Large volumes last 3 days . . . and again this morning. If I were to have a guess I would think citicorp (the nominee for the 3 usa banking entities) are now selling off what remains of their 55,000 million shares in MGX.
Judging by the selling pattern in the change of substantial holding announement, I estimated citcorp would have sold off their remaining 55 million shares sometime during August. Maybe the high volume of the last few days is an indicator that they are close to having exhausted their holding.
Time will tell when we see the next top 20 list, to see if citicorp is no longer in it.
There have been a number of media articles (including from Bloomberg and Moody's) of late reporting the run on deposits / lack of liquidity of these USA banking entities, specifically regarding State Street Bank and Bank of New York Mellon . . . as named in the change of substantial holding notice.
MGX Price at posting:
39.5¢ Sentiment: Buy Disclosure: Held
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