Unfortunately, we are all used to small-cap stocks jumping around at balance dates; it is part of the game. There can be good reason to buy or sell late in the period, and illiquidity at the smaller end of the market makes moves more pronounced.
But this illiquidity also means investors can push stock prices up or down as they please. This late-in-the-quarter or half trading is one of the market’s dirty little secrets. This time, the jumps were particularly stark; Monday’s worst performers list looked like Friday’s best performers turned upside down. It was laughable.
Of the five stocks, only one had a solid explanation for its change of fortunes. West Australian oil and gas play Strike Energy ($800 million market capitalisation) had spud and drilling news on Friday, and a supply agreement update on Monday. The market said Friday’s was good and Monday’s was bad.
Sorry Chanticleer, not a solid explanation at all. There is no way yesterday's announcement is bad. As I had posted yesterday, I too thought of the possibility that the market had misunderstood the announcement but having read it again several times, it is as clear as day and near on impossible to misunderstand.
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