traditional technical traders would consider this an ideal point to balance risk and reward to the upside.

ASX top 200 stock analysis

31% of stocks are showing oversold levels, 12% 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

Ten Network Holdings ((TEN)) has continued to bounce around in a narrow trading range between $0.28 and $0.30 and today managed a 5.36% rise but unfortunately the share price is still stuck in a consolidation pattern. Medusa Mining ((MML)) gapped up 5.16% in early trading on steady volume as it bounces around support levels and continues this consolidation period on the charts.

Top 5 gainers:

TEN NETWORK HOLDINGS +5.36%
MEDUSA MINING +5.16%
ARRIUM ((ARI)) +4.29%
NORTHERN STAR RESOURCES ((NST)) +4.22%
REGIS RESOURCES ((RRL)) +3.85%

Leighton Holdings ((LEI)) has been embroiled in the possibility of corruption and cover-ups and being accused of using multimillion-dollar kickbacks to secure key projects through Asia and investors didn’t take to kindly to this, driving the share price down a massive 10.42%. Paladin Energy ((PDN)) had an inside day off the back of yesterday’s solid gain but was unable to hold on to them as it pulled back 5.66% and sits precariously on $0.50.

Top 5 Losers:

LEIGHTON HOLDINGS -10.42%
PALADIN ENERGY -5.66%
BOART LONGYEAR ((BLY)) -3.30%
MONADELPHOUS GROUP ((MND)) -3.10%
BRADKEN ((BKN)) -3.07%

 

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