RE: RNS12 Nov 2025 23:54
Regarding today's trading events, the theory has and does not imply that it is accurate.
As is customary, there was a marked down and pause following the news until 11:15, at which point a 1-share trade emerged. This indicates a big trade (X), in this case a sell, thus the offer is down. This leads to other sells and share price declines till the 793K sale is completed at 30.10p at 12:02:49, however it is reported after the close.
According to my theory (X) (large trade), the MMs were aware of the large trade earlier because the broker was probably requesting a price. However, no market maker was interested at 32p at the time, so they began marking down the stock until an MM chose to take it at the lowest point of the day, 30.10 (spread 30 v 31p). The spread then moved to 30 v 30.50, so the MM made more money at the 31p offer shortly after.
The seller made the decision to sell the lot today because the big sale might be the last one for someone who is already selling every day and must declare TR1 on any further sales.