Overnight, FCC in Toronto rose 12c to $C1.o3 on market risk...

Overnight, FCC in Toronto rose 12c to $C1.o3 on market risk on/off and perhaps recent positive drilling news.

I don't intend to maintain a daily commentary on the two listings, yet big daily fluctuations invite arbitrage.

Toronto ought to be the lead exchange and set the tone for Oz trading. Toronto is closer to the action and trades the majority of the listing. Market-makers have tried to pretend the ASX leads when it suits them, but the facts are otherwise.

The Appendix 3B posted 5 Feb 18 shows a shift of CDI's from the ASX back to TSX of 4.9m shares between 21 December and 31 Jan. This is about 5% of the ASX-listed shares. The transfer between exchanges is automated and reflects relative demand for FCC on the two bourses. Just something to keep an eye on.

Ash