Good post Mickgould, and I have wondered about this problem as well. I'll give you my opinion, for which I am happy to stand corrected by others. Previously I have looked at the changes in major shareholders (on the Commsec site) and saw that a few of the big shareholders seem to buy and sell quite regularly. That is to say, some big holders are not long term holders, but seem to be trading for short term profit. Also, the daily trade in MLX shares is generally more than a million shares per day. So I am guessing that alot of small holders are also looking for short term profits. These people are probably using charts to determine times to buy and sell. This activity is not uncommon on the sharemarket, but becasue of the uncertainty it creates, it seems to be weighing on the MLX share price. Eventually though, drill results from Wingella need to be good and profitablility at Niffty needs to turn around.
MLX Price at posting:
$1.03 Sentiment: Hold Disclosure: Held
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