Maybe somebody in urgent need for cash or somebody selling inherited (or whatever) shares without understanding how the market reacts on the dumping of a low liquidity share without setting a limit? Looks like a bit more than 200k shares got dumped into the morning auction and went for 72 cents. The trickle sales afterwards might be just nerveous reef fish selling into an unprepared market ...
Shares for $230k changed hands so far, this does not look like a tsunami to me.
its not small fry selling look at the volumes on offer it institutional. there announcement is a warning that a big competitor is entering the market in nz and also an admission that in aus the market is under pressure from there largest competitor there flooding the market with discounted product
its not small fry selling look at the volumes on offer it institutional. there announcement is a warning that a big competitor is entering the market in nz and also an admission that in aus the market is under pressure from there largest competitor there flooding the market with discounted product
Whatever this is - I haven't seen many examples where panic selling was the best reaction, and certainly not when the only material news seems to be that a competitor plans to open a factory in 2 years from now.
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"Prediction is very difficult, especially about the future" (Niels Bohr)
might have been an NZX error rather than MPG dragging the chain. who knows. pretty poor form either way though!
Someone needs to be brought to account. Sellers were clearly privy to inside information this morning and acted on it. Someone needs to make the effort to hold them to account. A formal complaint to the NZX market surveillance panel would be a good start but I have too much work on so will leave this particular battle to someone with a vested interest. Do it quickly so that the NZX has a chance to void this mornings contracts would be my hint. Here is the contact details of the NZX in terms of making a complaint, will someone for the sake of the integrity of our capital market please pick up this ball and run with it ! https://www.nzx.com/regulation/complaints
Last edited by Beagle; 19-11-2018 at 11:29 AM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Shares for $230k changed hands so far, this does not look like a tsunami to me.
agree BP, the volume is not massive. only $276k thus far. 2020 still gives them 2-years to prepare for the new market entry. should hit guidance next week, so could be a bit of a bounce back coming after they report... I also wonder if FBU will perhaps run a ruler over them now after recently losing out on STU.
Announcement released at 10.49 a.m.. In my opinion it is quite clear that some people traded on inside knowledge in the first 49 minutes of trade today. If anyone feels sufficiently motivated and aggrieved and wants to make the effort of a formal complaint to the NZX I think you should and I think there are good grounds to feel aggrieved.
This release was quite clearly prepared over the weekend and absolutely should have been released to the market before it opened this morning. WTF is the company thinking delaying it till 10.49 a.m. ?
The timing of this release is as "Mickey Mouse" as it gets in my opinion and a very sad inditement on the governance of the company.
Agree Beagle, the company should have been placed into trading halt prior to Market open. IMO the company will be most likely at fault as the NZX relies on the individual companies to help keep the integrity of their stock. If your right in your assumption that the release was prepared over the weekend, the company has definitely dropped the ball (the board should have done something if the CEO wasn't in place).
If I was a buyer this morning at 72c I would request that the trade get reversed as the market wasn't fully informed.
New extruder entering market probably been talked about by market players for a while, just like Metro’s biggest competitor is on the block
Balance’s glass contacts probably gave him a heads up on industry rumours ....but rumours were true. Is this ‘insider knowledge ‘ or just good old ‘competitive intelligence’
But potentially losing 75 big customers is a big big threat
Last edited by winner69; 19-11-2018 at 11:52 AM.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
Someone needs to be brought to account. Sellers were clearly privy to inside information this morning and acted on it. Someone needs to make the effort to hold them to account. A formal complaint to the NZX market surveillance panel would be a good start but I have too much work on so will leave this particular battle to someone with a vested interest. Do it quickly so that the NZX has a chance to void this mornings contracts would be my hint. Here is the contact details of the NZX in terms of making a complaint, will someone for the sake of the integrity of our capital market please pick up this ball and run with it ! https://www.nzx.com/regulation/complaints
Couldn't agree more, smells worse than a rotten fish.
Originally Posted by Beagle
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