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A lot of stocks have taken a disproportionate hit from the pandemic so there are more forced sales and bargain hunters around. Another problem is that currently the market is very thin. We need to discount some of this to a point. It is not unusual to have erratic stock swings but they're not usually all at the same time.
It feels like August. Maybe the idle financial journalists can expound on what is happening from a technical and tracker basis. I keep coming back to a thin market that won't behave how we expect. Normality will return at some stage. One good thing is that the algos are as confused as the rest of us.
romaron
Take a look at MKS from a UT with 123 million shares through to the final trade 2 hours later - very perplexing.
https://www.londonstockexchange.com/stock/MKS/marks-and-spencer-group-plc/trade-recap?page=3
Typo "EnQ and TLW dropped 3.27 and 6.84 percent."
Now I'm totally confused. PMO dropped 13.26% https://www.londonstockexchange.com/stock/PMO/premier-oil-plc/company-page and this can be explained by this https://www.etfstream.com/news/11495_msci-makes-sweeping-changes-in-latest-index-rebalances-following-coronavirus-turmoil/
[thanks to justme1 on PMO for steering me in the direction]
Enq & PMO dropped 3.27% and 6.84%. I expect some sympathetic following but this is where I'm confused.
I don't know about TLW but I'm pretty sure we aren't in the MSCI index. For fairness it is probably best that the trades are done at the last day UT (a kinda LIBOR). The professionals would have been aware of this and would have been there with their paddles. Size always attracts the bigger players and for once it was probably (metaphorically) standing room only. There has probably been a pressure building on those who want out following the Covid tumoil and indeed some are forced out by their mandates.
It doesn't though explain why we were sucked in but I'd imagine if you wanted to sell a large amount in a thin market then a well attended auction is the best bet. Obviously it also attracts large buyers (bargain hunters). I'm not so bothered about the sellers of EnQuest it is the identity of who bought them. If you wanted a good opportunity to sell a large amount this has been one of the best occasions.
For whatever reason stock has changed hands. The amounts are big enough to affect holdings and maybe percentage changes will be reported but that isn't always followed religiously as we know.
*I also suspect reporting restrictions have been relaxed due to Covid. It is only one example but my next door neighbour is a broker for TP ICAP. He is working from home but his clients (the banks) have to go into work unless they have a doctor's note. Back-up staff are where?
We live in unusual times. I am encouraged that in the mayhem we have outperformed PMO & TLW.
The are TNCP trades - no idea what they are but they don't seem to have anything to do with normal trading - they are classed as non price forming - looking around at other stocks, not just oil stocks but right across the market, they all had similar trades - maybe it has something to do with the end of the month???
https://www.londonstockexchange.com/help/whats-issuer-profile-overview#trades-table
romaron, your flogging a dead horse here!
Jump into RRE, it’s a champion chaser!
I looked at a few other companies (PMO, TLW, BP.)and the UT trades are all pretty sizeable there too so it may be an end of month technicality and there were plenty of those TNCP trades too. Could be just a blip that we can ignore. If it's more than that maybe the weekend press might comment.
Hi hitman - it was K who alerted me. I doubt it's buyback and I expect a RNS early next week. This looks like a negotiated deal and the use of the UT might be for transparency or an impartial way of settling on a price. The Europeans had fixes on their currencies mid-day for a "fair" price for their customers. It was used to settle many deals and avoided accusations of dealing at highs and lows of the day.
In this trade It might even be that the parties agreed to do the trade through the auction process at the closing UT at the end of May. We'll get some clarity next week hopefully.
I've never seen anything similar to that, but given there are nearly 1.7b shares, it could be that another RNS is on the way. I'd be impressed if Enquest were using the share buyback option, assuming they had received permission from the lenders. Perhaps that's what AB meant when he referred to them being supportive. My guess is Schroders might have reduced their holding a little.
To add to the strangeness there were another 3 trades totalling 10.36 mios posted later with the code TNCP which stands for
"Non Price Forming Transactions and Non Price Contribution to Discovery Indicators"
https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00B635TG28GBGBXSSMM.html?lang=en
Total volume today 48,438,822
Another investor who doesn't post here whatsapped me to ask if I'd seen today's closing UT trade:
16:35:24 29-May-2020 11.82 GBX 32,313,656 3,819,474.14 UT XLON