Australian Stocks: What Happened Today?

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List StockArray ( [0] => ASX [1] => SBM [2] => RRL [3] => MML [4] => EVN )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 10 October 2013

Political uncertainty in the US and less than robust sessions for precious metals and Crude Oil provided an ominous sign for the day’s trading, but a weak open on the S&P/ASX 200 was met by stronger than expected unemployment data that saw the headline rate fall from 5.8% to 5.6% and the local market rally a quick fire 18 points. In the end the S&P/ASX 200 finished the day down 5.9 points or 0.11% on low volume of $3.4 billion.

No stand out winners and losers across the sectors today with most hovering around slightly above or slightly below break even. Utilities and Industrials faired the best, rising a steady 0.43% and 0.40% respectively which Information Technology and Materials remained weak, falling 0.64% and 0.63% respectively.

Looking over the charts

Another session that saw the lows get bought up to close on a doji star at the bottom of the market represents clearly the uncertainly Australian traders and investors are facing and is well and truly in line with the political uncertainty overhanging the US right now. Closing below the 5150 level provides an ominous sign but one not to be overly concerned with right now until we at least see some confirmation of a close well below this current line in the sand.

ASX top 200 stock analysis

49% of stocks are showing oversold levels, 5% are showing overbought levels and 47% of stocks are currently above their long term moving average as of close of trading today. Markets are still shying towards weakness and short term traders will be looking for a confirmation of a turnaround before considering long positions with potentially good risk rewards opportunities. Of interest is my reading on the S&P500 in America, which currently has only 2% of the 500 stocks showing overbought levels with 57% currently oversold. The Nasdaq and FTSE are showing similar levels.

S&P/ASX 200 Gainers and Losers

Bank of Queensland ((ASX)) had a picture perfect breakout, rising above previous resistance at $11.00 and 6.70% up for the day as they reported their full year profit of $185.8 million, which is quite significant given their previous year’s loss of $17.1 million. Sigma Pharmaceuticals ((SIP)) bounced back impressively from a recent strong sell off to rise 4.76% on steadily rising volume but has a lot of work to do to make back the 27% fall in the last 3 months.

Top 5 gainers:

BOQ       BANK OF QUEENSLAND +6.70%
SIP          SIGMA PHARMACEUTICALS +4.76%
((SDL))         SUNDANCE RESOURCES +4.05%
((DCG))       DECMIL GROUP +3.72%
((SXY))         SENEX ENERGY +3.42%

St Barbara ((SBM)) has been unable to hold on to critical support levels with today’s 9.09% fall pushing in well below the $0.50 mark and fast approaching the $0.40 last line of defence and will be one to watch very closely if you are currently long the stock. Regis Resources ((RRL)) has had a rocky ride over the last 8 months and today’s 7.29% drop pushes it below support at $3.70 and into no-man’s land and out of the consolidation and into a downward trend.

Top 5 Losers:

SBM       ST BARBARA -9.09%
RRL         REGIS RESOURCES -7.29%
((MML))     MEDUSA MINING -6.54%
((EVN))       EVOLUTION MINING -6.41%
((OGC))       OCEANAGOLD CORPORATION -5.21%

 

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