What happened late last Friday should send a chilling warning to the director of every company on the ASX and their CEOs – there are forces behind share prices much greater than earnings per share, corporate strategy or corporate governance.
Almost $23 billion of stock traded on Friday – the second-biggest day of the year – on what was an otherwise pretty orderly day: Donald Trump didn’t do or say anything, interest rate futures were unchanged and Commonwealth Bank and BHP didn’t say boo. More than $10 billion of that was after-market, a time when fund managers and traders have usually headed to the pub.
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