Medibank Private!
In a market with very low volume and direction like ours, the main reason of the weak market is the new Initial Public Offering.
Listed at approximately AUD 5 billion, it actually sucks money out of other investments ….so practically cripples the entire market until quotation.
As quotation is expected to be high, some fund managers (apparently there has not be such a great institutional request – (the Government threat to fund managers in regards to devious way to buy the share was mostly a marketing ploy – as it could not be enforced) will sell and restart buying the market.
But to be fair, the market is now fair value and without a general economic improvement….there is not much direction, apart the classic Christmas rally with a target 5,700
investorpolitico 