Spot on.
The market does not mind seeing directors sell shares as long as they understand the reason and the reason is not negative. Here it is to pay tax obligations and nothing to do with the fortunes of the company.
The selling by directors pushed the share price below what it would otherwise be because they were selling more shares than what is normal in a days trade. The lower share price draws out more buyers so the stock gets sold. Once that downward pressure disappears, the market tends to rebound to what the market as a whole considers fair value.
The same thing happens with capital raisings
Director sale of Shares, page-17
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Last
76.5¢ |
Change
-0.030(3.77%) |
Mkt cap ! $667.1M | |||
| Open | High | Low | Value | Volume |
| 77.0¢ | 77.5¢ | 74.5¢ | $10.18M | 13.34M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 76417 | 76.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 77.0¢ | 162603 | 7 |
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| Last trade - 16.10pm 15/11/2024 (20 minute delay) ? |
| DRO (ASX) Chart |