Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Canadian Regulator Reprices Two Trades After 99.9 Percent Drop

Jan. 6 (Bloomberg) -- Sabina Gold & Silver Corp. and Avalon Rare Metals Inc. trades on Chi-X Canada, an electronic stock market that competes with the Toronto Stock Exchange, indicated the shares plunged 99.9 percent to less than a penny before regulators asked for the transactions to be fixed.

The exchange said 3,500 shares of Sabina changed hands at 0.5 cents a share at 4:24 p.m. in Toronto after the shares had closed at C$4.88. Six minutes later, a trade of 100 shares of Avalon Rare Metals, which had closed at C$6.39, was quoted at 0.5 cents a share.

After Chi-X conferred with the Investment Industry Regulatory Organization of Canada, the Sabina trade was repriced at C$3.92 and the Avalon Rare Metals trade at C$5.11, said Mark Dowd, a New York-based spokesman for Chi-X owner Instinet Inc. Dowd wouldn’t comment on what led to the unusual pricing.

Nicole Hoeller, Sabina’s director of investor relations, and Ron Malashewski, her counterpart at Avalon Rare Metals, said they were unaware of the temporary plunges in their companies’ shares.

To contact the reporter on this story; Matt Walcoff in Toronto at mwalcoff1@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.