Yes I too wonder how has been bailing and who has entered. Good news this morning about the netball. (Not a sport I watch but my mom etc does)
Tbh, I would have expected some announcements to be made by now. I would have expected one large institution to have mopped up a large chunk of the 30 million shares.
I have asked the NZX surveillance team to take a look at this (massive trading volumes in a short period of time, yet still no disclosures).
I can't imagine the 30 million shares traded in a week were mostly done by smaller retail shareholders (thereby not warranting any disclosures).
But let's see what the NZX come back with.
Possibly you'll find that this seemingly large volume is illusionary. Market structure and associated algorithmic trading enables appropriately resourced market participants to be both buying and selling stock while say accumulating a position. You can see it on various SSH notices whereby an entitiy may have bought 9m shares but concurrently has sold 8m for a net gain of 1m. The net gain of 1m may not be enough to trigger a disclosure, while it appears there has been significant volume.
Possibly you'll find that this seemingly large volume is illusionary. Market structure and associated algorithmic trading enables appropriately resourced market participants to be both buying and selling stock while say accumulating a position. You can see it on various SSH notices whereby an entitiy may have bought 9m shares but concurrently has sold 8m for a net gain of 1m. The net gain of 1m may not be enough to trigger a disclosure, while it appears there has been significant volume.
Churn is a real consideration, esp in volatile times.
Last edited by winner69; 23-10-2019 at 11:33 AM.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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