Friday 28 December 2007

Sold Centro Properties

I bought 3.000 shares in Centro last week at $0.66 after news of it's refinancing woes had caused it's share price to plummet to under $0.50 before rebounding. I missed a couple of chances to sell out at around $1.50 over the next two days, and was thinking of holding on for the longer term in case it eventually recovers to the alleged book value of around $2.40 per share. However, in the past couple of days it has drifted lower - $1.30, $1.20, $1.10... even though the general market has been recovering. So when it continued to drop today I decided to sell out at $1.02 and pocket a gain of around 50%. Although it will be annoying if the stock moves higher from this price level, it won't be as bad as if I'd held on until the stock dropped below the price I'd paid for it - a small gain is better than a loss any day.

Copyright Enough Wealth 2007

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