With last Monday being a holiday, the only broker data we have at this stage is from Tuesday this week.
CNP
As I said yesterday, something is afoot in CNP. I have no idea what, but you would have seen that the data I posted indicates the return of some large brokers into the stock last week.
Well, this continued on Tuesday with ABN Amro topping the buy list with a cool 1.1m CNP shares. This now brings their total to around 4.3 million shares or just under 0.7% of the company in the 6 trading day period from Mon 2nd to Tue 10th... and they achieved it in a falling market too. Impressive. If we take data from 1st May to date, ABN are ranking 3rd on the buy list behind Comsec and Westpac but now ahead of etrade.
It doesn't appear to be short-covering to any great extent. CNP shorts dropped only 330k in the 6 day period.
Comsec clients continue to be net-sellers of CNP stock with around 600k sold on Tuesday.
CER
CER was reasonably quiet on Tuesday after the major activity last week. On volume of only 2.9m shares, there were a handful of new buyers and sellers but nothing material.
By my calculations, JP Morgan, Deutsche, Morgan Stanley and Citi have picked up a combined 14m or so CER shares in the 6 trading day period from Mon 2nd to Tue 10th... again, in a falling market. This does not appear to be exclusively short-covering either. Shorts in CER have barely changed during the 6 day period.
I still suggest we are seeing retail investors moving out of both stocks, either through impatience, lack of appetite for the risk or tax selling. Whatever the reason though, the big brokers are letting the price slide and picking up the shares on the way down.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
