I expect they've made arrangements with other institutions to shift the bulk at the end of the day for a small discount. I picked up a few a couple of weeks ago and will have another pop today just in case there's a big sale into the auction but I'm not too hopeful.
Interested to know why the instos would take this on? Its a big chunk to digest. Whats in it for them?
Interested to know why the instos would take this on? Its a big chunk to digest. Whats in it for them?
Probably easier to negotiate a discount with some large institutions than dump tens of millions of shares onto the market without any prearranged deals
Surprised there were that many buyers out there at $6.05! Way higher than many thought. Surprising! Will be interesting to see if that price now stabilises there or who knows what happens. There doesn't seem to be any logic to trading these days.
OK then - there's a strong support level around 560... I am slightly above that...
As I said, cheeky bid... Happy to get them (although not expecting to) and happy if they don't drop...
Ah, I thought it was CEN you had the cheeky bid in for, I was going to try a few myself but neither MEL or CEN have gone where I thought they may have today.
Well there you have it... essentially the opposite of what everyone was expecting! I think I mentioned a few pages back that this often often happens (although my base case was still that it would drop).
I covered my longer term short at 560 after the resistance break and strength of the stock. Hopefully the volatility continues as this has been a fantastic trading stock.
Only disappointment with this one is it never reached the level where I would add a significant position to the long term portfolio. No worries though, still some great deals on the NZX in select stocks.
Originally Posted by mfd
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