Market reaction to Sibanye-Stillwater pulling out

Yesterday INR dropped around 6% on the news that Sibanye-Stillwater pulled out of the joint venture. But it's pretty clear the market was not surprised by this announcement. Trading volumes show that around 20 million shares were traded on the ASX on the day of the announcement. 20 million shares is around 0.86% of the total number of shares in the market (2,350 million shares). This is a tiny percentage. Greater than 99% of the shares in the market were happy to hold after hearing the news. I see that as a vote of confidence in Ioneer going forward.