It's very peculiar trading isn't it. It seems to be a coordinated effort between the buyer and seller. Both knowing the other is present and intending to trade an equivalent volume of shares.
Interestingly the buyer is paying 'at market' while the seller seems to be selling with a 'price limit' and no less than the other sell orders currently in the market.
It's hard to imagine these traders being mum and dad investors. With 1 million shares purchased in one day, all apparently from the same buyer, that adds up to nearly $300,000 worth. Given it happened two days in a row, surely that must be a institution or at least a high net worth individual.
So although it hasn't continued today we may be seeing more. I hope so.
During the 'relentless sell off' we had a large overhang with no substantial buyer. At least now we have a substantial buyer doing some heavy lifting.
PGC Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
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