Over the past 6 months a few Insto's have been reducing however a broker told me that two in particular are exiting and as the daily trading is around 400K they would have plenty to sell into a slow market - also they like to have their portfolios balanced at 30 June going into the new year. They would all have made a bundle on this. The market volumes have virtually dried up so its only way to move that volume up is lower prices.
The brokers thinks its fair value but not a bargain and therefore sees no excitement unless its around the 5.00 level and below.
I have not bought any more as I think I am full up on this plus its distribution does not help at 2.5% after including franking really not on my shopping list. I am not a seller though as I think its a great share for the future..
GBT Price at posting:
$5.75 Sentiment: None Disclosure: Held
