Today's market was choppy with an eventual 0.4% rise in the All Ordinaries. At the end of the lunch session, the market was down and at precisely 2.00 p.m. it reversed direction and moved a total of about 30 points to finish the day up 17.6 points.
The biggest winner was the Industrials Sector up +1.0% followed by Telecommunications, +0.7%.
The only loser was Consumer Staples, -0.2% after the market decided to punish Wesfarmers, down -1.4%. The biggest winner in the blue chips was Lend Lease, up over nine per cent.
The Advance/Decline Ratio was slightly bearish at 0.98. That follows on from yesterday when the A/D Ratio, although positive, was not nearly as strong as the point gain would suggest.
The volume today was low, just over one billion shares traded in the XAO. The 50-Day Average is around 1.5 billion shares. That followed a low volume day yesterday of about 1 1/4 billion shares traded. I think that makes this two day rise somewhat suspect. But it has risen substantially in those two days.
It seems that the Australian market is following in the steps of the American conundrum, a rising share market on steadily declining volume.
I think we can expect further gains as this is the strongest part of the month in one of the strongest months of the year.
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