I don't have any real anwers, but can only suggest has something to do with end of month book shuffling by an insto. attempting to "bury" a bum position.
I say this because (a) the price drop happened during the closing price auction (rig?) and (b), it took FCL back to about where the stock closed at the end of last month.
Outside of the above there is no logical explanation why any large holder would leave until closing auction to dump such a large holding.
My bet is that Monday FCL will rebound to open around $1.63 (all things being equal).
Insofar as AWB, my bet is (a) they will get the necessary Government appro. to increase their holding of FCL above 15%, in a matter of weeks and (b) upon announcement of such approval you will see FCL jump to around the $2.00 level on the expectation of a take-over bid.
where did they come from?, page-3
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Last
$1.35 |
Change
-0.005(0.37%) |
Mkt cap ! $456.7M | |||
| Open | High | Low | Value | Volume |
| $1.34 | $1.37 | $1.34 | $88.49K | 65.36K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4802 | $1.35 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.37 | 4525 | 2 |
View Market Depth
| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| FCL (ASX) Chart |