PNA will test the capital raising price of 30c, I have no doubt and that will be strong support. Look at the SPI Futures down 342 points spells blood bath overseas tonight.
Global markets will now have to correct rapidly to come into tune with future earnings and that’s the main reason for the sell off across the board.
I first got the tip on PNA when it was 15c and I can't believe that it has fallen back to the mid 30's, but a major positive IMO has turned into a major negative. PNA have had massive insto support as they have a long life mine which is already fully funded, however right now in this major correction Insto's are turning away from equities as they don't want their hard earned going sideways for the next 12 to 24 months.
Some of these Insto's are holding 50+ million shares, this will take time to feed into the market.
Regards
PNA Price at posting:
34.1¢ Sentiment: Sell Disclosure: Not Held
