It’s the company, it’s Africa, it’s self serving that is the reason ... All complete BS.
Think about it, logically how can it be the business fundamentals. The economics are robust, plenty of money in the bank and the country is safe. Anything outside of that would be extremely serious and we would see a selling pattern as a reflection if eventuated.
Its subjective selling. It’s tired hands. It’s the grass is greener over there etc etc. It’s stop loss trigger selling. And the selling is having such an impact because the buying isn’t soaking it up. Why is there no significant buying? One significant reason is because the sector is cold. No money flowing into bauxite companies and CAY is no different.
And this conspiracy garbage about the strategic investor is a sinister plot is amateur arm chair commentary at best.
From a macro point of view bauxite over the longer term can only go up. In the mean time the business is coming together and imo the exportation of product and appreciated bauxite prices should coincide.
Yes it’s hard to see companies on the watch list move up hard while we are stuck in a market dog. Really hard actually. But real wealth in this game comes about by long term vision. If you want to chase the next better and bigger thing, it can get you into trouble. Trust me I’ve been there and have learnt my lesson.
Market behaviour can be confusing. But over the long term it never is. Business fundamentals are always the eventual dictator.
Another thing to note is imo it’s certain that the actual soaking up of the weak shares hitting the market, is moving into long term holders accounts, so this ammo is moving out of weak hands into players who have no desire to mess around with the price.
Canyon Resources is a buy no doubt imo. Buy and bottom draw it.
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Last
8.1¢ |
Change
0.001(1.25%) |
Mkt cap ! $114.5M |
Open | High | Low | Value | Volume |
7.9¢ | 8.1¢ | 7.8¢ | $275.9K | 3.483M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 100000 | 8.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
8.1¢ | 13156 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 100000 | 0.080 |
1 | 241942 | 0.079 |
2 | 525000 | 0.078 |
2 | 107555 | 0.077 |
2 | 750000 | 0.076 |
Price($) | Vol. | No. |
---|---|---|
0.081 | 13156 | 1 |
0.082 | 700000 | 2 |
0.083 | 596461 | 1 |
0.085 | 132500 | 2 |
0.095 | 596461 | 1 |
Last trade - 16.10pm 03/09/2024 (20 minute delay) ? |
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CAY (ASX) Chart |