"The Australian sharemarket has posted its second-best start to a year in at least three decades as optimism grows inflation will peak lower than the Reserve Bank’s 8 per cent forecast for the December quarter".
I have shares that have gone from $2 to $6 since the turn of the new year...
So I'd say (not that I am an expert), it's not about an overall macro market, I do feel new would be investors don't see a reason to buy in (yet).. But again, whatdoIknow ! all imho.