Simply a multinational pharma giant cut its shareholding in APN. Secondly the earnings and the shareprice are not talking to eachother(its an expensive share on e PE basis). Great company but not cheap
Complex business for the average investor - with small share (excl RSA) in many international markets. Makes it hard to really figure out what is happening. Too many JV's, licensing deals, contract packing to really understand. On the other hand, trust management (excellent) and enjoy the ride!!
Frans de Klerk(talking technicals) has been warning about that head and shoulders for a couple of weeks now. It is right on the neckline now. If it closes any lower tomorrow it is in a bit of trouble(R300 maybe?)
How accurate is the H&S. Saw Anglo also going there and then went the opposite. SHP also tethering on a potential H&S. APN, SHP both good stocks, are they simply just overpriced and the H&S is a result of indiscriminate buying?
Yesterday 4th highest single day volume since Jan 2014. Today also in the top 20 days since Jan 2014. PE = 28 based on OST media consensus HEPS of 1299c for June15 FY. This is lower than historical low PE of 30.96.The demand has certainly not waned so let's hope the long term support holds and we see a bounce.
Watch for a retest of 37200c, and if neckline breaks to the upside inverted head and shoulders would have failed which is a big bullish sign. Else if the neckline holds downside target on this one is 34400c and 30500c