Pretty much in free fall at this point, am I missing something?
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Pretty much in free fall at this point, am I missing something?
Other than what SB9 said about oil prices and USD - can't find anything that would indicate NZR's business or financial guidance has materially changed since the report was released. Volume is 232,581 so far today but don't think this represents a major sell-off as far as I can tell. I may look at a top-up tomorrow once new ex-div price is set.
My suspicion is that part of today's selling pressure is confusion around the new T+2 settlement arrangement. It would have been ex-divi today if it wasn't for that change. I wonder if some haven't woken up yet. The depth looks just what you would expect the day the stock goes ex-divi.
I still haven't really found a good source for reasonably up-to-date Singapore complex margin data - but this fairly recent info still looks promising enough to me (despite the gloomy headline): http://www.businesstimes.com.sg/ener...igh-on-outlook
I doubt if oil would go north that quickly, whenever there is little murmur re holding supply by OPEC or supporting the price it shoots up accordingly. And I believe it's short term aberration.
As for currency, you only have to look at our own backyard re today's Fonterra's slashing their payout further. With dairy still doldrums I doubt NZD would gain any further than the current level. If it did Mr Wheelner will make sure it stays lower by cutting interest rates if not this Thursday, at least in the next round.
In my opinion, today's weakness is caused by one or two big boys who've a clear mandate to get out at any price. Just my 2 cents.
Seems v strange selling patterns. However, for every seller there is a buyer and with a current P/E of around 7.17 cum divie I'm tempted to buy!!
Looks cheap to me, I just topped up.