Daily trading volume in MLX is very low at less than 0.5% each day which will go some way to explain the large intraday swings. Exiting even small positions will see large drops in the SP equally anyone wanting to take a position or accumulate will have to pay up.
My guess is there is very little retail investor interest and any accumulation by insto's is very patient and disciplined and only willing to buy within the 23-26c range which contains thin volume.
What is our next catalyst that might put a rocket under the SP, a high tin price doesn't seem to be enough.
I would have thought we would have heard about the agreement to loan extension by now and maybe some news soon on the return of the $6.5m environment bond. Neither of these bits of news are likely to influence the SP greatly IMO.
The only thing I can see to drive the SP up from here is news on strong cash flow and solid production numbers and we're unlikely to hear anything on this front until the next quarterly.
MLX Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
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