Here's who's buying and who's selling:
I have looked at the trades since August 12, 1996. I recorded almost every trading day and all trading days with volume over 15,000. The weighted average price is $3.53 and the average shares bought per trade was about 1000 shares.
NET BUYERS:
Nesbitt +32,500
Canaccord +21,780
Merrill Lynch +11,300
McDermid +14,750
DS +15,500
Scotio McLeod +16,450
CT Interntl +16,400
NET SELLERS:
Green Line -22,100
House #14 -21,400
Yorkton - 2,362
House #24 -25,700
Midland - 3,929
Majendie -15,002
Union -17,851
Wolverton - 8,010
Wood Gundy -14,445
NOTE: These number might be deceiving. I have looked at those who have sold since Sept 30, 1996 to October 11, 1996. This is what has been going on:
The big buyer (thank goodness) in October is McDermid with 60,100. Others who have been supporting the stock are: Majendie and Canaccord.
BUT, the big sellers were: Midland with 47,800, Green Line with 33,300, Yorkton with 30,000.
WHAT IS MY TAKE ON THE MATTER?? Well, The stock traded in the $4.00 range for most of September and for whatever reason, it took only 6,000 shares to permanently make the stock trade lower than $3.60.
I DO NOT UNDERSTAND THIS! Yorkton was the main seller which drove the price down to under $3.60 and than Union and Green Line came in to knock it below $3.50. Then, Midland, Yorkton, Wolverton, and Green Line have been selling to keep the stock at below $3.20. THEY MUST BE SELLING AT A LOSS! I do not know if the support at $3.00 will last but I am hoping it does.
Finally, I will be receiving the annual report in a few days. I will know a lot more and will report on it at that time. The progress report is supposed to be in PAW's hands at the end of October - recall that Gwalia is doing this report; PATIENCE!
I believe that this is a good buying opportunity if the price holds at $3.00. I believe that the selling is a combination of the general lack of buying in the markets and the fact that the report update will not be out until the end of October. Thus, people were selling so that they could buy back at cheaper prices. ONLY MY OPINION!
REMEMBER THAT THEY HAVE GOTTEN AWESOME STEP-OUT DRILLING RESULTS FROM PARABO AND TUNGAI with the shallow drill. This is extremely encouraging and once the investment community realizes this (i.e. in November) I expect the price to be much higher.
Just my thoughts,
David
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