Australian Stocks: What Happened Today?

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ASX Top Gainers & Losers plus Market Snapshot – 08 October 2013

US Markets were unable to disguise the uncertainty investors have regarding the debt ceiling agreement, with the Dow Jones falling 136 points overnight yet we saw precious metals rise modestly, providing some optimism for our resource heavy market. Unfortunately the uncertainty carried forward to our market on open with the S&P/ASX 200 falling over 30 points before some steady buying saw it close the day down 11.7 points or 0.23% on volume of $3.3 billion.

All sectors but Health Care found the going tough today as the Health Care sector managed a robust gain of 1.29% with CSL rising 2.29% after it bounced off solid support at the $64 level. Continuing on the positive trend was the Utilities stocks which managed to add 0.29% across the board. Energy and Real Estate Investment Trusts struggled right out of the gates and were unable to claw back those losses, with both posting 0.75% and 0.70% losses to finish the day.

Looking over the charts

If there were any positives to take out of today’s bearish session, which has compounded recent losses, it is that the market managed to fight back from the 30 point drop sustained until lunch time and almost climb back into the black by the end of the session. A hammer at the bottom of the market is indicating accumulative buying at these levels and the fact that is closed right on the 5150 mark is a positive with old support lying right on these levels.

ASX top 200 stock analysis

47% of stocks are showing oversold levels, 6% are showing overbought levels and 48% of stocks are currently above their long term moving average as of close of trading today. Our market last saw these levels on the 8th of August this year where the market promptly rallied and historically the lowest levels we’ve seen came in mid to late June, where the market had a sustained rally.

S&P/ASX 200 Gainers and Losers

Alacer Gold ((AQG)) gapped up nicely on open today but was unable to hold on to those early gains but still managed to be the best performer across the ASX 200, rising 4.76% but hitting resistance at $3.40. Atlas Iron ((AGO)) has risen nicely off recent support at $0.85 to post a 4.68% gain for the day on triple the average volume pushing the price towards the $0.90 short term resistance level.

Top 5 gainers:

AQG      ALACER GOLD CORP +4.76%
AGO      ATLAS IRON +4.68%
((CDD))       CARDNO +4.64%
((GWA))     GWA GROUP +3.64%
((AUT))       AURORA OIL & GAS +3.46%

Cudeco ((CDU)) has been heading south for the last 3 weeks after hitting a short time high but today the action was quite negative, pushing the share price down a disappointing 9.75% on double the average volume as they update the market with their drill blast holes at Las Minerale. Paladin Energy ((PDN)) is sitting very close to dangerous levels as the market turns negative on the Uranium miners with today’s 5.15% drop giving it the lowest closing price since early 2005.

Top 5 Losers:

CDU       CUDECO -9.75%
PDN       PALADIN ENERGY -5.15%
((MFG))      MAGELLAN FINANCIAL GROUP -5.00%
((DCG))       DECMIL GROUP -4.89%
((RSG))        RESOLUTE MINING -4.10%