For some time now I have been noticing major discrepancies between day trading trends and the actual ASX determined 'Closing Price' result reported.
As an example:
Take today for instance, Carnarvon Petroleum [CVN] 'Course of Sales' for the last three quarters of an hour trading [excluding the last three minutes] had seventeen trades increasing the daily price by 1c to $0.405 [excluding one trade for one share (1 No) at $0.400 at 3.46.40 PM].
However, at 3.57.01 PM three trades miraculously occurred at $0.400 [one for 2895 No ; + another 17 No; and another 525 No shares]
(ie. 3,437 total number shares to determine the $0.400 'Closing Price').
However at 4.05 PM, there were offers registered to buy:
5844 No shares @ $0410
670 No shares @ $0420
181 No shares @ $0420
5844 No shares @ $0420
ie. a total of 8,511 No shares priced above the ASX previously determined Closing Price
( a Closing Price assumed to be based on the above last 3,437 No shares accepted by ASX).
One may ask why was the Closing Price determined so low when there were offers to buy 147% more shares at a higher price soon after the close [+12.3% higher}.
This seems to happen so often!
It's also interesting, that by 4.57 PM another 144,629 shares were sold at the Closing Price of $0.405 - resulting in a further 9.7% increase in the number of shares traded today at what could be regarded, by a layman like me, as a discounted price [-12.3%] to what the market previously offered.
In my view, it's high time for an ASIC review of equity markets in Australia.
