My prediction at top had come true by 1040 AEST on Monday 22 August, with RWC down 8.43 per cent (A$0.38) to A$4.13. Initially the markdown this morning was under three per cent, but as the ASX digests more of what was said, it seems to have liked the commentary even less.
'Mr Market' hates uncertainty, and unfortunately this morning's analyst briefing by the CEO and in particular the CFO added to that.
One change that could be considered for next year is to have the CEO and CFO in the same geographic location, although it has a cost in not just airfares and hotels but more importantly in loss of productivity when flying to and fro and adjusting to jetlag.
RWC has seen economic downturns before, so confidence in the CEO to navigate these is justified despite the undoubted very significant challenges.
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(20min delay)