Highlighted NEX Stocks For October 29th

Twenty-six NEX stocks traded on Monday. Of these, 10 advanced, 4 declined and 12 remained unchanged. Despite the relative paucity of issues traded, the number of trades was unusually large: 177 of them. The reason for the disjoint is explained by the trading activity of the top trader in terms of raw volume: Trilogy Metals Inc. [NEX: TRI.H], with 753,265 shares traded. According to the TSX Venture closing summary, the top trader in terms of value of shares traded for Monday was also Trilogy Metals. It was also first in terms of the number of shares traded, tops in the percent advancer, and first on the top ten daily-turnover list, found at the bottom. Trilogy was also far in first for each category. It was the first NEX stock in months to trade a solid six figures' worth of shares in the trading day - to be more specific, more than half a million dollars' worth. Quite evidently it was the stock of the day - and it accomplished all this in four hours' worth of trading, as it was subject to a trading halt as of the start of Monday's trading. There was only one news item to account for this explosion, and it was summarized in Friday's News Releases From NEX Companies (fourth paragraph): Trilogy has agreed to purchase all the shares of NWest Energy Inc. [The full news release that explains the deal, and its ramificiations, is here.] As is often the case, the chart of Trilogy gave little or no warning that such an explosion was about to come, except perhaps for a too-quiet lull in the change of its price before Monday's rocket-up.

Three NEX stocks traded more than ten times on Monday. As explained above, the issue that traded the most numerously, by far, was Trilogy Metals, with 81 trades during the time it wasn't halted. There were four trades waiting right at the dot of noon ET when the trading halt was lifted. Those four all went at 71 cents/share, making Trilogy a 29 cent/share gainer on the day right at the start of its trading. The fifth trade also went at 71 cents/share, but the sixth went at 70 cents/share. The next three trades went at 65 cents/share. In order to get a sense of how quickly Trilogy started trading, the last of those 65 cent'ers went as of 12:01:51 PM ET, or fewer than two minutes after the halt was lifted. That last 65 cent'er was the ninth trade of the day.

The next six went for 66 cents/share, with the last of those, the fifteenth, going at 12:03:53. The volume of that single trade was close to 150,000; the total volume of all fifteen trades, all of which went within four minutes of each other, was 291,000 shares.

The sixteenth and seventeenth went for 70 and 71 cents/share respectively, while the next two went at 67 cents/share. The two after that went at 66 cents/share, but the price of TRI.H recovered above 70 cents/share, to stay, as of about 12:05:20 PM ET. The next six trades, all occurring within twenty seconds of each other, all went at 70 cents/share. The one after that, the twenty-eighth, went at 75 cents/share. After the twenty-eighth, which went ten seconds after 12:07 PM ET, the price of Trilogy never went below the opening price of 71 cents/share again.

[This reminds me of an old trader's joke. ABC has gone through the roof, and a trader was asking a broker if she was going to shoot any orders for ABC over his way. She shook her head, explaining that she was waiting for the secondary reaction. "Oh, you want the secondary reaction?" the trader asked. After getting a confirmatory nod from the broker, he went through the papers on his messy desk, pulled out a sheet of paper, circled some of the numbers on the sheet, and handed it over to her.

"Here, you've got the secondary reaction you're looking for. Took place between 10 and 10:05 this morning."]

After retracting slightly to 74 cents/share, Trilogy had gotten back up to 75 cents/share on the thirtieth trade of the day. 80 cents/share was reached on a board-lot-sized trade as of 12:10:18 AM ET, on the thirty-eighth trade. After reaching that level, the surge basically stopped, although trading continued with enthusiasm up until 1:50 PM ET. In that time period, the price of TRI.H hovered between 78 and 85 cents/share. By the time 2 PM ET rolled around, seventy-two trades in Trilogy had been made; there were only to be nine more during the rest of the trading day. Of all the 81 trades, two were odd-lot-sized. The first went at 12:09:12 PM ET at 82 cents/share. The second, which was also the last trade of the day, went at 3:58:08 PM ET at 88 cents/share, the highest price for TRI.H if odd lots are counted as well as board lots. Trilogy closed at 83 cents/share, up 41 cents/share on the day. For an overall perspective on how Trilogy traded Monday, here's a quick table showing price traded, share volume and value of shares at that price with colon and semicolon separators:


-65 cents: 20,000 shares; $13,000 worth
-66 cents: 329,000 shares; $217,140 worth
-67 cents: 35,000 shares; $23,450 worth
-70 cents: 68,000 shares; $47,600 worth
-71 cents: 34,000 shares; $24,140 worth
-74 cents: 5,000 shares; $3,700 worth
-75 cents: 20,000 shares; $15,000 worth
-76 cents: 4,500 shares; $3,420 worth
-78 cents: 5,000 shares: $3,900 worth
-79 cents: 7,000 shares; $5,530 worth
-80 cents: 120,000 shares; $96,000 worth
-81 cents: 42,000 shares;$ 34,020 worth
-82 cents: 8,750 shares; $7,175 worth
-83 cents: 30,000 shares; $24,900 worth [Closing price.]
-84 cents: 1,000 shares; $840 worth
-85 cents: 24,000 shares; $20400 worth
-88 cents: 115 shares; $101.20 worth.


As noted above, there were two other NEX stocks that traded more than 10 times on Monday, overshadowed though they were by Trilogy. Second-most numerous in terms of number of trades was Rocher Deboule, with a relatively sparse 13 trades on the day. The first five board lots went at 46 cents/share, with an odd lot (the second trade of the day) of 449 shares going at 44 cents/share between them. The last four of those five board-lot-sized traded, of 5,000, 4,000, 10,000 and 6,000 shares respectively, were bought through Canaccord and seemed to be a bought block of 25,000 shares. The seventh trade of the day, of 5,000 shares as of about 1:35 PM ET, went at 46.5 cents/share; the four following it pushed the price up to 47 cents/share through the first two and 48 cents/share through the last two. Of those four, the last three were bought through E-Trade, suggesting a bought block composed of the 2,500 shares their volumes summed up to. The last two trades, of 4,000 and 1,000 shares, were also bought through Canaccord, at the same price as those four which were too. They brought Rocher to its closing price of 46 cents/share, leaving RD.H unchanged since last Friday's close on daily volume of 41,449 shares.

The final stock to trade more than 10 times on Monday was Moneta Resources Inc. [NEX: MOT.H], with 11 trades. There seemed to be three sold blocks, of 549, 15,000 and 37,000 shares, comprising the first two, the third and fourth, and the last seven trades, as sold through National Bank, Desjardins and an anonymous institution respectively. Despite the preponderance of presumed blocks on the sell side, especially the 37,000-share one, the price of Moneta crept up during the day before a 4 cent/share leap on the last trade of 2,000 shares. There also seemed to be two bought blocks, comprising the fourth through seventh and ninth through tenth trades, of 23,000 and 10,000 shares respectively, which may explain the buying pressure that overweighed any selling pressure by the presumed sold blocks. The last trade of 2,000 shares was bought through the same institution that was the buy-side financial institution for the 23,000-share trade cluster: Canaccord. So, it is possible that this last trade completed a bought block of 25,000 shares. The 10,000 shares mentioned above were bought through TD Securities. Moneta closed at 21 cents/share, up 5 cents/share since its last close on last Tuesday, on 52,549 shares daily volume.

The top percentage gainer in Monday's trading was the oft-mentioned-above Trilogy Metals, which closed at 83 cents/share for a gain of 41 cents/share, or 96.72%, on the day. The top percentage decliner for Monday was Arcland Resources Inc. [NEX: ADR.H], which closed at 22.5 cents/share for a decline of 7.5 cents/share or 25%. One board-lot-sized trade in Arcland did it: 500 shares at the closing price. The other trade was odd-lot-sized and went at 20.5 cents/share. Both trades went as of the same time, about 10:57 AM ET, and both were sold through E-Trade, suggesting a sold block pushed the price down in a thin market for ADR.H. Those two trades combined made up the daily volume of 566 shares in Arcland.

Finally, here is the above-mentioned list of yesterday's top ten traders, as measured by % of total outstanding shares or daily turnover (all prices in per-share terms):

1. Trilogy Metals Inc. [NEX: TRI.H], closed at 83 cents for a gain of 41 cents - 15.4% of total shares outstanding;
2. International LMM Ventures Corp. [NEX: LMM.H], closed at 50 cents for a gain of 4.5 cents - 0.467% of TSO;
3. Golden Hat Resources Inc. [NEX: GHA.H], closed at 8 cents for a gain of 0.5 cents - 0.449% of TSO;
4. Cobre Exploration Corp. [NEX: CXV.H], closed at 13 cents for a gain of 1 cent - 0.359% of TSO;
5. Gold Star Resources Corp. [NEX: GXX.H], closed at 19 cents for a gain of 1 cent - 0.294% of TSO;
6. Moneta Resources Inc. [NEX: MOT.H], closed at 21 cents for a gain of 5 cents - 0.158% of TSO;
7. Rocher Deboule Minerals Corp. [NEX: RD.H], closed at 46 cents unchanged - 0.130% of TSO;
8. Global Tree Technologies Inc. [NEX: GTT.H], closed at 2 cents for a gain of 0.5 cents - 0.105% of TSO;
9. Challenger Development Corp. [NEX: CDQ.H], closed at 40 cents for a gain of 4 cents - 0.0822% of TSO;
10. Avigo Resources Corp. [NEX: TMX.H], closed at 50 cents for a loss of 3 cents - 0.0851% of TSO.

NOTE: I am not affiliated with the TSX, nor is this blog. The Barrel's Bottom Composite index is not endorsed by the TSX.

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