It looks like the 10c plunge to $1.82 with big volumes on July 26th might have been due to the weak NTA announcement that day, however it had been slowly falling from the peak of $2.16 a month earlier, despite the NTA being lower at that time. The SP has now recovered the 10c lost that day despite the NTA continuing to drop, so go figure! I can't see any particular change to the macro environment since July, so maybe it's just the random walk of the market. I guess at the end of the day if there are more sellers than buyers the price goes down.
I did read somewhere a fairly negative report of the prospects for PTM this year due to falling FUM so maybe that has given somebody cold feet, however bad news for the manager would not necessarily impact on the performance of PMC. We should expect the SP to fall by the dividend amount when it goes ex div, however if you can use the franking credits it's worth holding on to.
Cheers, marcusA
PMC Price at posting:
$1.93 Sentiment: Hold Disclosure: Held
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