It's not surprising that there's some supply overhang. The price has risen dramatically over the last year. I think what's more interesting is the buyer(s) of 4.5m shares (or $902k) in the first ~15 minutes of the open. Here is the trade distribution for the day.
Despite the fact that we closed at 19c, the weighted average price for the day was 20c. Hopefully today was a glimpse of things to come for the remainder of the week.
The Paspaley auction starts on the 15th of February. For those on the inside, this should provide a strong indicator into the current price of South Sea Pearls, which I expect to be the same if not higher than the November auction. At least that's what some insiders have indicated.
ATP Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
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(20min delay)