Forum Archive Index - July 2002

["nick" <helmett@xtra.co.nz>]

        Sky is one of a number of stocks in NZ that have been sold off recently, in particular the last five days. Others include telecom, restaurant brands and the warehouse.   I think that any stock which has been drifting recently has had that drift speeded up.

       The sell off in Sky over the last five days has also been mirrored by its parent INL.  The selling there was was accentuated by a report that the merger of two newspapers was going to cost the company 8 million more than expected.  

   Sky has had a good run recently and is clearly a stock with a decent future, at the moment though given market turmoil there is no compelling reason for people to buy now, that might change thoough now the stock is back to 4 dollars as its in bargainland territory.  But until wallstreet stabalises then its going nowhere.

          Of course there may be something we dont know about. The volume was heavy today and it will be interesting to see if 4 dollars holds , if it does then the stock will recover some ground once markets recover.