The chart is a bit misleading. The 'spike' beginning on 10 May was because some anonymous party swooped in and bought 600k worth of shares at a 20% premium right on close of the market. How nice of them. Nothing to see here, move along.
That bumped the price up from around .017 where it had been hovering for a while to above .02, the next day it was already dropping again. But the stock was only trading for a short period as shortly after open they requested a week long trading halt after the ASX issued a speeding ticket and it coincidentally turned out that the company was in the process of finalising negotiations for a material contract. Effectively that contract was signed today and the TH ended this afternoon, 40 minutes before the close of the market.
The news is actually quite good, not totally unexpected though (given they said it was coming in the last quarterly) but there wasn't enough time for that to filter out. The 'sharp and sudden fall' is effectively back to where it was a week or so ago. Next week is probably the real test of whether the market has already priced this news in or not.
TL DR: Market is fickle.
The chart is a bit misleading. The 'spike' beginning on 10 May...
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Last
62.5¢ |
Change
0.050(8.70%) |
Mkt cap ! $65.94M | |||
| Open | High | Low | Value | Volume |
| 57.5¢ | 63.0¢ | 57.5¢ | $117.5K | 196.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | 59.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 62.5¢ | 2484 | 2 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| IIQ (ASX) Chart |