Trading Analysis - 9th Aug 2018


10 August 2018

The appearance of a number of the obvious old trolls in the last 7 days naturally makes one suspicious, coming at a point where the BMN share price is reaching new lifetime highs this makes one doubly so. For let us not forget it was the 18th of August last year that we experienced one of the most obvious flash shorts that one could conceive of and the balmy days of late summer are a happy hunting ground for those looking to relieve owners of their shares on the cheap.

This brings us to Thursday the 9th of August this year and the very suspicious behaviour observed starting at a quarter to nine in the morning:

At 8:44 a 30K Sell at 26.80p was followed 35 seconds later by a 35K Sell at 26.73p, another 18 seconds later another Sell of 22K at 26.73p, and then 72 seconds later another 36K Sell at 26.55p . There was a brief interlude and then 5 minutes later another sell of 36K at 26.25p followed 27 seconds later by another sell of 35.7K at 26.25p and finally, after another 26 second delay another Sell of 34K, this time taking the price down to 26.10p. A total of 226,290 shares sold within the space of 9 minutes, none of them delayed at all - it is as if the Seller was deliberately trying to drive the observed price down.

Well they were successful in that but the huge balance towards share buyers at present simply meant that those buying got a better deal, buying at 26.8-27.0p versus the average price of 26.46p that was obtained from the 7 sells outlined above. There is no chance that any shorter can make any money if they have to buy at higher prices than they have chosen to sell at.

The nett trade balance returned positive within 30 minutes of the aggressive selling and remained there for the rest of the day, finishing with more than 432,000 Buys more than Sells. On the day there was no evidence of the recently fabled 425,540 share trade but I am always keen to see delayed trade reports.

We look forward to seeing if what appears likely to be reckless short selling continues today and wait patiently to pick up some more bargains (thanks again for the 10 grand's worth of shares at 26.45p !)

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