Friday's Massive Volume !31 Aug 2020 18:35
Wow !
One of the biggest trading days ever in ITV shares on Friday and not a word from the 20 so-called analysts researching the company in the city, even the Times newspaper over the weekend was silent although to be fair their research of ITV plc starts and ends with Love Island !
I refrained from posting just to see if I could get any clues from webchat forums, weekend press, market comment etc. but again nothing.
So here’s my theory of what happened on Friday:-
We all know that ITV are destined to fall out of the FTSE, in one of my previous posts last week I did mention that I had a feeling that GS would let the stock drift down to weed out a few more weak holders of the stock and that is exactly what happened. GS didn’t need to force the issue but they made sure that the upside in the stock was curtailed to around 63-64p and the bottom around 58 -59p or lets say a 5% tolerance band from the close of last week at 61p ish.
Late Friday afternoon, I checked the volume in ITV shares and it was around 15m at 16:00pm which is about standard of late and then we saw that large uncrossing trade at 16:35pm for 255m shares and some large late reported trades as well shortly afterwards. The actual volume in ITV shares on Friday according to the SE was 286m in total.
Now so what you ask ?
Well a Friday before a long bank holiday weekend, a lot of people are still on their Summer holidays regardless of Covid and many people have booked long weekend breaks ahead of school resuming on Tuesday after six months off, so you would have thought things would have been very quiet.
Well I mentioned the GS masterplan a few days ago and I also mentioned the RNS of 17th July 2020 regarding the disposal of ITV shares by Capital Group and asked if anyone has seen these shares. A few numbnuts on the other board are just saying that these shares were just sold in the market but if that was the case where was the trade reporting of the large sale of shares ?
From 15th -17th July the average turnover in ITV shares reported was around 16m shares and no mention of the 5.08% or 204,470,000 shares disposed of by Capital Group.
My theory is GS had these shares on their books from Capital Group from 15th July as to what price GS paid for them well no-one knows until the bid and they booked a ’trade’ via the order book to disguise the purchase. It was a late Friday ahead of a long bank holiday weekend in the Summer holidays and GS clearly thought everyone would be too busy to realise what was going on.
Now before anyone perks up and says this is complete nonsense then here is a great link of price and stock manipulation using the order book, its well worth ten minutes or so:-
https://www.thebushveldperspective.com/blog/public-articles-1/post/auctions-uncrossing-trades-and-evidence-of-manipulation-291
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