Nobody knows what the correct price should be. market makers will pause , have a wee chat and then get going again. I think we could see quite a bit more of this in the coming days.
The RNS shot me in the foot. I have held these since March (a week too early) and recently I have been trading them for 5-7p turns. I was out at 169p and have a limit at 164p to buy back in. I think this share is a cracker and I will probably buy back in if I'm lucky and it drops below the 170 level in the next few weeks. This is a banker share in the right market at the right time with reasonable growth prospects.
Glad I pulled my limit buying order at 199 this morning. I like the company (long term) but I'm not sure how to value it at the moment and the spread is just depressing.
Exxon’s Mega Oil Finds In Guyana Are Just The Beginning10 Jan 2021 17:22
"Exxon announced during November 2020 that it intended to prioritize capital spending for high value assets, key among them being its operations in the Guyana-Suriname Basin located in offshore South America."
I suspect we will slowly creep up towards 2.7p-2.8p (ish) this week and any serious movement won't come until after Wednesday next week (unless any more good or bad news).
We would give the letter a lot more credence if the USA had abandoned drilling in the Gulf of Mexico and Alaska and never started with shale oil. Bunch of self serving hypocrites who just want to look after number 1.