now showing $10.95 as estimated match price.
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now showing $10.95 as estimated match price.
Hello,
Newbie here.
I thought I understood about the index fund requirement to purchase by today. I assumed that would be a positive thing for SP.
Can someone explain how this makes sense? Specifically the large sell orders at below $10? Are these just large existing holders that are using the large volume buying as an opportunity to get out without the price tanking as much as it otherwise would or what?
Attachment 9710
I think I've seen somewhere a post from winner announcing that. What other advertisement do you need ;)?
Here we go: https://www.sharetrader.co.nz/showth...l=1#post716627
and here is the source: https://www.nzx.com/announcements/318737
now $10.87, which is where it was at 4:29pm, pretty much.
and volume of 48.5m shares for $527 million done at 10.87.
Mercury out of index, SP up
ATM in index, SP down
?
It's the end of day match process. orders left in or placed in it, all get matched off at the same rate if they cross. So the lower your offer, the more likely you are to get matched. But if there are more offers than bids, the average calculated rate used will be lower. As people see that though, they tend to place more buy orders, thinking, i'll buy them cheap down there. and that pushes the average price back up. all this time, the market is locked for trading.
it is explained in sec 6.9, page 30 onwards here: https://www.nzx.com/files/assets/arc...tions_june.pdf
Well, ATM is not really down - closing only one cent lower after trading 57,223,438 shares for $622,448,615. Who knows- maybe the efficient market theory is true after all :p;
No, but seriously, given that the news was very old indeed (announcement of index re-balance happened a month or so ago) was it clear that the players do prepare, which they did.
Well done to all participants to trade 2/3 rds of a billion dollars worth of shares of one company without upsetting the market.