Admittedly not the best quarterly report, but the SP movement suggests the instos were dumping stock in expectation of picking up through cap raising. With the ïmminent" cap raising being deferred (at least for the time being), the relief rally.
It is also unlikely the instos will continue to dump (as they did prior to today) which provides an opportunity for SP appreciation.
Like I said in one of my previous posts, the management must be extremely incompetent if they are unable to realise cash costs under $6.00/lb. I dont give them credit for being smart, just normal will do.
MBN Price at posting:
48.7¢ Sentiment: LT Buy Disclosure: Held
