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It's the clearing from the auction algorithm, mm's can also interchange through it. The distortion would naturally occur the price to open or down the next session.
By my reckoning HD117 would complete stage 3 phase for Havieron.
Back to relaxation.
I’ve just had a socially distanced shout across the street to a friend who informed the neighbourhood that he tried to buy £10ks worth From 3:45 yesterday and never got the purchase....properly hotting up now. Only one way togo if we all hold or add. I will be trying my hardest to buy on Monday. :-)
I agree with Tom in that the opening price on Monday will ‘appear’ to be down as the UT of 10p was not the actual closing price.
If anyone on here is interested there is a long time (and very respected) poster on the 88e board who has studied this UT action on 88e for some time. His theory is that the UT distorts the closing price so that an UT higher than the actual close (as we had yesterday) results in the share appearing to open down the following day whereas, if the UT is lower than the end of day price the opposite is true and the share price opens up the following day!
I have no idea how accurate or otherwise this is, but will be interested to see what happens on Monday as the difference between 10p and what is shown above is fairly significant!
Let’s hope whatever the outcome the general direction if travel continues Northwards towards Spy’s “strong feeling” figure which would be monumental for many!
VGL all!
Kev Hi,
Yes my account with ii also show the closing price at 10p but if it was a direct single purchase why show it as a U/T ???????
that's why it surprised me. Also normally the LSE closing price eventually shows the closing price above and in this case it shows SP 9.325. I do agree with your part re "couldn't fill during the day and the buyer therefore agreed to pay the premium" the 10p, that could be the answer, and maybe why the sp above could not take the auction close UT price into account as this action was after the LSE closed!!!!! must admit I have never seen that before.
Thanks for your reply a good explanation and lets hope it will open Monday at 10+ that would indeed be very nice indeed as to see it open at under will be a disappointment for sure, but lets look on the bright side :-))))))))))))))))))))
Thanks again Kev, put my mind at rest :-)
Keep safe and great w/e to all.
ATB
Tom :-)))
There has to be matching bid & offer prices in the auction that’s when the UT is struck. There would not be that many small sellers to meet the buyer s ? Bid As only big players will access the auction.
Perhaps Beetham is selling
Hi TomE. Normally I would agree with you as certainly IG rarely takes into account UT's. However my IG account is showing the price as 10p. so HOPEFULLY it will open at that sum. Also, up until close we were at 9.5p so for it to have been multiple buyers it would have had to have been very coordinated and so I personally suspect it was a big single order, perhaps one that they couldn't fill during the day and the buyer therefore agreed to pay the premium. Time will tell.
Hopefully there will be a gap up at Monday's opening so that 10p does not become a barrier (wishful thinking).
SN hi,
You are very welcome, hope you are well !!
Be a great next week for sure!!!!!
ATB
Tom:-)
Thank you TomE
Kevin hi, thanks for your post, just to confirm my own thoughts on an U/T.
I am glad that you posted that as IMO and my belief "That trade" was not a one person actual trade as it is marked UT.
In short:- At the closing of the auction the total bids/offers are frozen and an attempt ( algorithm) is made to match as many shares to be sold against shares to be bought - the result of this is what is known as the 'Uncrossing Trade' (UT)
An order-matching algorithm is run which seeks to find a price ( In our case 10p ) at which the executable volume is maximised. In other words, the price reached is the price at which the highest volume takes place and that result is a figure only and was 10p. Some say that an UT can be ignored as it is used for the single uncrossing trade detailing the total executed volume and uncrossing price as a result of a SETS auction.
Maybe this will explain in detail so others can understand more in detail about the UT symbol.
Personally I believe the SP will resume back on Monday to the actual closing price around 9.4p and not the end Auction UT figure at 10p. (It will show up as a closing price but it is the UT price and not the actual normal trade price as we know it as).
Normally most days after close you will always see a U/T in the share trade section to the very right of the trades some are shown with an 0 ( ordinary ) some with an A ( automatic ) and the other is UT ( uncrossing trade )
That's correct, the UT is made up from combined buys & sells.
Next week should be interesting, relaxation time now.
Thank you for the info Kevin. Very helpful.
Here is a great explanation of the closing auction and how we got out UT
An auction consists of two phases; the Call Phase and the Price Determination Phase. During the call phase, orders can be entered, changed or cancelled, but no trades are completed. Essentially during the Call Phase, there is a call for orders. A preliminary indicative price is also found. The subsequent phase is the Price Determination phase. During this stage, no orders can be changed, entered or cancelled. An order-matching algorithm is run which seeks to find a price at which the executable volume is maximised. In other words, the price reached is the price at which the highest volume takes place. Other conditions are also sought after in the final price. A 'minimum surplus' and accurate 'market pressure' are two of these. The final auction price is displayed as an 'Uncrossing Trade' - UT.