Just when one thinks the world couldn't possibly get any more weird, one of Australia's pre-eminent companies is forced to ask its shareholders for capital at a price that is around a whopping 35%-odd discount to 90-day VWAP.
Now who would have seen that coming?
But that aside, the switch out of defensive sectors (healthcare, consumer staples) into high beta stocks, such as financials, is worthy of remark, I think.
It is what happens when markets start to recover, but I would have thought it far too early for animal spirits to already be entering capital markets.
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COH Price at posting:
$168.00 Sentiment: None Disclosure: Not Held
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