Australian Stocks: What Happened Today?

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            [1] => ((BKN))
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            [6] => ((PDN))
            [7] => ((LEI))
            [8] => ((EWC))
            [9] => ((PNA))
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List StockArray ( [0] => MGX [1] => ILU [2] => NWH [3] => PDN [4] => EWC )

By Ashley Jessen

04 October 2013 ASX Market Summary – Invast Financial Services

After a buoyant 13 year high on the Nasdaq earlier in the week, with speculation of Twitter launching their IPO, we’ve only seen pull backs as markets continue to digest the uncertainty around the US government shutdown. The Nasdaq weakened by 1.07% and the Dow Jones was down 136.6 points or 0.90%, which gave little optimism for the S&P/ASX 200 to do anything but retreat. At the open the S&P/ASX 200 fell a quick fire 37 points before consolidation for the rest of the session to post a 26.9 point drop or 0.51% on below average volume yet again.

Every sector failed to move out of the red zone today with Consumer Discretionary stocks the worst hit, falling 0.95% with Materials not too far behind, closing the day down 0.82%. Health Care was the closest to break even managing a slight 0.09% loss on the day with Energy unable to do better than at 0.31% loss.

Looking over the charts

With the XJO teetering right on support and the uncertainty around the US government shut down plus the weekend upon us, we’ve noticed a day of little to no conviction as traders try to position themselves for what could be a higher than normal volatility week. With the low today just breaking the 5200 market, heading down to 5197.70, we can take that as a false break, as the market fought back to close at 5208 on a fairly sideways moving market intraday. After the early sell off our market traded in a narrow 20 point range which has set the scene for the week ahead.

ASX top 200 stock analysis

33% of stocks are showing oversold levels, 14% are showing overbought levels and 59% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Mount Gibson Iron ((MGX)) bounced back valiantly from the recent barrage of selling to lock in a 4.96% rise on slightly higher than average volume leaving the closing price right on $0.74. Bradken ((BKN)) has been in a consolidation range and today’s 3.17% rise keeps it well within those support and resistance lines and will have to clear the $6.00 mark before it is considered in a medium term uptrend.

Top 5 gainers:

MOUNT GIBSON IRON +4.96%
BRADKEN +3.17%
SKILLED GROUP ((SKE)) +2.85%
GOODMAN FIELDER ((GFF)) +2.76%
ILUKA RESOURCES ((ILU)) +2.68%

NRW Holdings ((NWH)) gapped down below $1.40 on open and the momentum carried forward throughout the day to see the price fall a disappointing 7.82% on steady volume. Paladin Energy ((PDN)) has not been able to impress anyone recently and today’s low of $0.465, after dropping 6% for the day, puts it at the lowest price since 2004.

Top 5 Losers:

NRW HOLDINGS -7.82%
PALADIN ENERGY -6.00%
LEIGHTON HOLDINGS ((LEI)) -4.56%
ENERGY WORLD CORPORATION ((EWC)) -4.12%
PANAUST ((PNA)) -3.77%

 

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