Huge volume - seems like a lot of players been shaken out. But how bad can it be - dividend paid end last year and US $ 500 million debt paid back early (was due 2011 - i think). Am I missing something........?????
Usually spike volume represents a trend reversal.. Well I should hope so I am still still at 7.17 haha.. anyone at a higher price to make me feel a bit better? Just replying from the other post when I think Victor asked how we see value in this stock? Well Technically, Stochastics- Oversold Bollinger bands- Fakeout, Increased volume means that the bulls are soon to take over etc etc... At the end of the day, OML has an operating profit of over R1.6 Billion and has positive results. The stock market works like an auction so the fundamentals don't entirely determine the share price in the future.
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Timon, where did you hear of operating profit at R1,6b? I have searched all sens for announcements in this regard. Last year's operating profit was GBP 1,6, billion - is this what you were refering to?
The only problem is that there are statistically more sellers than buyers which means that the bears are still winning. The financials and the overall results were bad and now people are starting to lose confidence in all the financial sectors :(
The point everyone IS missing on this one is that the financial markets IS their product! They are in it up to their necks. With this kind of action and as mentioned on another post this one may be SA's corporate failure in the making for this cycle. I mean their US and UK exposure must be at breakdown. If Anglo suspends their dividend as they did this morning as well as buyback of their shares I can almost guarantee you OML will not pay a dividend this year. They just cant afford it!