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CBRE Clarion Global Real Estate Message Board

  • philpt philpt Oct 18, 2010 8:24 PM Flag

    Stock price Part 2

    The Oxford Club certainly has the reasons to recommend their members to sell. I think we should wait to see what happens before jumping in to buy. Sound logic?

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    • You can use X---X with almost all CEF's

    • by the way, the chat here was so helpful yesterday, for me. i was comfortable adding to my position with a 7.40 limit order knowing what was going on had an explanation. thanks for that, too.

    • Sounds reasonable to me. Looks like 41k shares traded AH & took IGR down another 2.5%, so who knows? The ex-divi date is just around the corner & that always makes for some interesting movement just beforehand.

      • 1 Reply to woodardjc
      • Whether or not the Oxford Club's reasons to sell are valid or not, yesterday's selling was undisciplined and throwing away the stock.

        The Net Asset Value yesterday was UP 3 cent. UP. IGR has been trading steadily for weeks around a 9% discount to NAV, and after yesterday the discount moved to -11.3%. And, that was with IGR closing at the high of the day of $7.54. At the open, when someone put in a sell for around 600,000 shares and got sold out at prices near $7.30, they were selling shares at a 15% discount to NAV. People like that deserve to get mauled by the market, and they did.

        It probably will take a few days for IGR to get back to it's comfortable level of a 9% discount to NAV, but chances are it will. Whether the Oxford Club is right or wrong about their reasons to sell, yesterday's selling pressure to prices even below $7.60 was totally unjustified. I'm glad I bought more shares.

8.40+0.04(+0.48%)Sep 30 4:02 PMEDT