Placements are a real bugger since they normally discount the previously prevailing SP and inevitably result in a fall to or below the placement price, at least in the short term. Then soon after the date passes a company puts out the announcement (3B?) confirming new shares have been added to the register. That serves to remind traders of the negative aspects and helps keep the SP depressed. Hopefully soon after that some good news will come out that'll replace the negative sentiments with positives.
Today's trade was interesting, with one buyer munching the 98,800 seller with a 200,000 order at 11c. Then I noted that (s)he dropped the offer for the remainder unfilled back to 10.5c, which I reasoned was to draw out another seller at 11c rather than staying at 11 and encouraging potential sellers to hope for 11.5. It actually worked even better for the buyer, with a 100,000 sell order at 12.5c being sacrificed down at 10.5. Earlier the 11c was there for the taking for a short while but perhaps the 12.5 guy didn't see it in time. Anyway (s)he obviously felt the need to sell today. Well done to the 200,000 buyer - play of the day!
TRF Price at posting:
10.5¢ Sentiment: LT Buy Disclosure: Held
