In the past week or so computer bots trading with each other seem to have driven down the share price of Benitec ($BNIKF) on the ASX. Some of the non-marketable parcels of shares have been as low as a single share. These trades have frequently been made at a price lower than the genuine bid. This seems to have triggered some nervous, Aussie investors to sell, thus fuelling the descent of the share price. Stop-losses may have also been triggered.
Someone appears to be buying these low hanging fruit that have fallen of the tree but it is unclear as to who this is .
Today, the bots may have turned the corner. The share price on the ASX is up five cents and again there have been some single share trades. It is too early to say, but maybe whoever wanted shares at these prices is now satisfied and so we could see a share price recovery next week.
Hopefully, the US market will follow the Aussie market and we will see a gain in the share price today.