It is absolutely a broker putting them through. They have a direct trading line to the bourse, as does Westpac, Commsec etc...they are not bound to minimum orders.
They may be selling their own holding, or for a large client. When they sell for a large client, the client pays to get rid of a block of shares, regardless of how many transactions are required.
When they sell like this, they sit in front of the computer, type in a low number hit the sell key. Sometimes they don't even bother to change the number, just hit the sell key every 20secs or so.
Large buyers can also buy the same way..there is probably a number of reasons for buyers and sellers to do it like this...don't spook the mkt (sell), don't drive the price higher, (buy) get a better average etc, etc.
The way it's being done today, I suspect they're using the technique to lure the buyers higher..teasing them. You've got a large buy order sitting at 29, the seller dribbles thimbles full to 29 every now and then, people waiting behind get jack and jump over you taking out 29.5 etc..buyer confidence starts to return. I'm sure you get the picture..thread title says it all!
We'll have to wait for the next top 20 to see who's down or missing..unless someone like Blue Griffin with sopisticated software can fill us in!
OEL have got the same problem at the moment..sp going nowhere fast. As a matter of fact, I just posted over there yesterday on this subject.
All of course imo!
NDO Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
