Interesting to watch the trading on thisstock. It is inter-listed on Canadian Tsx (NDN) and US NYSE (NDZ) and action is controlled by a market making program that is in lock -step together. The bid and ask are being constantly shuffled, and artificially moved in the same direction on both exchanges.
To create an illusion of liquidity and activity, most trades are crossed between the two market-makers which makes up about 80% of volume. You can see this on the times given for the trades
On Fri. (DEC 24) when TSX was open , and NYSE wasnt, there was a low volume of only 2845 shares(TSX) which took the price down .29 , when not able to trade with the US market maker.
Has anyone noticed similar action (manipulation) on other inter-listed stocks? I also would like to Know more about these auto- shuffling market making programs ?
Im not sure of the motivation to support the price , unless both market makers are long a large number of shares.
Now it will be interesting to watch the US NDZ action when the TSX is closed tommorow ( Mon.) and Tues.
Cheers