Trading Analysis - 5th Sept 2018

Alfacomp

6 September 2018

Following the publication at 8am of the article which exposed apparent manipulation of the daily auctions there was significant appreciation of the share price.


This resulted from very consistent buying throughout the morning section - in fact the only trade to be at the advertised bid price throughout the entire morning was the 300K UT trade at 11am, marked in green. It appears that this offer was large enough to be taken hungrily by other DMA market participants, and as such the Nett MM trade position remains unaffected by it.

By midday there was an excess of almost 1.5M more Buys than Sells (Buys accounted for over 80% of trades in that period). The total volume in the day was actually a surprisingly low 4.4M - not significantly different from the 3.6M of the previous day.

The afternoon was a different story it seems - Buys and Sells in a reasonable balance except for two large Sells (160K and 100K) after 4pm. Either Market Makers will have to find stock elsewhere or they will need to be confident that they can get people to sell by walking the price down today.

 

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