I am expecting at least 1 more downgrade before the end of the FY21 year, possibly 2 more.
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This is far from over, Q is will it go under $10.00 ?
The cat will bounce (it aint dead!)
Expecting a small bounce in the final 15 minute match process this afternoon as their index weighting in the NZX50 is increased and hapless index tracking funds have to buy but I would suggest a lot of institutional fund managers and analysts have already closed off for the year and are having their Xmas office party this afternoon. Some could be pulling after hours duties over the weekend or be back in the office on Monday and I would not be at all surprised to see the painful downward momentum continue next week.
Short coverings will provide the sp with some short term floor.
After that, try PE multiple of 18 times as a starting point.
Mayday...mayday ..mayday!!!