I think the fact that the Federal Budget in Oct 2020 re-iterated that by Jul 2022 they are still planning to bring in the Retirement Income Covenant was a key factor in spurring a solid breakout as investors realised the gravity of this for the CGF business in the long run.
This proposal would require Super trustees to formulate, review regularly and give effect to a retirement income strategy to assist members to meet their retirement income objectives. Trustees would be required to offer a Comprehensive Income Product for Retirement (CIPR) to all members at retirement.
As the leading provider of annuities within the country, CGF is in the box seat to capture any market growth spurred by regulation (ie even if the proposal comes through in a watered down version).
With the price right back at that level where the 500 breakout occurred - we could be being offered another chance to get set for the above changes at a price which is not factoring in any perfect execution or market environment - but hey, Im just a biased holder!
CGF Price at posting:
$5.16 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)