The CER buy line is just getting refilled every time it is sold...

The CER buy line is just getting refilled every time it is sold into. The data seems to suggest that small (retail) holders have been bailing en masse because of the CNP announcement on Monday.

I am not sure we can draw the conclusion that buying into CER implies a view that CNP is going to be OK. My view is that both companies will be OK long term, but for different reasons. If CNP falls into a dire situation (i.e. worse than the current) then CER will get hit with sentiment but is quite capable of existing stand-alone.

I realise we have debated this point previously but I am firmly of the opinion that the fate of CER long-term is not linked to the fate of CNP.

You'll notice that the CER announcement on Monday simply noted two points that CNP had made and said they were "monitoring closely the discussions". Nothing more.