Australian Stocks: What Happened Today?

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By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 30 October 2013

Tonight’s FOMC meeting will be the key talking point, with markets likely to be somewhat nervous and tentative leading up to the 5am (Sydney time) broadcast, but it is fair to say markets in both Europe and the US were quite bullish in lead-up with the S&P500 hitting all time new highs yet again and despite the Nasdaq having a 1 hour technical glitch, we saw it rising 0.31%. Locally the S&P/ASX 200 was enthusiastic on open with that optimism being paired back by the close, finishing the day up a sprightly 15.4 points or 0.19% on volume of nearly $4 billion.

On the reporting front we have a very high number of AGM meetings schedule with 12 reporting just today. Roy Morgan’s weekly consumer confidence figures came out overnight indicating a pull back for the 2^nd straight session.

Apart from the Real Estate Investment Trust sector falling 0.39% we had the privilege of full green screens with the best performers coming from the Energy and Health Care sectors, with both rising a hearty 0.92% and 0.87% respectively. Materials had a very flat session, rising a negligible 0.02%.

Looking over the charts

As expected, following a fairly hefty rise in which only 2 of the last 12 trading sessions have been negative, we see time catching up with price and we normally see that in terms of a consolidation. Today’s inside day moves in line with the key data (FOMC meeting) coming out at 5am Sydney time Thursday morning, so we can expect some caution ahead of this critical meeting. With markets consistently hitting record highs worldwide (our Aussie 200 is hitting fresh 5 year highs) we are starting to hear talk of blow off tops and markets being well and truly overbought. If the Fed talks more aggressively on tapering then it could be expected for the market to retrace. How deep and long that retracement is will depend on the extend of the potential tapering.

ASX top 200 stock analysis

14% of stocks are showing oversold levels, 27% are showing overbought levels and 64% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Transpacific Industries gapped up considerably higher on open and broke into new blue sky territory (after announcing they were going to sell their NZ arm) but was unable to hold those early gains yet still managed to improve from yesterday’s close by 4.81%. Sundance Resources has been one of the more active stocks on the market and despite the chart appearing to flat line today, it actually managed a healthy 4.76% gain on the day.

Top 5 gainers:

• ((TPI)) TRANSPACIFIC INDUSTRIES +4.81%
• ((SDL)) SUNDANCE RESOURCES +4.76%
• ((BPT)) BEACH ENERGY +3.73%
• ((WTF)) WOTIF.COM HOLDINGS +3.71%
• ((JBH)) JB HI-FI +3.65%

Perseus Mining  has lost a massive 81.4% in market value over the last 12 months and today’s 12.26% drop in value puts it well and truly in danger of hitting the lowest price in the last 5 years. Paladin Energy suffered a similar fate, sitting precariously on the lowest price in the last 10 years after dropping a disappointing 7.23% and closing at $0.385.

Top 5 Losers:

• ((PRU)) PERSEUS MINING -12.26%
• ((PDN)) PALADIN ENERGY -7.23%
• ((EVN)) EVOLUTION MINING -6.63%
• ((NVT)) NAVITAS -5.42%
• ((SBM)) ST BARBARA -4.85%

 

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