NZUs closed down at $23.70 – a 10 month low.
From a technical perspective the market looks awful, tumbling off a cliff with little to support it. It appears NZUs are off to “cover the gap” at $22.90.
Fundamentally, emitters are standing back at present. They are in no rush to buy and many feel they don’t need to be. Q2 and Q3 are historically quiet periods but have been the best time to buy over many years.
NZUs do look cheap given they were nudging the high $25’s only a month ago but we could go lower here before…