Australian Stocks: What Happened Today?

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By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 17 October 2013

The US Government has been reopened, after 16 days of shutdown, and the big news overnight was the temporary solution to the US debt ceiling by kicking the can down the road so-to-speak and suspending the debt ceiling issue until the 7^th of February. Markets took kindly to the news, pushing the Dow Jones up 205.8 points, which echoed across to the S&P/ASX 200 with a fast 35 point gain in the first 30 minutes before settling in the black by 20.2 points or 0.38% on steady volume.

The Real Estate Investment Trust sector managed to be the shining light on an overall upbeat trading session, rising a solid 0.96% with Health Care following suit and moving forward 0.94%. Nearly half the sectors were unable to get into positive territory with the worst being Consumer Staples falling 0.49% and the other 4 were all down less than 0.10% with Energy taking that spot.

Looking over the charts

Our local market continues to inch forward in the current no-man’s land where it is ranging between the 5200 and 5300 levels and we are certainly seeing some very positive progress with the bulls enjoying their time in the sun. The oscillator isn’t showing any bearish divergence of note so this appears to be a sustainable move forward with a high probability to break through resistance overhead. Having said that, the market did pull back off intraday highs as the market participants continue to evaluate the news as it hits the wires.

ASX top 200 stock analysis

16% of stocks are showing oversold levels, 35% are showing overbought levels and 60% of stocks are currently above their long term moving average as of close of trading today. Markets are certainly starting to gyrate between overbought and oversold levels. It is during these phases that range bound trading systems start to shine where traders will sell support and buy weakness.

S&P/ASX 200 Gainers and Losers

Boral (BLD:ASX) gapped up positively today, rising a hearty 5.89% on more 10 times the average volume (30.23 million shares) after its announced it will receive just over $600 million from the planned merger of all of its plasterboard interests with USG. Perseus Mining (PRU:ASX) appeared to have a great day, rising 5.43% but the share price is really languishing on significant lows and is desperate to move higher and away from new historic low prices.

Top 5 gainers:

• ((BLD))         BORAL +5.89%
• ((PRU))         PERSEUS MINING +5.43%
• ((LNC))         LINC ENERGY +5.15%
• ((PBG))         PACIFIC BRANDS +4.14%
• ((RSG))         RESOLUTE MINING +3.85%

Regis Resources (RRL:ASX) had a fairly average session, dropping 4.44% on rising volume and is struggling to hold on to support just above the $3.45 level. Annsel (ANN:ASX) was unable to hold on to support and broke through the $20.00 mark, falling 3.00% today on rising volume with many technical traders likely to have gotten on the descending triangle pattern formation.

Top 5 Losers:

• ((RRL))          REGIS RESOURCES -4.44%
• ((ANN))        ANSELL -3.00%
• ((FMG))        FORTESCUE METALS GROUP -2.96%
• ((OZL))          OZ MINERALS -2.84%
• ((NVT))         NAVITAS -2.76%

 

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