And once again we have more volume traded in a single day (6.7m shares) than there is represented in market depth
It seems pretty clear that someone doesn't want the SP to go above 2.6c, I suspect it is potentially an existing major holder who is hoping to help out CXN in their fund raising activities. Ie, if the shareholder is someone that CXN is looking to raise funds from, they are selling down to try and cap the price at current levels so that they can get a VWAP at a discount to the current price
Only prob for this tactic is that there is just too much good news on the horizon, and the market is chipping away. Capper can only keep the price down for so long!
I'm a long term holder so I don't mind the current shenanigans, eventually the capper will run out of stock (or CXN will place shares), and the SP will rerate.
Interested in the perspective of any other holders?
DYOR, V5
CXN Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
