NST's journey today is very interesting. A new low of $7.95 effectively wiping out all gains since Sept 2018...followed by an almost immediate uplift to $8.65.
A 9% swing in a few hours for a $9.5B market cap business (now slipped out of the ASX top 50) does not give a lot of confidence in its SP stability. Is today a resurgence...or just a dead cat bounce? IMO it is the latter, the answer will crystalise over the next month.
I have a view that NST will have some massive asset writedowns in FY22 at Pogo and the Superpit. They bought assets other, arguably more, experienced miners (Barrick/Newmont - Superpit, and Sumitomo - Pogo) wanted off their books. These mines have to be carried at market value, not at cost - and the former will likely be much less.
I still see NST as a $6 stock. No conspiracy theories of price manipulation are in play. Just simple market forces.
Can't see NST holding its share price, page-1247
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Last
$17.72 |
Change
-0.020(0.11%) |
Mkt cap ! $20.37B | |||
| Open | High | Low | Value | Volume |
| $17.52 | $17.89 | $17.51 | $39.76M | 2.240M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 9775 | $17.72 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.73 | 6618 | 1 |
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| Last trade - 16.10pm 05/11/2024 (20 minute delay) ? |
| NST (ASX) Chart |