Forum Archive Index - June 2002

[hugh webber <hugh.webber@clear.net.nz>]

hmmmm, several assorted queries, hope I can remember them all.

No, I'm not selling for private reasons but for fundamental reasons,
the shares have done well but the fundamentals are clearly changing - 
earnings per share and gross dividend per share. I'd prefer not to
identify the share until after I've sold.
A cent drop in the share price implies a nearly $2,500 smaller
receipt so I'm not keen to sell at market when I've already researched 
avge daily volume and going sale prices for a while back. Nor am I keen 
to pay about $2,500 in brokerage. Yes, Ok, I'm getting mean and 
grovelling in the gutter for petty cash.

My broker doesn't give access to market depth unless one has had
a transaction in the last 3 months.
I'm a fundamentalist (but not in religion :-) - I'm not a share trader, 
my transactions are at least a year apart, if they are not then I've done
my analysis wrong - also I use more than one broker.

In light of that background I had no knowledge of the age of the queue
(I'm told I'm at the head of it for today :-) nor of these preferential deals.
I also wonder whether the brokers for the other party know who is the
seller is.....which might slow down the sale for miscellaneous reasons...
I suppose I shall now have the pleasure of noting the price stay down
a cent today and have to adjust my order and the excrutiating process
will go on for ages.

This sort of stuff, the continual insider trading leaks which you can see
in patterns before results are released and all the wheeling and dealing
and preferential treatment that goes on for new floats like Briscoes and
one can see why the NZSE is regarded as the Wild West. The New
York or Moscow Mafia underground might be a better comparison.

P.S. These in house deals only seem to benefit the brokers - they save
on their costs by matching their own clients and cheating the queue
but the client doesn't get any pecuniary benefit, a faster buy or sale I
guess. I wouldn't be surprised to see it outlawed eventually to make
a more transparent and fairer system.

cheers,
Hugh

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