Yes! The market has moved back to the same thinking as in the late 1980s.
A stock rises in anticipation for a day or two after the announcement. Then the market looks at costs involved and how to raise the money to develop the project and the stock drifts down quite quickly.
If news is negative then the stock plunges followed by a steady drift down again. Falls of 70% to 97% can occur.
Strange it seems at times that buying into a project at $500m one year is worth nothing much by the next.
Fortunately Shenhua Energy are sniffing around Mongolia for any coal close to semi-soft coke quality. Shenhua, on orders from the Chinese Government built massive storage areas for coal in 2009/10.
Yanzhou Coal are also in the market to use their new long wall system that can be used for 12 metres of coal in one pass.
draig completes teeg drill program, page-29
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Last
$1.59 |
Change
-0.035(2.15%) |
Mkt cap ! $2.035B | |||
| Open | High | Low | Value | Volume |
| $1.58 | $1.60 | $1.57 | $5.947M | 3.750M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 8539 | $1.59 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.60 | 167230 | 4 |
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| Last trade - 16.10pm 01/11/2024 (20 minute delay) ? |
| BGL (ASX) Chart |