GUY - Friday Manipulation, Close Banging or What on Guyana Goldfields?
HOUSTON -- Is the chart below a case of close banging, manipulation, a mistake, trading on non public information, or what? In any case it smells like day old dead fish.
“Friday, June 15, 2012 … RBC apparently bangs the close. Someone trading through RBC fires a huge market order into the $2.50s bid, literally at the last minute of trading, smashing Guyana Goldfields (TSX:GUY.T) down to $2.18. Intrepid reporters ought to be asking, “Why wait till the close on Friday, a day when GUY was challenging its upper resistance earlier in the day, to blow out 1.5mm shares?”
A quick scan shows no news released today in the last hour of trading or as of 16:30 as we send this off to be posted.
RBC contact info: (House 2: RBC, PO Box 50, Royal Bank Plaza, South Tower, 200 Bay Street, Toronto, ON M5J 2W7 Ph: 416 842 2000 *** Update at 17:15 that phone not very helpful eventhough it is listed as the contract for the brokerage. Calls to RBC brokerage not immediately returned.)
Update-1 at 17:45: Vulture C.C. suggests that this story from Monday, June 11 and the removal of GUY from the S&P Canadian Index is a likely cause of the last minute dump by RBC. The effective date for the GUY removal is Monday, June 18.
If true, then the large sell order was, at the very least, poorly handled by the seller ... or was it from RBC's point of view?
Vulture C.C. also suggests that the action raises the possibility of a short-term opportunity, noting that RBC was on the buying end as well as the selling end of part of the last minute dump.
That is all, carry on.