Australian Stocks: What Happened Today?

Array
(
    [0] => Array
        (
            [0] => ((JHX))
            [1] => ((SBM))
            [2] => ((MYR))
            [3] => ((LNC))
            [4] => ((NST))
            [5] => ((IGO))
            [6] => ((ASL))
            [7] => ((SIR))
            [8] => ((OZL))
            [9] => ((SFR))
        )

    [1] => Array
        (
            [0] => JHX
            [1] => SBM
            [2] => MYR
            [3] => LNC
            [4] => NST
            [5] => IGO
            [6] => ASL
            [7] => SIR
            [8] => OZL
            [9] => SFR
        )

)

List StockArray ( [0] => JHX [1] => SBM [2] => MYR [3] => NST [4] => IGO [5] => ASL [6] => SFR )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 14 November 2013

With US unemployment considered too high, Yellen came in to put many a mind at rest in regards to potential tapering, suggesting that the US economy still has some ways to go, and with that news the US markets promptly rebounded from their intraday lows to climb back into positive territory. The S&P/ASX 200 saw this as a jolt of fresh air and promptly rebounded from yesterday’s larger than expected sell off, hitting intraday highs just after 12pm before closing the day up modestly at 36.2 points or 0.68% on volume of $3.9 billion.

The Health Care sector managed a very healthy jump higher, rising by 1.10% but is still a handful of percentage points below hitting new recent highs. The Materials sector also outperformed the greater market, rising 0.99%. Only three sectors were unable to claw their way out of negative territory with Utilities and Information Technology sectors falling 0.45% and 0.33% respectively.

Looking over the charts

It appears in the very short term that today’s doji star formation combined with yesterday’s end of day buying, places our market in the zone for a potential holding point or potential bounce from these levels. As mentioned yesterday, if we can hold these current levels it would signify the first higher low after the recent pull back and would give many bulls the impetus needed to add to existing positions or open new ones. There does appear to be a sense of uncertainty given the low volume days and general low volatility we are currently witnessing across global markets, so we’ll keep a healthy amount of scepticism in what is currently in front of us.

ASX top 200 stock analysis

42% of stocks are showing oversold levels, 7% are showing overbought levels and 57% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

James Hardie Industries ((JHX)) gapped up significantly on open this morning as a result of announcing it has doubled its first half profits, despite a rise in asbestors claims, with the company closing the day 14.94% higher. St Barbara ((SBM)) suffered 13 straight down days and managed to make a small bounce, rising 7.94% on the day, which will come as little consolation to investors who have seen the price depreciate by 65% since mid August.

Top 5 gainers:

JHX         JAMES HARDIE INDUSTRIES PLC +14.94%
SBM       ST BARBARA +7.94%
((MYR))   MYER HOLDINGS +7.72%
((LNC))    LINC ENERGY +7.62%
((NST))    NORTHERN STAR RESOURCES +7.19%

Independence Group ((IGO)) has fallen during the last four trading sessions with today’s 6.81% drop pushing it below the most recent support at $3.50 and considering the low of the day so close to the close, it stands to reason long traders should be very weary going forward. Ausdrill ((ASL)) has not been able to mount a bounce from these recent low levels after the significant gap down on Thursday of last week, with today’s 5.97% fall providing little inspiration for those long the stock.

Top 5 Losers:

IGO                INDEPENDENCE GROUP NL -6.81%
ASL               AUSDRILL -5.97%
((SIR))            SIRIUS RESOURCES NL -4.05%
((OZL))           OZ MINERALS -3.58%
((SFR))           SANDFIRE RESOURCES NL -3.01%

 

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