Four straight days in the red with the S&P/ASX200 off 19.4 points, or 0.37 per cent, finishing lower at 5,288.3. The broader All Ordinaries index was down 20.3 points, or 0.38 per cent, at 5,284.3.
Different interpretations of Fedspeak, not so hot PMI data out of China and general profit-taking all helped drag our market lower.
The HSBC Flash China Manufacturing PMI, which, you guessed it, tracks manufacturing activity in China’s factories and workshops, came in at 50.4 for November. A decline on the final print of 50.9 in October, and while its a small slowing in the pace of expansion the reading is still the second highest in some seven months.
Gold posted its biggest one-day drop since October 1 overnight. Passing through the $1,250 level the yellow metal is now at a four-month low. Unsurprisingly gold stocks were thrashed today and it was the worst performing sector off a hefty -5%. IT 1.4%, Telcos -1%, Industrials -0.5%, Materials -0.4% and Financials -0.4% all gave up gains.
Healthcare was the best performing sector with a 0.2% gain. After yesterday’s disaster session Energy was the only other sector with a pulse posting a slim 0.1% gain.
BHP shares were unchanged after the mining giant held its AGM in Perth. Shareholders were told that China’s economic growth was resilient enough to drive strong demand for commodities for the next 15 years. Former energy executive turned climate activist Ian Dunlop’s tilt for the board was comprehensively punted.
Wal King was re-elected to the Ausdrill (ASL) board despite 22 per cent of shareholders voting against the former Leighton boss serving another term as non-executive director.
Small cap health play Unilife Corporation (UNS) was off to the races today after the company announced a long awaited deal in the syringe market. Under the 15-year global agreement, Unilife will supply London based Hikma with prefilled syringes containing a range of generic injectable drugs. UNS shares closed up 40% at 71 cents.
ASX 200 Gainers and Losers
Some brighter spots in the energy sector today with Energy World Corporation adding +8.11%, Karoon Gas +5.25% and Aurora Oil and Gas +4.63%. Larger caps Origin +0.6% and Santos +0.8% also held up well in a soft market.
Top 5 Gainers;
• EWC ENERGY WORLD CORPORATION LTD +8.11%
• KAR KAROON GAS AUSTRALIA LIMITED +5.25%
• AUT AURORA OIL & GAS LIMITED +4.63%
• ALL ARISTOCRAT LEISURE LIMITED +4.35%
• FWD FLEETWOOD CORPORATION LIMITED +3.68%
Anything gold related was hung out to dry with Perseus Mining the worst off down 10.45%. Newcrest was the least worst closing down -3.97% at $8.70. Boart Longyear was a $4 stock just over 18-months ago. Today it closed at 34 cents. Buy yourself a good set of shoes and dance very close to the door if you are bottom fishing in mining services or golds.
Top 5 Losers;
• PRU PERSEUS MINING LIMITED -10.45%
• SBM ST BARBARA LIMITED -9.23%
• EVN EVOLUTION MINING LIMITED -8.84%
• SLR SILVER LAKE RESOURCES LIMITED -8.80%
• BLY BOART LONGYEAR LIMITED -8.11%
