From Marcus Today OZL – Seems it was margin calls that flogged the price this morning as some margin lenders cut OZL off the approved list of stocks they would lend against. The falls prompted a response from OZL....“Discussions (with their bankers) are very positive, they are ongoing, they are not complete yet….They won't be concluded, I wouldn't think, until Friday and they may not be concluded until quite late on Friday given that several of the banks in the syndicate are not based in Australia”. Even if they get over the bank issue, Wayne Swan may still block the deal in the national interest. Either way…holding OZL is nothing but a gamble…its not investment…and traders should contemplate a 100% loss as a possibility before buying it. But judging from the volumes a lot of people are having a punt…volatility and volume attracts traders. Its a bit of a sad reflection on the market that so many people will flock to such a spot....putting 100% at risk. I hear some of my colleagues talking the story endlessly....but boil it down...there is no value being added other than "here is a Heads or Tails opportunity". The gamblers are the most robust element of the stockmarket at the moment. Endlessly putting up another $10,000. OZL now down 10c to 48.5c.
OZL Price at posting:
$4.95 Sentiment: Buy Disclosure: Held
