Q: Exco reports on 31 January . Today ( 19 January ) some 234,441 shares traded , the majority between 4.30 -5.00 pm EST ( after normal trading hours ) .50 day average trading is 17,353 shares . The share price fell some 8% .
Now , does somebody know something that the rest of us don't ? I'm curious to know if the TSE regularly monitors unusual trading activity , and what action they take . Now this could just be an entry mistake , but I hope it doesn't mean something nasty on 31 January .
Now , does somebody know something that the rest of us don't ? I'm curious to know if the TSE regularly monitors unusual trading activity , and what action they take . Now this could just be an entry mistake , but I hope it doesn't mean something nasty on 31 January .
5i Research Answer:
These are MOC 'market at close' orders and are very common. In order to do a cross trade, in this case $7, other orders higher up need to be filled first. The seller of the blocks (there were five blocks of more than 5,000 shares at 4:00pm) needed to sell shares at $7.10, $7.20 and so on before they could conduct the block trades at $7.00. But keep in mind there was also a BUYER here. The $7.00 price was simply the price at which they wanted to buy more shares, and the seller came down to meet their price. These trades are monitored closely, and we would not at all read anything into these trades.