BHP Drifts Lower After Asset Sales

Shares of BHP have traded with a slight downward bias since announcing over $10 billion in asset sales last week.

Some of the investor uncertainty focuses on what the mining giant will do with the proceeds of the sales.

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The company has signalled its intention to return all net proceeds to shareholders but has not outlined the timing or manner in which this will happen.

Technically, we see solid price support in the $32.50 area.

Factoring in the expanded share buyback scheme, an increased dividend and a special dividend could lift the share price back into the $37.00 area.

BHP

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