After a nice bounce off a new low last week and decent turnover of shares it will be interesting to see if the SP can stabilise this week. Its not clear why the buy sell sides closed strongly late in the week but from what I saw the pressure on the SP was not pushing it down, a few attempts failed miserably actually. No large sells once the buy pressure built was telling for me.
Its still a profitable business and recent releases are not over promising anything and putting the bad news to the market to digest at the tax loss selling season was always going to push the SP down, but I think way oversold. We all wish the Jaya purchase was at today's prices rather than the premium, but strategically it still offers enormous upside and leverage when the O&G cycle stabilises and then rises.
I will be buying on any weakness this week.
MRM Price at posting:
59.0¢ Sentiment: Buy Disclosure: Held
