MQG fell -$4.22 in absolute terms on Monday, or -2.6%, but we should remember the stock traded ex-dividend $2.55, 40% franked. Hence, the stock only slipped -1%, including the dividend, which was not a major move in a weak market, although the current momentum isn’t good, and we can see a break to fresh 2-year lows unless we see a Christmas rally sooner rather than later.
- We are considering increasing our exposure to MQG in the $140 area: MM owns MQG in our Active Growth Portfolio.
MM remains long and bullish toward MQG
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