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Hi Poleaxe,
Firstly, i've just waded through all today's posts!
Thank you for your superhuman effort and polite patience in explaining the RI situation on many occasions.
I would have given up, after 3 attempts!!
The archaic aspect of record date and Ex/Cum rights dates, just adds significant confusion for many PI's.
About time we scrapped record date, since very few now hold certificates.
That said..... I have a small direct holding with RR of 675 shares, which stems from IPO, all those years ago. Yes, i know i should have sold at £12, 5 years ago!
Plus i have a further holding of 6375 shares, through a broker.
So, in theory, i should get the notifications from RR for the small holding (via email), and have my broker attend to back office work on the larger holding!!
Now for the advice, i require.
I placed a limit sell order with LSE this morning at 241.5p. Trading almost got there, but not quite, it was agonisingly close.
However, closing price is shown at 243.7p!! My sell order has not been completed.
So;
i). Why hasn't it?
ii). What is share price expected to do, first thing on Monday?
iii). Given no-one is available at LSE until Monday, what questions should i be asking them?
Any advice, gratefully received.
Again, thanks for your efforts Poleaxe.
selecta:
i) 243.7 was hit after the official closing time.
ii) No one knows but I personally think you can get 241.5 at the bell
But I'm sure Poleaxe can better answer you. I am only trying to be of assistance.
Thanks selecta6.
I fear you were a bit unlucky setting a sell limit of 241.5p Had you set 241p I think you might have got filled. During the normal trading period the highest a trade went through off the book was 241.1p. 243.7p was the auction uncrossing price. Unless LSE place limit orders on the book in the closing auction (which I suspect they don't) you wouldn't get filled.
I think they'll likely trade lower on Monday because they'll be some people thinking they're ex entitlement, but they may not. For that reason I did place a short in the closing auction. I've therefore rather shot myself in the foot explaining all this. I'm a bit stupid like that. However, I'm hoping the folk here only represent a small percentage of the total number of confused people in the market!
@Poleaxe & soul.
Thanks to both for your replies.
I understand the uncrossing price, and closing auctions aspect.
But, what is the point of it? No-one can take advantage of it? Much may/can/will happen over the weekend, and the opening price can easily be different?
So, why bother with it?
The auctions provide good liquidity. PIs can trade them. It depends on your broker. E.g. with IG you can trade on the SETS book (direct market access). That's how I shorted in this evening's auction.
Yep, understood.
I'm sure that they serve a very good purpose, but mainly for II's.
Bit naffed off with my situation, since due to RI, i agree with you, that it will open lower on Monday, all other things being equal.
I'll mail LSE, and see what they've got to say for themselves.
It's not just CFDs, you can DMA shares too with IG. If I'm trading long an AIM stock I'll try and do it off SETS in ISA account. Can trade the auctions, no stamp duty, no CGT and currently no dealing costs (in theory they kick in over £25k but I've not had them). What's not to like?
Poleaxe I also use DMA with IG by telephone. Do you also call them or is there another platform?
I use the L2 Dealer platform. It's got a pretty dire user interface but does the job (I'd advise using parent + wave orders. That way you can add small orders and move partial fills, without incurring minimum commissions).
You can also use the old web platform, but I don't. I think you have to enable the DMA option in settings somewhere. For some reason they don't seem to support DMA on the new platform, which seems a bit weird.
Thanks Poleaxe
I agree it will dip post-RI as I suspect GS will further reduce their holding once the RI is completed. Regarding positive news there's the improvements in the airport testing, the US stimulus package and the vaccine progress. The major vaccine trials have restarted which should provide a boost to the general market but so far the airport testing strategies are still haphazard, especially in the UK. Sadly it looks like the second wave is gathering momentum so it looks like RR were prudent in preparing for the 'worst case' scenario. I've taken a large chunk off the table mainly because I'm expecting the shorters to start circling again and I hope to get a cheaper entry as it's risen a lot from the lows but without a fundamental change in the companies situation. Will be interesting to see how it plays out over the next couple of weeks.