Perhaps it has come about due to some investors selling down their profitable lithium holdings to fund the acquisition of shares in the new player in town - IGO. Our friends at MacBank and Citigroup have been running the institutional placement which will be completed overnight (announced tomorrow).
No doubt this will soak up a little bit of capital previously allocated to PLS, GXY & ORE. Now, Oz investors have the chance to indirectly invest in Greenbushes (alongside Tianqi).
They call it "re-balancing".
Bottom line: it appears to be a short term (unexpected) share price pressure. The sun will shine on this space again - perhaps tomorrow !!
