So basically I've had NGX for quite some time and seen it run from its mid 50s cents to over $1. My question is, since I will admittedly say I haven't kept up to it's projects and operations in detail - what happened?
Why the sudden drop from $1? I did buy in when it had finally settled around 26.5 cents, saw a spike back up over 30 recently (althougH I sold out as I only did a quick trade). Today it's been hammered and is down to 18c. huge 10 c drop, no announcement.
Can someone fill me in on the blanks between what has occured from its $1 glory days till now to cause such a downgrade in pricing by the market?
I pulled up the statutory report from 3/oct and (im on lunch break) from the quick flick through the only thing I can see is an emphasis of matter para from the auditor on going concern. Combined with snippets of reading i've picked up from the financial review over the last month or two, I know they've hit a few bumps with lower production etc.
Appreciate anyone filling me in. I am considering topping up with some at 18c but have a gut feeling (when I try to catch these plunging swords always) that I'll be burned. Think CVN, MEO (although I was lucky i caught that around the bottom 20s and not 30's when it was still falling).
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