A weaker day as the two big divs hit the market this morning with Australia and New Zealand Banking Group Limited (A$32.38, -4.2%) and National Australia Bank Limited (A$34.68, -3.4%) going ex div and knocking around 20 points off the index. Commonwealth Bank of Australia (A$79.32, +1.7%) however continued their run towards $80 post their numbers yesterday .Macquarie Group Limited (A$54.60, +2.6%) also piled on the gains with a big move today following some losses over the last few days. Other financials were mixed with AMP Limited (A$4.65, -0.2%),QBE Insurance Group Limited (A$14.82, +0.4%),ASX Limited (A$36.66, +0.8%) and Flexigroup Limited (A$4.61, +2.4%) better whilst Platinum Asset Management Limited (A$6.10, +0.5%) and Bt Investment Management Limited (A$5.20, -1.0%) slipped a little.

In industrials Telstra Corporation Limited (A$5.15, -0.6%) unwound some of the good vibes as did Coca-Cola Amatil Limited (A$11.97, -2.3%) and Orica Limited (A$19.95, -2.2%) whilst in big material land BHP Billiton Limited (A$38.24, +0.4%) bucked the trend but others in the Iron Ore space gave a little back, Arrium Limited (A$1.50, -0.3%),Atlas Iron Limited (A$1.17, unch),Fortescue Metals Group Ltd (A$5.70, -2.4%) and RIO Tinto Limited (A$65.48, -0.2%) all falling away. In the end the index closed down 12 points at 5422 with a big push in the match out to save it for an inglorious day. WBC ex div tomorrow. All that lovely cash in shareholders hands by Xmas.

There were some pockets of green with BHP Billiton Limited (A$38.24, +0.4%) trying hard to keep its head above water, Crown Limited (A$16.97, +1.6%),Woolworths Limited (A$34.59, +0.5%),Ramsay Health Care Limited (A$39.05, +3.2%) and Transurban Group (A$7.06, +1.6%) in the big ones. Retailers did well today too, JB Hi-Fi Limited (A$22.82, +3.6%) and Harvey Norman Holdings Limited (A$3.33, +2.8%) were the highlights.

Supping champers at Flemington today with the Ladies were Mesoblast Limited (A$6.36, +4.6%),Fisher & Paykel Healthcare Corporation Limited (A$3.29, +4.1%),Qube Holdings Limited (A$2.11, +1.9%),JB Hi-Fi Limited (A$22.82, +3.6%),Ramsay Health Care Limited (A$39.05, +3.2%),Macquarie Group Limited (A$54.60, +2.6%) and Harvey Norman Holdings Limited (A$3.33, +2.8%) with drinking cold tea round the back with the stable lads were #XRO#(say it ain’t so),Chorus Limited (A$1.855, -9.1%)(again),Oceanagold Corporation (A$1.815, -5.7%),Whitehaven Coal Limited (A$1.48, -3.9%),Rcr Tomlinson Limited (A$3.53, -4.6%),Lynas Corporation Limited (A$0.35, -4.1%) and Linc Energy Ltd (A$1.30, -3.3%).

Volume was better today but Ex Div trading in NAB and ANZ helps the volume numbers at around nearly $5bn.Asian markets were off 0.5 to 1%.

Stocks and Stories

Star performer in our universe today were REY Resources Limited (A$0.125, +19.0%). Wow!Chorus Limited (A$1.855, -9.1%) still under serious pressure after the Communications minister is seeking independent advice on their financial position and ability to deliver. A true Chorus of Disapproval

St Barbara Limited (A$0.35, -15.7%) took a hit to the head today with news that Moodys was revising its ratings from B2 to B3.Are you thinking what I’m thinking B1?

Troubled mining services company Ausdrill Limited (A$0.98, -28.7%) were in strife today following an update on operating performance. The company said it expects to post a net profit of as low as $35 million in the year to June, 2014, well short of the $90.4 million profit earned last financial year. Not happy Jan. Did nothing for the sector either with tumbles in Macmahon Holdings Limited (A$0.145, -6.5%),NRW Holdings Limited (A$1.20, -6.3%),Boart Longyear Limited (A$0.38, -5.0%),Austin Engineering Limited (A$3.77, -4.3%) and Gr Engineering Services Limited (A$0.61, -10.3%). Not a fun place to be at the moment.

Fairfax Media Limited (A$0.57, -0.9%) was the latest in line to announce that they had seen no evidence in a pickup post the election. Try telling that to the retailers who seems to be powering ahead like its 2007.

Market darling XRO had their bubble pricked today with a pretty decent fall after a surging open. Having been up at 36.50 they fell in a heap. Did look a little silly.$5bn market cap on revenues of $70m.That is not profit!

GrainCorp Limited (A$12.15, -0.4%) chief executive Alison Watkins says Australia does not have a big enough population to provide the capital needed to keep upgrading infrastructure in the grains sector, so investment from the likes of ADM is essential. Decision time for big Joe soon on this one. Expect the nod with conditions.

Australian Agricultural Company Limited (A$1.125, unch) Australia’s largest beef producer says the impact of the temporary suspension of live cattle exports to Indonesia in 2011 and drought led to a $31.6 million half-year loss.

I was a bit confused today to read that the ACCC is set to run out of money as it hasn’t made a profit in years.Wasn’t aware that it was a profit making organisation. If it was there would surely be more than one to increase competition.

Unemployment numbers today were in line with estimates at 5.7% but participation rate is falling as more people give up or retire out of the system. True rate may be somewhat higher at around 6.5%.

Tomorrows News Today

It’s going to be all about Twitter tonight in the US as well as GDP numbers. Twitter was priced at the very tippy top end of the range at $26 so should be interesting.70m shares issued. Valued at $18bn.Looks cheap compared to XRO! Seems all these tech companies are trying to get products in front of eyeballs. Not sure I have enough eyeballs for this brave new world.

Square, the payments company led by Twitter co-founder Jack Dorsey, has begun informal discussions with investment bankers about an initial public offering that could come as soon as next year, according to two people familiar with the matter. Last round of funding valued the company at $3.2bn.

Brazil’s Vale SA, the world’s second-largest mining company, reported overnight that its third-quarter net income more than doubled from a year earlier.

The digital currency Bitcon has been roaring ahead despite the closure of the Silk Road. It seems that now the Chinese are talking of accepting it as currency. Prefer Gold myself. Bitcoin’s price hit a record at $265 on the BitStamp online exchange, driven by wider acceptance of the virtual currency.

Hardly a surprise but the last 300 Blockbuster Video film rental stores in the US are closing in the face of unrelenting competition from online digital video, corporate parent company Dish Network has said.

This looks like the biggest game of “Operation” ever. At Fukushima, engineers are preparing to extract the first of more than 1,000 nuclear fuel rods from one of the wrecked reactor buildings. This is seen as an essential but risky step on the long road towards stabilising the site. Steady hand boys. Don’t let the buzzer go off!

US to issue $15bn of floating debt. The floaters will be the first new type of debt that they have issued since 1997. Coming in January. Maybe they could up the program a bit!

And finally let me get this straight A number of finance firms, including Royal Bank of Scotland and Rabobank face billions of euros in fines next month from European Union regulators for colluding on global benchmark interest rates, reinforcing Brussels’ hard line on the sector after the financial crisis. Didn’t they bail out these people in the GFC? Will hurt the recovery in Zombieland for sure.