You could be right there. Probably trading around related entities to create some buying bait, not that many are taking it. Only 15k shares on the bid at 23c this morning, 22.5c got line wiped 20 min after open, and bots now just pinging the 22c bid at 20 min increments. Without inside knowledge of some good news or that Regal/FIL were done with their sell downs, why would anybody step into the bid above 22c knowing large sellers are waiting for them?
Fundamentally, China opening that supports min sand prices 23/24 means more to BSE than any other player given falling Kwale grades. Free cashflow is highly sensitive to product prices given falling LOM grades to late 2024, higher prices for longer means more to marginal producers than others, so this new 'stronger for longer' 2023 market pivot should benefit BSE the most. Not when large sellers have poisoned the well though... Only some transformational good news will help, and that's Toliara or bust in all probability.
A glass half full view is that insiders frontrun good news in fits and starts, because leaks and those who act on them happen in patchy discontinuity. Not holding my breath though. We also saw large crossing by Regal previously that looked like bringing LSE shares across to sell on the ASX. How many shares they got left?
Ann: Quarterly Activities Report - December 2021, page-212
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Last
22.5¢ |
Change
0.005(2.27%) |
Mkt cap ! $265.0M | |||
| Open | High | Low | Value | Volume |
| 22.5¢ | 23.5¢ | 22.0¢ | $123.9K | 550.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 20200 | 22.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 23.0¢ | 284200 | 2 |
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| Last trade - 15.15pm 16/08/2024 (20 minute delay) ? |
| BSE (ASX) Chart |