However the shares fell from an all time high closing price of 890p to 867.5p yesterday and have continued to fall today.
But the only other affecting newsflow that I can see are the various Directors' announcements showing C share re-investment (CRIP) in R-R shares .
Which as purchases should be positive news particularly when they seem to have taken place on the 5th July at 888.027p.
And, if the CRIP program was enacted on the 5th for Directors then that would also suggest the program was enacted for other shareholders.
I don't think the company issues new shares towards the CRIP but even if it did then the dilution should have taken place on the 5th.
So I am wondering if this pre-empted a wave of profit taking and subsequent marking down by market makers managing their working capital/shareholdings (ie. not wanting to buy anymore until a buy v. sell equilibrium is restored).
I don't have access to level 2 data so looking at a chart with some volume data. It does look like there has been a couple of days selling (red columns) but not at any substantially greater than normal volumes that might justify a 22.5p (-2.5%).
A fall of 2.5% also doesn't feel in line with the enveloping economic woes either.
Click to enlarge, close to return (Chart courtesy of Digitallook). |
Obviously not concerned at this point more curious and wanting to understand a pattern that might be down to the CRIP.
I also have a vague recollection of it happening before.
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