I can't imagine that a 5 or 10 cent dividend has a big impact on the share price.
I think its mostly to do with the price of nickel ATM. The small iron ore producers have also been hammered because the iron ore price has dipped.
The market is very cyclical, with lots of over and undershoots (made worse by short sellers). Look at the way that some of 'defensive' health care stocks have rallied in the past few months - CSL up around 40% - yet nothing much has changed to warrant that rise.
I think the time to have sold WSA was 6 months ago - now it must be near a bottom. Nickel may stay depressed for another year or more - but when it rallies it will catch people off guard and up will go WSA.
I think it is a solid company so worth holding and not selling into the fire sale.
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