Big selling at 42 cents. Probably the last remnants of CBA's holding. Over 8 million traded since last friday. Big crossing at 45 cents last friday.
Once 42 cents is broken it will have a big run up. All the funds will be out. I predict the 1st of July will be the start of the turnaround.
Profit to increase by 10% this year and by another 10% for 2009. The Ord Minnett presentation on the 29th May confirmed the profit projections which are the same figures that FXL put forward when the sp was $3 and all the institutions were lapping it up.
Now you can buy it off those same institutions for 42 cents and a 26%ff div yield.
FXL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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