Volume update - Stifel seller done last weekI wanted to look at volumes yesterday as there was a heavy amount off-exchange. There were 300K shares that were solid from BMO -> BMO.
The way I read that is that BMO was just using the CCQ exchange to move a large amount of shares from one of their customers to another and I don't think there's that much to read into other than the volume is abnormally large.
There has been one seller that has gradually been liquidating their position - broker is Stifel. On certain days, they were responsible for 25-50% of the total volume and drive us down to the $1.10 mark over the last few weeks.
On the following graph, I'm showing between May 9 -> June 13th which was the heaviest portion for this seller, they solid 199K shares on just the TSX and 322K shares on the CCQ - a total of around 27% or so total volume for the 5-6 weeks. This constant downward selling pressure has just been brutal as there is no one buying.
TSX data CCQ exchange data From June 14th onwards, Stifel has not had a single transaction. Therefore, they have exhausted their sell order.
On the price decrease yesterday, there's no trends to report - no net buyers / sellers.