Australian Stocks: What Happened Today?

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            [3] => ((TPI))
            [4] => ((AWC))
            [5] => ((MRM))
            [6] => ((NWH))
            [7] => ((SGN))
            [8] => ((ABC))
            [9] => ((MSB))
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            [7] => SGN
            [8] => ABC
            [9] => MSB
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ASX Top Gainers & Losers plus Market Snapshot – 05 November 2013

Short priced odds were the safe bet today with Gai Waterhouse’s Fiorente winning the 2013 Melbourne Cup with one lucky punter putting $27,500 at $7 to collect a handsome total of $192,500. With Melbourne closed for public holidays, trading volumes were expectedly weak and despite tentative leads from offshore and softer base metals, our S&P/ASX 200 managed to rebound from yesterday’s weak close to post a gain of 41.5 points or 0.77% on $2.4 billion in turnover.

Keeping in line with market expectations, the Reserve Bank of Australia (RBA) has kept rates on hold at 2.5%, giving in to 98% of analyst’s suggesting the same.

Almost a complete reversal of yesterday’s full red screen with 10 of the 11 sectors reporting a move higher in value with the only blemish coming from the Health Care sector which fell a uneventful 0.04%. Telecommunications stocks also struggled, rising a mere 0.08% as they pull back from recent highs. Charging ahead we had both Energy and Materials sectors putting on a resounding 1.30% and 1.26% respectively, despite various commodities struggling overnight.

Looking over the charts

Our market has been somewhat resilient during this consolidation phase with every opportunity to drop below the most immediate support around the 5400 market but has successfully held above these levels for all but one trading session yesterday. One area of concern though is the light volume running through the markets today with Melbourne closed due to a public holiday and Melbourne Cup day so bullish traders may need to keep their optimism in check for a day or two before getting exciting about potential new highs.

ASX top 200 stock analysis

34% of stocks are showing oversold levels, 14% 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

Sundance Resources ((SDL)) managed to pull back strongly today, rising 15% after 6 straight down days to recover 80% of that pull back and with the market showing oversold in combination with a higher low, it could be one to watch closely over the next few trading sessions. Perseus Mining ((PRU)) seems to be either the biggest loser or gainer each day and fortunately for investors today was an up day, rising 6.49% on below average volume and really struggling to hold the $0.40 mark.

Top 5 gainers:

SDL SUNDANCE RESOURCES +15.00%
PRU PERSEUS MINING +6.49%
((OGC)) OCEANAGOLD CORPORATION +6.07%
((TPI))  TRANSPACIFIC INDUSTRIES GROUP +5.94%
((AWC)) ALUMINA +5.45%

Mermaid Marine ((MRM)) was unable to hold on to support at $3.55 and broke through a triple bottom, falling 3.87% on significantly high volume.NRW Holdings ((NWH)) just had its 6th straight down day but in all fairness the daily drops have been minor, including today’s 3.32% fall in value on steady volume.

Top 5 Losers:

MRM MERMAID MARINE AUSTRALIA -3.87%
NWH NRW HOLDINGS -3.32%
((SGN)) STW COMMUNICATIONS GROUP -3.21%
((ABC)) ADELAIDE BRIGHTON -2.63%
((MSB)) MESOBLAST -2.62%