RE: BMN RNS21 Feb 2023 18:15
TrusttheProcess:
Surely when a large buyer comes into the market he mops up the shares on offer (ask) from a few different sellers. Presumably those shares offered for sale are ordered cheapest first, no one is going to start mopping up the most expensive first! Similarly for the shares open to bids to purchase they are ordered most expensive bids first. Thus new bids and offers rise to the top and when they can be matched the trade is executed. So the big buyer ends up mopping up several different tranches of shares at different price levels, assuming they are prepared to pay the price.
For the 300,000 purchase today, perhaps the 5.3 p was the highest price paid. The buyer may have bought 100,000 at 5.1, 150,000 at 5.15, 45,000 at 5.2 and then 5,000 at 5.3. The last tranche being the highest paid and displayed for the aggregate deal.
Could this type of order, perhaps a fill at all costs, indicate the buyer was keen to get his lot particularly if he was expecting the price to shoot up ?
I prefer to think of the trades as just that, a trade between 2 parties; a deal was done and x.x pennies exchanged hands.