Published:
Olam share price recovers as allegation defence assures traders
4% spike canceled recent Muddy Waters-related losses.
According to the IG Markets evening update, Olam saw its share price recover 4% today as traders voted with their buy buttons, wiping out yesterday’s losses.
"The commodity player’s defence has proved robust enough to convince traders that claims by Carson Block are over-cooked," it said.
"Of course, Olam was helped by the public support of major shareholder Temasek. But then again what other choice does your biggest shareholder have than to give a public vote of confidence for fear of racking up more losses?" it noted further.
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