Trading Update – 5th Sept 2017


23 March 2018

Trading appeared to open with a Sell of 100K – this was rapidly taken up with a Buy of the same amount only three minutes later – both of these trades were reported after an hour delay – again the MMs do not wish to reveal the presence of large trades in real time. After a short period when the Ask was increased to 10.5p trading continue primarily with Buys (albeit with a Bed&ISA pair at 9:40am) until 9:53am – when there were two consecutive Buys of 100K in the space of 4 minutes.  Again these trades were reported 1 hour late -what happened in real time was that by 9:59am the Ask had dropped to 9.75p – how come ?

As can be seen from the plot above Nett trades are clearly strongly favouring Buys over Sells over the whole day – even once the 400K sell at 4:29pm (that was reported only today – a day late) is factored in. We may hypothesize that there is a Sell of 300-500K yet to be reported that coincides with the time that the Bid was dropped. It will be interesting to see whether this happened before the 2x 100K Buys at 9:50ish or as a result of them – this may indicate whether it is the Buyer or the Seller that is initiating the big trades.  Either way it seems that a large Buyer and/or a large Seller is present but the MMs wish to obscure this fact by delaying the trade reporting so much.

Trading continued relatively slowly for the rest of the day – with Buys dominating Sells until the very end of the day when a 400K Sell was dropped in 5 seconds before trading closed.

The share price ended at 10.0p, flat on the day with a volume of 2.0M (1.1M Buys, 0.86M Sells). Further delayed trades expected.

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