Selling a million here and there doesn't seem to be CBA's style, they have tended to sell in larger chunks of 3 million or so. Based on that I suspect they still hold about 8 million shares. I assume that CBA will retain some ownership of shares via super/investment funds so I think that their selling may have finished.
The market seemed to hold fairly well during the last 11.5 or so million shares CBA has sold. Today the share price settled around the 25 cent mark and the depth looks reasonable to hold around there.
The strong down trend looks to have ended and we could see some consolidation at these levels, especially if the selling by CBA is in fact over. Possibly even some minor upside if that's the case.
I don't expect any major moves in NFL in the near term unless there is a major announcement, either by NFL themselves or as part of promises regarding biodiesel by the Coalition or ALP in the election campaign.
BGC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
