ASX Today, page-7240

CB, that's not the way it works.

Closing and opening auctions are just that, auctions.
What happens is the buyers and sellers meet. These days, because it's all done in algos and computers, we can't join in unless we're got the same system.
Basically what happens is this. Last price pre close is say 1m bid @4.9 and 2m offer @5c. Then auction starts. Lets say some seller has 100000 left over from days trade at 5 or 5.1c He decides to clean his plate and set his bid down to 4.9c. Now there may be more fussing around but lets just say for simplification that's the selling finished. Well now a buyer wants some of that 4.9c but if he bids over 100k it will take him to 5c so he bids 99999 @5c.

A... When buyer and seller meet, it goes like this. the first 99999 at 5c and then first share of the 1m at 4.9 form the selling components of auction. Thus because the 1 share is the last one it shows up last.

B...Now if the 100k seller sees 99999 buyer at 5c, he may decide to sell only 99k @ 4.9c. If that was to stay then we would have closing price of 5c. This 99k+ 999 from first batch of 2m at 5c.

C...However, what invariably happens is the buyer drops his quantity to 98999 at 5c thus same as action as A.

D... Seller now drops to 75k, buyer, or computer instantly adjusts to 74999. Of course others join in the fray, but the pre determined price is set. That's why we see 1 share or 4 shares usually the last sales.

I've seen some ask about some odd small amounts only at day's end. These can be simply someone selling to clean his slate from previous selling as described in A.

Hope it makes sense.