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Before people start bemoaning the SP fall, Fed Chair Powell indicated that US interest rates will rise to 5% or more in 2023...whatever is necessary to bring US inflation back to 2%.
Markets which had been up early in his speech then tanked, with the S&P tanking 4% from its intraday high.
The dollar is sharply higher and copper fell 4% from its high...so...
The FTSE is quite benign only down 0.6% but Industrial Metals are down (BHP 1.9%) so for the brave the SOLG SP slip may be an opportunity pre imminent news...
Somebody already thinks so and indeed I would definitely be a buyer sub 16...
But if probably wont get there...onwards and upwards...
Yes agreed, CGP will likely move further up if/when SOLG moves up but the point is the current vast gap between the two. I'm not referring to the merger day Oct 7th as the starter for correlation. Although you could use that if you wanted to but you'd have to use the 21p/22p level.
The point is... CGP were trading at similar level in late July 22 based on tonights sp. On a comparable basis, the last time CGP were there, SOLG were trading at 25p+.
The CGP deal carries some dilution but we gain the 15% ENSA stake as well as the 6.7% SOLG shares that come back into treasury.... or not as the case may well be.
So it's not a dilution story as asset values increase. Hence there's no reason what-so-ever why SOLG should be discounted from the 25p levels seen in late July when CGP are showing zero discount. Yes, there will be some slippage in-between whereby CGP may have been oversold or overbought around that July period but looking at VWAP and trends that's not the case.
So in a nut shell... post merger action is saying one thing and pre merger action is saying another. Certainly points to some heavy handed arbitrage trading imho and that needs to unwind at some point very soon based on my expected calendar of events. Might explain why we have seen Volume and size of block trades pick up significantly this week compared to bulk of October.
Its only up 2% on 20k volume...you cant trade it...its meaningless...
Seanhunter lol same here !!:):),Eish maybe one day lol!!:),note to self ---buy euroticket !!:):)
CGP trading back at late July levels and breaking out on a TA Chart basis. On a comparable basis, SOLG should be aligned at 25p.
So something has gone amiss as the CGP/SOLG merger appears to have left SOLG depressed and CGP looking positive.
It's a curious one but would not surprise me to see SOLG back above 20p and testing the levels that we saw on Merger RNS day with 22p being printed on heavy volume.
Bubble, one day you will be spot on with the "One Trade Thing". I guess when it really counts and you will say: I told you so! LOL!
"We were talking about SAVE Colonel, not SOLG..."
Redknight - do SAVE not have their own BB?
Ha ha I've made enough of a fool of myself with the 1 trade thing....
1 trade seanhunter lol!!:)
Disappointing fallback from intraday high but definitely looks like something positive is beginning to stir here. Nice volume too.
It's almost like news has leaked. We shall find out very soon.
Thanks DBW
RK …. The UT was set to be over 17 the 16.96 appeared 2 seconds before the uncross…. They can’t hold it forever…. News tomorrow? If not Friday
Have a good one DBW
Based on me being bid 16.96 for 100k at 16.29, I'm guessing that the 135,000 is a sale...
And also that maybe someobdy has bought a bundle today to add to the 6.7% they will soon add...
We were talking about SAVE Colonel, not SOLG...
More like Blackrock unwinding that 'instrument' of theirs. I think they had sold or moved to a new tool (loaned stock) to the tune of about 25m shares.
Last time they unwound the same tool was at 28p+ levels and it pushed us all the way to 35p.
It's a bit cynical and ugly watching the US markets do 'so well' leading up to the mid terms elections. They must think the US voter is devoid of market knowledge. Still... it doesn't feel like the world is nigh as per last market wobble in late Sept.
So many dollars printed... and yet the FED can't quite substantiate the dilution... furthermore, why on earth anyone trusts the FED's actions after their rather woeful call on 'transitory' inflation. With or without Putin... they would still have high inflation now so no point blaming it on the Ukraine war.
Question is... what happens after mid terms? A few weeks till the bankers get their bonus allocations and then we head into 2023 and as far as I can see, that's when all and sundry are happy to drop the ball... or better still... allow the markets gravity to naturally travel south!
Certainly persistent programme trading trashed the price...ho hum...sorry for OT
Not quite...532,450 at 16.96 but a solid finish with 17p paid at 16.29.41...augurs well for tomorrow...
Volume good also at 6.5 million...
I was bid 16.96 immediately before the close...
We could even see a 17 UT...
Tryiing to get to 17...
looks like you're right so maybe its the stake buyer topping up...
Red was it though or was it a buy looking at trade time
Ah...that explains it...
Somebody sold 1.2 million at 16.76 at 14.16...
So its pertty good really and I'm still bid for 200k at the market price so we may still close in the 17s...
Shame it didn’t last but something definitely changed today …. Over 5m traded is poor but most in a while, miners mostly turned south this afternoon…. News incoming in next 2/3 trading sessions would be my bet
Good to see someone cough-up 200k for 1.2m shares.