Hmmmm.. reported early last week that several analysts (including BNP Paribas) backing SUN (no doubt with John Trowbridge as new heavyweight to troubled General Insurance division) with solid positive comments on current performance.
No less than Gavin Duffy (Commsecs Equity Strategist) has joined in by stating recently that "Suncorp-Metway now undervalued" ...
This would seem curious given CBA reduced it's holding of SUN a month or so ago ... but no doubt recent performances would seem to indicate a change of sentiment ...
Several large parcels changed hands last week ... most notable several million at $12.50 which must be disconcerting given SUN subsequently hit a low of $12.12 before finishing at $12.30 for the week.
Technically, SUN should be >$13.00 but this seems unlikely in the current climate ... but one thing is sure ... SUN is oversold.
This is only my view ... read the red stuff.
SUN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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