NCP is about half Aus and half US issued. That means there is...

NCP is about half Aus and half US issued. That means there is similar amounts of shares trading on both markets. Rio and bhp may also have large amounts of shares traded in UK, and tls and banks has very light volume traded o/s.
With ncp, if the Au closes above the US market, in other words, we bought it up higher than the yanks, then the US will think we know something that they dont, and will usually buy it up also. If the US close is above our close, then we think they must be worth following and so we buy it up also. Tis relationship doesnt always hold true, but it can often explain days when ncp rose o/nite on a down US nite.

Its difficlult to explain, as there is definitley a relationship, but not in the way you would expect. Its like the stock is trading continously for 24 hrs a day, and the various markets all play catch up with each other. Its like nobody knows who is right or whats going on, yet they are all influenced byn each other.The best way to understand it, is to follow the ADR changes every morning, and watch what happens. You sort of get a feel for whats going on, and its usually right.

I get the ADR report from Rueters on Sanford.com.
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