{"id":61780,"date":"2013-05-06T17:49:25","date_gmt":"2013-05-06T07:49:25","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/05\/06\/australian-stocks-what-happened-today-90\/"},"modified":"2013-05-06T17:49:25","modified_gmt":"2013-05-06T07:49:25","slug":"australian-stocks-what-happened-today-90","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/05\/06\/australian-stocks-what-happened-today-90\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

\n\tBy Ashley Jessen<\/span>, director of LearnCFDs.com and author of CFDs<\/span> Made Simple<\/a><\/p>\n

\n\tNon-farm Payroll data fuelled price action on Friday’s US trading session to provide the impetus for our early market action to hit new recent highs but the 5200 mark was quickly rejected, pushing the S&P\/ASX<\/span> 200 down to 5156.2, although for the day we were up 26.70 points or 0.52% with volume coming in weaker than normal at $3.5 billion.<\/p>\n

\n\tThe employment read in the US saw 165,000 jobs created from an expectation of 145,000 which helped the Dow Jones rise 142 points. Locally a raft of economic news came out with retail sales coming in weaker than expected, TD Securities inflation gauge<\/span> rose by 0.3% and the ANZ<\/span> jobs ads survey has indicated advertisements have declined by 1.3% month on month.<\/p>\n

\n\tThe Basic Materials sector rose an impressive 2.93% on a fairly mixed day overall with Oil & Gas the next best placed, rising 1.76%. Despite having several days at topping the best sector of the day, Telecommunication stocks fell 0.54% with Consumer Goods the next of the biggest losers, falling 0.22%.<\/p>\n

\n\tLooking over the charts <\/strong><\/p>\n

\n\t\"\"<\/strong><\/p>\n

\n\tNarrow ranges have defined the local market for the last week indicating indecision at the top of the most recent uptrend but the overriding visible pattern is that the highs continue to get higher, albeit only just. Technically we can only suggest this consolidation is as a result of the majority of the bulls having entered the market and the rest waiting for a pullback that seems destined not to occur. We can draw this conclusion by the fact that very little profit taking is taking place despite the market being at new recent highs.<\/p>\n

\n\tS&P\/ASX<\/span> 200 Gainers and Losers<\/strong><\/p>\n

\n\tMirabela<\/span> Nickel ((MBN<\/span>))had an outstanding day today on incredibly surging volume, pushing the share price up 50% without any significant news hitting the market, although the company did make a presentation last Friday which may have increased awareness about their future prospects. Karoon<\/span> Gas ((KAR<\/span>)) jumped an equally impressive 22.56% after several months of rapid declines that would lead any investor with a head spin, although they did announce they had struck oil in Brazil.<\/p>\n

\n\tSt Barbara ((SBM<\/span>)) fell 5.98% capping off an increasingly falling share price and managing to hit new recent lows not seen since June 2005, with the price depreciating 77% since October last year. Drillsearch<\/span> Energy ((DLS<\/span>)) meandered around, falling 4.04% whilst it is stuck in a steadily declining price channel with support approaching around the $1.00 mark.<\/p>\n

\n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.)<\/p>\n

\n\tDisclaimer<\/em>: <\/strong>There is a high degree of risk involved in trading various financial instruments. It is possible to lose significant amounts of money when trading the markets. As your trading decisions are beyond my control, I accept no responsibility for your trading results. Please seek professional financial advice to determine if trading is for you.<\/em><\/p>\n

\n\tWhile Ashley Jessen<\/span> attempts to ensure that the information herein is accurate at the date the information was produced, however, Ashley Jessen<\/span> does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the information provided herein and under no circumstances are they to be considered an offer, solicitation to invest or be construed as giving investment advice.<\/em><\/p>\n

\n\tTechnical limitations<\/strong><\/em><\/p>\n

\n\tIf you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we apologise<\/span>, but technical limitations are to blame.<\/strong><\/p>\n

\n\tFind out why FNArena<\/span> subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A wrap of the day’s activity on the Australian stock market.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/61780"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=61780"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/61780\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=61780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=61780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=61780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}