Interested to know why the instos would take this on? Its a big chunk to digest. Whats in it for them?
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Doesn't even appear that they have even tried selling any off through the open market today??
61 m for sale at 5.89
Wow..Finished 6.05
Looks like shorters have got their tail feathers burnt!
Surprised there were that many buyers out there at $6.05! Way higher than many thought. Surprising! Will be interesting to see if that price now stabilises there or who knows what happens. There doesn't seem to be any logic to trading these days.
Well there you have it... essentially the opposite of what everyone was expecting! I think I mentioned a few pages back that this often often happens (although my base case was still that it would drop).
I covered my longer term short at 560 after the resistance break and strength of the stock. Hopefully the volatility continues as this has been a fantastic trading stock.
Only disappointment with this one is it never reached the level where I would add a significant position to the long term portfolio. No worries though, still some great deals on the NZX in select stocks.