Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The problem with today's results are that they are ok, not much different from what was expected several months ago.
The SP had raced away in the last month on a bullish BofA outlook and the hope that the results would not be ok, but excellent. So I'm not surprised that we've dipped below £10 again. Let's see where we settle by the end of the week. Somewhere between £9 and £11, I guess!!!
I seem to have missed the excitement by being out for the day at the cricket! (Mind you the batting was good.)
Much better though is today's amazing rise. I can't really believe we've got comfortably over £10 - a figure I wasn't expecting for some while yet. However this does seem a fair price, on the assumption that we are going to get good results. If the results are not much better than projections of a few months ago, I think we will rapidly retrace to under £9.
Bhants
Last week we had a worse outbreak of Novovirus, but little happened except frequent handwashing messages and telling us to use our own facilities. The strange thing was that we were first told it was Covid, and 1 minute later the outbreak had changed to Novovirus. Masks were quickly put away!
Have a good trip!
https://www.lse.co.uk/rns/CCL/carnival-plc-extends-stock-share-sale-purchase-program-6ronwszp9shxmq1.html
The closing date must have been extended again. but this site is poor on RNSs at present.
https://www.lse.co.uk/rns/CCL/carnival-stock-purchase-plan-swv15jxke8tipw6.html
The re-purchasing of UK shares has been going on for a long time. They are cashing in on the UK discounted price to bank a bit of money, withdrawing the shares from circulation, and have already issued US shares to replace them. If it carries on for 10 years. I guess they will then delist from London!
I'll try to find an ancient RNS that explains it if anyone is interested.
So we open (US) vigorously up to $9.40 from close of $8.80 and then drop back half of the gain. This yo-yoing tells me there are two opposing points of view around - which one will eventually hold sway in the short term?
I don't think anyone is trying to manipulate the SP - too many shares available to do that. My guess is this will settle around $9.50 (almost £7) by the end of the week. Then for a gradual upward trend.....
The market reaction doesn't make normal sense. The results are better than expected, yet there is a sell off. Or maybe it's just some taking profits. If that's the case, we'll be back to £7 by the evening, and perhaps even set to go higher tomorrow.
If the results had been at or below expectations - doesn't bear to think about!