At the moment, the market rules are FEAR and day to day VOLATILITY. As thus, people do not see MGX strong fundamentals:
The two important fundamentals with MGX right now are:
1. The falling AUD vs' US dollar is directly helping MGX bottom's line, as the spot and contact prices are in US dollar. When the commodities fear factor subsides, more people will realised this currency fact and may offer reason for a rebound.
2. Urbanisation of China is still expanding by about the size of Chicago every year and it is driven internally by the Chinese Govt (ie not by US or EU ie not directly influence by export industries). The main ingredient for building cities are iron ores, and China has another 10 more yrs to go (at least). After China, India will do the same.
Personally, I see MGX as a buy and forget type ie buy a parcel now at $2 or even at $5 and when China stop building cities, I will be retiring on the beach of Phuget.
As a last point, MGX is an excellently managed company so forget about the current FEAR/VOLATILITY and have confident in the management.
fundamentals
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Last
44.0¢ |
Change
0.005(1.15%) |
Mkt cap ! $534.5M | |||
| Open | High | Low | Value | Volume |
| 43.5¢ | 44.5¢ | 43.5¢ | $178.2K | 404.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 9 | 240727 | 43.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 44.5¢ | 436449 | 4 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
44.0¢ |
Change
0.005 ( 0.57 %) |
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| Open | High | Low | Volume | ||
| 44.0¢ | 44.5¢ | 43.5¢ | 123351 | ||
| Last updated 15.58pm 03/05/2024 ? | |||||
| MGX (ASX) Chart |