Australian Stocks: What Happened Today?

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List StockArray ( [0] => IRE [1] => FMG [2] => ARI [3] => IFL [4] => KCN [5] => RRL )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 28 October 2013

Strong leads across US and European markets provided the necessary inspiration for our local market to close at their highest level since June 2008 with several of our banks closing at all time record highs and match that the US S&P500 index which has also closed at record high levels. The S&P/ASX 200 moved into new territory by 55.1 points or 1.02% on above average volume of $4.7 billion.

Almost full green screens across the sectors today with the only blemish coming from Consumer Discretionary, which fell a meagre 0.24%. Running into profit but still lagging behind the pack was Industrials, which rose a steady 0.33%. On the bullish end of the spectrum we noted Health Care well and truly outperforming, rising a better than average 1.74% with Telecommunications Services touching on new recent highs, rising 1.34%.

Looking over the charts

Today’s strong close is the typical breakout one would expect after the strong run we have had recently and we finally got the bullish close above the 5400 mark, which we have seen since June 2008. I have said this many a time but the recent breakouts into new territory, need to be carried through with some conviction from the buy side and we have yet to see this. In recent times we’ve noticed a strong breakout followed by a immediate pull back as nervous profit takers seem to step in. Perhaps this time will be different and so we’ll take a wait and see approach over the next couple of days but expect the bullish bias to definitely push ahead.

ASX top 200 stock analysis

9% of stocks are showing oversold levels, 32% are showing overbought levels and 66% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Iress ((IRE)) had a picture perfect breakout into new blue sky territory today with a 5.96% rise on strong volume, closing at the highest price in the history of the share price. Fortescue Metals Group ((FMG)) has been consolidating at the top of the recent trend after a move of more than 80% since June and today’s 4.03% gain puts it that little bit closer to a new breakout into new recent highs.

Top 5 gainers:

IRE          IRESS +5.96%
FMG      FORTESCUE METALS GROUP +4.03%
((ARI))         ARRIUM +3.89%
((FXJ))         FAIRFAX MEDIA +3.57%
((IFL))          IOOF HOLDINGS +3.56%

Navitas ((NVT)) has been topping out and struggling for the last 2 months and today fell a disappointing 9.38% on 5 times the average volume as their full year earnings did not live up to market expectations. Transfield Services ((TSE)) produced a bearish engulfing candlestick pattern today by opening up higher and closing well below Friday’s low, falling 6.27% on steady volume and giving back nearly all of last week’s strong gains.

Top 5 Losers:

NVT       NAVITAS -9.38%
TSE         TRANSFIELD SERVICES -6.27%
((KCN))       KINGSGATE CONSOLIDATED -4.97%
((RRL))         REGIS RESOURCES -4.79%
((BLY))         BOART LONGYEAR -4.40%

 

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