One share in my portfolio, DYL, was on a trading halt since Wednesday. They supposed to trade again on the announcement or when the market open on Friday, which ever is earlier. So this morning, I waited but the announcement didn't come. Instead there was an anouncement that the share was suspended from oficial quotation.
I went out to pick up my son from school, and when I came back about an hour later, the suspension was lifted, announcement out and apparently the share price went down to as low as 0.40 before it came back up again to when I saw it at $0.56...
So I MISSED the FUN..!! (although I have to say I might not had the gut to buy them if I was around anyway...)
Looking back now, seems that today was a perfect example of how stop losses can cause a share to drop sharply from some initial panic selling from people who didn't understand the announcement. When the share price went down a bit after being suspended, it triggered stop losses and so the sell off continues, as it has a domino effect on other stop losses.. And apparently, few investors couldn't amend their stop losses as it was in a halt, so before they know it they've stopped out.
I think the announcement was positive, that is IDENTIFIED HISTORIC MINERALISATION ESTIMATES (NON-JORC) WHICH THE DIRECTORS BELIEVE IS MATERIAL.
Yes, it still a non-JORC compliant, it still 'just' what the directors believe (which could be wrong......and of course the investors will get burnt if that's happen!!!...
(The JORC Code provides minimum standards for public reporting to ensure that investors and their advisers have all the information they would reasonably require for forming a reliable opinion on the results and estimates being reported - source: JORC website)
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