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Large Market-on-Close Imbalance


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Did anyone else notice the mammoth MOC imbalance from yesterday?  By 4:30 the total volume was 578,984 and 443,600 was batched in the MOC facility.  Several things about this surprised me.  First, the price remained relatively firm after the imbalance was published at 3:40.  Usually we would see a stock trade materially lower immediately after an imbalance of this size was published.  In this case, the price adjusted by less than $1.00 between 3:40 and 3:45.  Also, my attempt at explaining all of this activity involved BMO and CIBC laying off some of the stock they acquired as part of the bought deal equity financing.  I thought it a reasonable surmise that they got stuck with stock.  After 5 days I called and apparently the books were still open.  I asked if the issue was pro-eligible and the answer was yes (a good indication that the deal hadn't gone too well).  This is very bizarre.

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