I think that the entry into the ASX200 this year put NXT under the spotlight, and the high sp was frustrating the funds needing to get in on the stock.
The CR provided the perfect opportunity to push down, and that they have, with the standard result of the scavengers arriving to take advantage of the situation. The hedge funds are into it, the shorts are building daily; the buy and sell columns are full of icebergs and props, positioning the sp in their target zones.
Remember that one of the substantial holders (Hesta) has been taking profit all year, selling down as the sp increased, and this added a lot of liquidity to what was a reasonably tightly held stock, so the addition of more liquidity from the placement was going to add some volatility to the price.
With the amount of accumulation going on at these levels, I don't see them pushing much further ... it would not be productive. With December coming up, hopefully they will get their fill, and let the stock go on its way. The AGM is bound to have a positive influence ... I think that they have a LOT on their radar for the next couple of years - hence the CR and expansions. P1 may even surprise, Bumskins
I reckon that although this looks nasty, it will end up being one of those periods where a lot of people are saying 'I wish I had have got more when it dipped to around $3"
NXT Price at posting:
$3.00 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)