It's just the market.
As judge said US steelers have copped some d/grades and the US steel sector is down about 5-6% this week. BSL has about an 80% directional correlation with the US steel sector.
The people who have the power to move markets don't worry too much about P/E's (which are a movable feast anyway). They trade momentum and take profits when it suits. BSL has had a good run so there's plenty of people able to take some money off the table.
If you believe in the co's prospects (I do) and you're buy and hold investor then you shouldn't be too fussed by daily/weekly fluctuations.
If you trade actively then you should have been out/short when it double topped at 855ish. Some support at 790ish, tho 760ish looks more likely. Any major retracement of the overall market will take BSL with it, and probably a fair way. Sentiment is against 'hards' at the moment so it's a bit of a headwind.
Just an opinion.
india foray must be good news, page-7
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Last
$20.51 |
Change
0.350(1.74%) |
Mkt cap ! $9.025B | |||
| Open | High | Low | Value | Volume |
| $20.15 | $20.62 | $20.08 | $24.72M | 1.207M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 19859 | $20.50 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.52 | 2656 | 1 |
View Market Depth
| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| BSL (ASX) Chart |