{"id":62041,"date":"2013-06-21T18:53:03","date_gmt":"2013-06-21T08:53:03","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/06\/21\/australian-stocks-what-happened-today-116\/"},"modified":"2013-06-21T18:53:03","modified_gmt":"2013-06-21T08:53:03","slug":"australian-stocks-what-happened-today-116","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/06\/21\/australian-stocks-what-happened-today-116\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

\n\tBy Stephen Hogan<\/a>, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n

\n\tAustralian Market<\/strong><\/p>\n

\tThe Australian market (XJO) closed down -19.6 points or 0.41% to 4738.8 today. What was expected to be a bloodbath today turned out to be a positive notion for the Australian market. The SPI was set for -81 points this morning, and it looked as though we were heading there, reaching a low of 46.83.3 at about 10:30 am (-75 or so points or 1.6%) but the market rallied again and again to bring the loss back in check.<\/p>\n

\n\tA feat that looked very grim with The Dow Jones falling -353.87 points or 2.34% to 14,758.30. The best performing sector was Energy rising 0.95% and the worst performer was the Gold sector falling -3.98% which came back from over -6% at one point during the day.<\/p>\n

\n\tBHP billiton Limited ((BHP)) has sold 15 % of it holdings in the Aussie Jimblebar iron ore mine to two Japanese trading firms, Itochu and Mitsui, for about U.S. $1.5 billion which is located in the Pilbara region of Western Australia. Itochu is buying an 8% stake in the mine, worth U.S. $800 million and Mitsui will buy 7%, worth U.S. $700 million. The Pilbara mine will have an initial 35 million tonne a year capacity and forms part of BHP's plan to boost its output in the Pilbara to 220 million tonnes from 185 million tonnes by 2015-16.<\/p>\n

\n\tSingapore Airlines are now able to increase their holdings in Virgin Australia Holdings ((VAH)) to 19.9% (from 10%) because of a clearance being approved by the Foreign Investment Review Board. Singapore Air will complete a $122.6 million purchase of VAH shares by the end of next week, making Singapore Air the second largest holder in VAH, the largest being Air New Zealand, who holds 23%.<\/p>\n

\n\tAUD is currently trading at $0.9233, up $0.0037against the USD.<\/p>\n

\n\tTop Performers<\/strong><\/p>\n

\tDecmil Group Limited ((DCG)) up $0.16 or 10.00% to $1.76<\/p>\n

\n\tSenex Energy Limited ((SXY)) up $0.045 or 9.09% to $0.54<\/p>\n

\n\tWhitehaven Coal Limited ((WHC)) up $0.16 or 7.31% to $2.35<\/p>\n

\n\tMonadelphous Group Limited ((MND)) up $1.17 or 7.16% to $17.50<\/p>\n

\n\tPerseus<\/span> Mining Limited ((PRU<\/span>)) up $0.05 or 6.90% to $0.775<\/p>\n

\n\tBottom Performers<\/strong><\/p>\n

\tSilver Lake Resources Limited ((SLR)) down -$0.14 or -17.07% to $0.68<\/p>\n

\n\tCoalspur Mines Limited ((CPL)) down -$0.065 or -16.88% to $0.32<\/p>\n

\n\tSt Barbara Limited ((SBM)) down -$0.065 or -11.93% to $0.48<\/p>\n

\n\tMaverick Drilling and Exploration Limited ((MAD)) down -$0.04 or -10.53% to $0.34<\/p>\n

\n\tAusdrill Limited ((ASL)) down -$0.115 or -9.96% to $1.04<\/p>\n

\n\tOur Comments<\/strong><\/p>\n

\n\tGreat effort by the market to really turn it around today, considering where we started the session at it looked like Nightmare on Bridge St part 2. I had a feeling after Fridays price action it may last a couple of days and it will be hard to sleep tonight watching the U.S. session. Nikkei was trading well also at the close which is a good sign for us.<\/p>\n

\n\tI mentioned a couple of weeks back that worse case scenario in my opinion was the XJO would get down to the 50% Fibonacci level of the recent rally. That level is 4620 which is not too far away from where we are. Downside is now very limited in my opinion but I expect volatility now to remain for the next two months before any significant rally takes places without a counter trend.<\/p>\n

\n\tWishing the model portfolio inception had of been today!<\/p>\n

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

\n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n

\n\tStephen Hogan is an Authorised<\/span> Representative of Novus<\/span> Capital. Authorised<\/span> Representative No.345411 – http:\/\/www.stephenhogan.com.au<\/a><\/em><\/p>\n

\n\tNovus<\/span> Capital Limited ("Novus<\/span>") is holder of Australian Financial Services Licence<\/span> No 238 168. Novus<\/span>, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and\/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this e-mail or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised<\/span> and also may change without notice to you, particularly if based on past performance or relate to a future matter.<\/em><\/p>\n

\n\tNovus<\/span> believes that any information or advice (including any financial product recommendation) contained in this document is accurate when issued but do not warrant its accuracy or reliability. Novus<\/span> is not obliged to provide you with updated information or advice if circumstances change. Novus<\/span>, its directors, officers, associates and employees exclude to the full extent permitted by law, all liability of any kind whether in negligence, contract, under a fiduciary duty or otherwise, for any loss or damage, whether direct, indirect, consequential or otherwise, whether foreseeable or not, arising from or in connection with this e-mail or an attached document.<\/em><\/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\/62041"}],"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=62041"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62041\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=62041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=62041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=62041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}