ZFX - Zinifex Limited

[MalteseBull]

LOOK AT THE BID AT 11.92

THATS MASSIVE

 

[ctp6360]

That jump at the end of trading today was INSANE, makes me think it wasn't just ordinary trading..but then again I have no idea, to go from -0.5% to +3.6% in under 5 minutes is a pretty huge change though!

 

[moses]

Probably a desperate "at market" buy. I made that mistake once....

 

[professor_frink]

Probably a desperate "at market" buy. I made that mistake once....

there was over 11.5 million shares traded at 4.15. There'd have to be something pretty big going on for someone to buy 135 million dollars worth of stock in desperation!

 

[moses]

So if it jumped up like that tonight, and if London and New York behave favourably...what saith the morning?

 

[michael_selway]

That jump at the end of trading today was INSANE, makes me think it wasn't just ordinary trading..but then again I have no idea, to go from -0.5% to +3.6% in under 5 minutes is a pretty huge change though!

omg thats crazy, its the after market auction

wonder why they bought so much so late? KZL went up as well

Zinc price down a bit actually atm so not sure why?

does anyone know?

It might the first effective day that ZFX, along with WOR, PDN, ABS, GFF being added to the MCIS Index

Morgan Stanley Capital International Inc (MSCI) World Standard Index Series for Australia in the Energy Industry Group sector.

http://www.msci.com/pressreleases/archive/MSCI_May06_STPR.pdf

thx

MS

 

[professor_frink]

Personally, I don't think it tells us much yet. Stocks often move around alot between 4 and 4.15, but then again ZFX had been rallying pretty hard from about 2pm, so there could be something in the wind! We will have to wait and see

 

[Claudius]

Personally, I don't think it tells us much yet. Stocks often move around alot between 4 and 4.15, but then again ZFX had been rallying pretty hard from about 2pm, so there could be something in the wind! We will have to wait and see

Justification for the rise given on ABC news (Alan Kohler) was a press release today (clocked at 8:44 AM on the ASX site) regarding the expansion of exploration at their Tasmanian mine (Rosebery)
Recent exploration said to be "encouraging".

Have to say though, it didn't take me all day to read it.

 

[nizar]

Have to say though, it didn't take me all day to read it.

Agree

Given the number of after hours trades in "special portfolio crossings", which was 20million shares, so more than $200million from 4:00pm onwards

It seems like maybe ZFX is now included in asx50 (as of 2mrw), it makes sense considering the market cap and the number of instos buying before 2mrw (june 1st) as some fund managers would have to include ZFX by definition

I have no proof of this or any source, just my thoughts, but seems to make sense...

 

[michael_selway]

Agree

Given the number of after hours trades in "special portfolio crossings", which was 20million shares, so more than $200million from 4:00pm onwards

It seems like maybe ZFX is now included in asx50 (as of 2mrw), it makes sense considering the market cap and the number of instos buying before 2mrw (june 1st) as some fund managers would have to include ZFX by definition

I have no proof of this or any source, just my thoughts, but seems to make sense...

http://www.couriermail.news.com.au/story/0,20797,19319987-3122,00.html

AUSTRALIAN stocks sank in their biggest monthly fall in more than three years, with big miners BHP Billiton and Rio Tinto Group savaged by a slide in London metal prices.

Stocks that rely on overseas sales, including Westfield Group, declined also after US consumer confidence fell in May and Wal-Mart Stores struggled to meet its sales forecast.

The S&P/ASX 200 Index dropped 103.7, or 2 per cent, to 5001.7 by the closing bell, the biggest one-day slide since October 6. The index dropped 4.9 per cent in May, the worst monthly performance since February 2003.

"I've been spooked by this market all month," said Matthew Kidman, who helps manage $385 million at Wilson Asset Management. "We're definitely not in a comfortable place, especially with the mining stocks taking the brunt of it. Share valuations don't leave much room for risk and I'm concerned that we might be seeing the beginning of a change in sentiment that could last for the rest of the year."

The All Ordinaries shed 1.9 per cent, closing down 94.5 points at 4972.3.

Virtually no sector of the market escaped unscathed, with energy, materials, health care, banking and finance all down over the day.

"The big surprise was that everything fell so much overnight," said David Halliday, client adviser at Macquarie Equities. "There just seems to be so much volatility that people don't know which way to jump at the moment."

BHP Billiton and Rio Tinto both fell 3.8 per cent after copper prices dropped 3.5 per cent overnight.

"The sell-off in the States (overnight) is worrying me," said Michael Caldis, options trader at ABN Amro Morgans. "It seems to be down on no significant news."

Zinifex rose 3.6 per cent as index funds bought the stock after its inclusion in the Morgan Stanley Capital International (MSCI) World Standard Index Series for Australia. The MSCI inclusions dramatically boosted market volume to a record $10 billion.

Other new MSCI inclusions are ABC Learning, WorelyParsons, Paladin Resources and Goodman Fielder. ABC rose 1.1 per cent, Paladin rose 7.1 per cent and Goodman Fielder fell 1.9 per cent. All stocks in the top 20 lost ground and among those, National Australia Bank fell 3.1 per cent and AMP fell 2.8 per cent.

ABN Amro Morgans senior equity adviser Tony Russell said

the market would see some pullback "but in no way are we going into any bearish state".

thx

MS

 

[Claudius]

That makes more sense to me.
There's some serious money chasing MSCI indices.
A lot of international funds benchmark against MSCI indices and a good number of funds also restrict investments to the MSCI universe.
Inclusion can only be good news for a stock's relative performance.

 

[jet-r]

can any chartist comment on the head & shoulder formation of ZFX?
It looks to me its almost completed.

 

[michael_selway]

can any chartist comment on the head & shoulder formation of ZFX?
It looks to me its almost completed.

where ZFX is going to go will depend on the DOW and Zinc Price,

Can you see if Head And Shoulders is forming for those?

thx

MS

 

[jet-r]

the movement in Zinc and Dow would have a magnified effect on ZFX

ZFX would be down to the floor if we see a head & shoulder pattern on Zinc and Dow.

 

[ctp6360]

Has anyone noticed the recent share buy-backs of ZFX in June, just in the most 2 recent buybacks they have bought back $80 million worth of shares if what I read is correct, what does this mean? I have no knowledge of this kind of thing....

 

[GreatPig]

I would put right shoulder completion at around $10 now.

GP

 

[ctp6360]

GP what happens after a shoulder has completed? Does it keep going down or bounce back?

 

[jet-r]

zfx is trading at a masssive volumn today. 40,040,891!!! that is $400Million exchanged ! and its not even 12:30 yet.
Is it because of the speculation of the head and shoulder?

 

[nizar]

Has anyone noticed the recent share buy-backs of ZFX in June, just in the most 2 recent buybacks they have bought back $80 million worth of shares if what I read is correct, what does this mean? I have no knowledge of this kind of thing....

Hi ctp6360

share buy-backs are seen as a positive because:

1- it means the company has belief that the share price will go higher ie. it will be a good investment

2- this will reduce the number of shares outstanding, thus giving a boost to earnings per share figures ie. even if NPAT is the same, eps will be higher

hope that helps

 

[nizar]

zfx is trading at a masssive volumn today. 40,040,891!!! that is $400Million exchanged ! and its not even 12:30 yet.
Is it because of the speculation of the head and shoulder?

i very much doubt its because of the head and shoulder; those technical indicators pop up all the time, yet i rarely see this kind of effect esp. in blue-chips held by instos

but i guess there must be a reason for the massive volume