Not to be rude, V*, but given the value ($46,188,198) and quantity (11,518,254 shares) representing 57% of the total daily volume (20,162,997) going through at 4.10pm, I doubt this was "buying up late in the day to hold it a bit higher".
That might be plausible on thin volume/dollars but some of the buys that went through were monsters e.g. large single buyer of 3MM and another of 4MM and several of 500M-1MM started to bid. Admittedly I thought these were props but they were never pulled. The sellers were smaller and more fragmented which is positive.
In terms of timing of a recovery I am still betting on STO pushing up in a Santa rally once the cap raise and in particular the retail shortfall book build is complete (Thurs) as market chatter is instos see value and at that time they will need to buy on market, rather than potentially buy via the bookbuild. That timing could be accelerated and extent amplified if we get a surprise outcome from OPEC's biannual meeting this Friday. Unlikely but here's hoping.
Best,
8's
STO Price at posting:
$4.01 Sentiment: Buy Disclosure: Held
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