Wondering who sold 27.6 million NCBJ shares on Tuesday?

NCB Oxford Road Tower

Most of us would have seen when the market soared this week to almost J$1 billion in the value of shares traded in one day! That day was Tuesday Nov 22, 2011, and the major contributor was the National Commercial Bank Jamaica Limited (NCBJ). On Tuesday, the value of shares traded for the NCBJ amounted to over J$800 million (28,068,300 units). At the end of the day the stock advanced $0.99 or 3.53%. The big question would have been however, who traded so much shares?

Today NCBJ advised the market that on November 22, 2011, a related party to Directors sold a total of 27,640,800 NCBJ shares. That 27.6 million unit of shares is 1.12% of the 2.5 billion shares outstanding. That’s a big chunk… well sorta.

Why would they have done that, and right now, who knows.