I'm still waiting for AirNZ to provide some entertainment soon.....
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I'm still waiting for AirNZ to provide some entertainment soon.....
HEADLINES ON NZ HERALD AND STUFF TONIGHT.!
The question is whether these will try to buy more to stop loss or hold or sell or what...?
28 August 2020
Cannasouth Limited and Group
CEO’s Review of Operations
For the six months ended 30 June 2020
Cannasouth’s operations continued to track our business plans despite the impacts of COVID-19. The Company reported an operating loss for the six months to 30 June 2020 was $1,451,650 (2019: $821,175). The result was in line with the Group’s business plan and represents the significant investment we are making in developing Cannasouth into New Zealand’s leading medicinal cannabis company.
Cash on hand as at 30 June 2020 was $10.18 million (2019: $10.77 million).
No. of shares: 121,321,301
Cash per share = 0.089
Net Assets per share = 0.11
PB=6.91, PE negative.
Maybe to all these sharesies Facebook users it's become gambling now. Rather than the pokies it's the share market. 3 days of not being able to gamble must have been hard lol
Closed 9% off it's low for the day .... that's a good sign
The other problem as others have said above is that Sharesies platform buys and sells most shares at "market" which accelerates the rise and fall.
Experienced investors would go in and check market depth and then make a limit bid. When the order is placed a market price is suggested. Most experienced buyers/sellers ignore that and decide the entry / exit price.
Sharesies buyers put in a sell or buy order and then wait and see the price. Because of the way the algorithm works that means they are always buying at the highest price and selling at the lowest price because this guarantees that Sharesies get their order processed. A little bit like real estate agents they only want to make sure the deal goes through. They don't protect their customers. They make sure the deal happens and they get their commission. It's not an intelligent algorithm for anyone but Sharesies.
So, a lot of Sharesies people decided to sell because the price was $1.30 and put in a sell order. Panic had set in and it got filled at around 70 cents.
The same has happened with PEB and a few other penny stocks. IKE. PLX. etc