well my take on tuesday, is that instos were dumping the stock in order to buy cheap westfield shares in their discounted placement instead.
MOF, IOF, CPA all very weak tuesday, and I suspect all weak for that reason.
I could not see any revelation about even worse writedowns or the need for new capital in addition to recent raisings, at least not soon.
The fact is, we have seen this week the amount of new capital raisings ratchet back up to the level seen in November. This capital raising sucks any spare money out of the market like a sponge and prevents anything else from rising at all.
MOF Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
