All stocks in this conglomerate play were in a bubble created by enthusistic buyers. The bubble burst when novo (the company with the video showing nugget discoveries -the main player) released news that there would be a delay in getting some sample results. Sounds silly that a simple delay could cause it, but the cause is not the point, a bursting bubble creates fear and selloffs in all companies in the bubble.
Now that the bubble has burst, it may reform ( for example if their is takeover activity in the play) OR companies will have to earn SP increases by results (gold finds, gold grades etc).
Companies might even go down further if there is no news (holders get sick of waiting), bad news, or for no reason we can fathom.
KAI Chart, page-22
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Last
1.1¢ |
Change
0.001(10.0%) |
Mkt cap ! $28.83M | |||
| Open | High | Low | Value | Volume |
| 1.1¢ | 1.2¢ | 1.0¢ | $198.6K | 18.59M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 2726221 | 1.1¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.2¢ | 6859051 | 9 |
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| Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
| KAI (ASX) Chart |