It seems to me that a large insto is selling the living daylights out of the stock using the buy back as an excuse to quit a long and wrong position in the portfolio.
At the 12 month low of 60c and a host of negative news in the market one could think that we could very well see a bounce when its least expected.
BUY backs have a history of seeing instos quit stocks in the early part of a buy back ,only to see after the initial selling has subsided the stock heads back up.
The low is 60c the high is nearly double that in the last 12 months.
The only thing that has changed is sentiment in respect to future contracts,the oil price ,and the reduced expectation of a takeover.
The compoany still has lots of cash,a good business and a sound businss strategy.
Im in the bulls camp on this one.
aegis equities research gives oil search strong bu, page-10
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