Medibank Private debuted on the Australia Stock Exchange today, providing a seven per cent boost to the original public offering, but was unable to hold on to the intraday highs, much like the Aussie 200 index which close the day down 27 points, despite the repeated record highs on the US bourses overnight. The Materials sector was the worst hit, falling 1.7 per cent, giving back some of the impressive gains from Monday’s trading.
How did the Aussie market perform today?
S&P/ASX200 lost 27 points or -0.51% on volume of $7.22 billion, closing at 5334.8.
Australian sector watch
Looking over the charts
- The Aussie 200 index had quite the roller coaster ride today with the Medibank Private float hitting our markets at 12pm and adding over $1billion in trading volume to the exchange with the share price rising a handy 7 per cent from the initial public offering.
- Momentum from the international bourses and our excellent Monday trading, never carried across to our local market with sellers rushing the gates and pushing the index down a hefty 60 points from the open, challenging the key 5300 mark, before value was noticed, pushing the index up off the lows, but still down 27 points on the day.
- Once again we note quite a bit of accumulative buying off these lows, indicating that the bulls are doing everything they can to gain control. The disparity between the US markets and our local market is staggering and if we ever get the commodity prices to rebound, it could be quite the bounce on our local index.
- Support is currently sitting near the current price at 5315 and below that at 5300 with resistance overhead at 5370 and above that at 5400.
Chart Courtesy of Invast MT4
ASX top 200 stock analysis
46% of stocks are showing oversold levels, 6% are showing overbought levels and 39% of stocks are currently above their long term moving average as of close of trading today. View the image below to better understand overbought and oversold levels.
S&P/ASX 200 Gainers and Losers
Top 5 gainers:
- OFX OZFOREX GROUP +8.85%
- NCM NEWCREST MINING +6.43%
- TAH TABCORP HOLDINGS +2.21%
- VED VEDA GROUP +2.18%
- IVC INVOCARE +2.08%
Top 5 Losers:
- MND MONADELPHOUS GROUP -9.25%
- BDR BEADELL RESOURCES -8.33%
- BPT BEACH ENERGY -5.83%
- FMG FORTESCUE METALS GROUP -5.70%
- ARI ARRIUM -5.66%
Please note that these are our initial impressions and that it is important to read all disclaimers on this website when considering the information. If you would like to discuss further please contact:
Ashley Jessen
Director of Communications
Email: ashley_jessen@invast.com.au
Phone: 02 8036 7567