Legal & General (LGEN) - shares up 123% today??

turbobob

Has anyone got any idea what this is about? The share price appears to have shot up to 170p right at the end of the day - at least the buying price has. Looks a bit strange to me anyway. The site I am looking at suggests someone bought 2 million shares at this price at 4.45 today, which doesn't make sense..

Thanks for any info

swiss69

showing 80p at close on bbc.

Blah99

turbobob wrote: »

Has anyone got any idea what this is about? The share price appears to have shot up to 170p right at the end of the day - at least the buying price has. Looks a bit strange to me anyway. The site I am looking at suggests someone bought 2 million shares at this price at 4.45 today, which doesn't make sense..

Thanks for any info

Looks like HL's system has a maths problem :rolleyes: This does sometimes happen, when price movements or big trades go through and the system just doesn't handle it properly. It's also a very good reason to have a primary and a backup quoting service.

ADVFN is showing LGEN at 79.9 - 80 at close. The 2 million shares are a UT - uncrossing trade from a SETS auction, so just ignore it. Some rich !!!!!! didn't just make a crazy investment, don't worry

Lokolo

If you read it carefully it says:

Current: 80.00, up 4p (+5.26%)

The headline is obviously wonkers at the moment.

sabretoothtigger

Either the company is about to be taken over or its just a marketmaker shifting shares about after hours.
You will probably find before the market opens on monday that the price goes down just as quickly before you ever get a chance to sell at that price.

I dont quite understand it but the same thing happened to standard life about a month ago, shot upto 3.20 and wasnt long after trading at 1.80 so its not necessarily a good sign it would seem.
Now I check back on the charts, the 3.20 blip disappears with time though its in the records as a high (for the day but not the year)

Might be worth putting in a sell order for somewhere between 1 and 1.50 and you could buy back cheaper later.
Theres zero chance you'd actually be able to login or phone in and deal at that price I reckon but maybe your broker is a big player and can capitalise on the price for you.

I think its a blip, speedo might read 200mph but check the wheels are on the ground first

nightall

Hi

I have a few LGEN shares so did a bit of digging and came across the following document which was issued at 1645 today, i have copied below - can anyone explain it to a novice like me? could this explain the large increase, if so what can we expect of LGEN shares...any comments welcome:

TR-1: notification of major interests in shares


1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
Hardy Oil & Gas Plc

2. Reason for notification (yes/no)
An acquisition or disposal of voting rights
Yes
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached


An event changing the breakdown of voting rights


Other (please specify):______________


3. Full name of person(s) subject to the notification obligation:
Legal & General Group Plc (L&G)
4. Full name of shareholder(s) (if different from 3.):
Legal & General Assurance (Pensions Management) Limited (PMC)
5. Date of the transaction (and date on which the threshold is crossed or reached if different):
06 November 2008
6. Date on which issuer notified:
07 November 2008
7. Threshold(s) that is/are crossed or reached:
From 4% - 3%(L&G)


8. Notified details:


A: Voting rights attached to shares
Class/type of shares
if possible using the ISIN CODE
Situation previous to the Triggering transaction
Resulting situation after the triggering transaction
Number of Shares
Number of Voting Rights
Number of shares
Number of voting rights
% of voting rights
Direct
Indirect
Direct
Indirect
ORD
USD 0.01
2,515,001
2,515,001
2,488,468
2,488,468


3.99



B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument
Expiration date
Exercise/ Conversion Period/ Date
Number of voting rights that may be acquired if the instrument is exercised/ converted.
% of voting rights







Total (A+B)
Number of voting rights
% of voting rights
2,488,468
3.99








9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:
Legal & General Group Plc (Direct and Indirect) (Group)


Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect)


Legal & General Investment Management Limited (Indirect) (LGIM)


Legal & General Group Plc (Direct) (L&G) (2,488,468 - 3.99% = LGAS, LGPL & PMC)
Legal & General Investment Management (Holdings) Limited (Direct) (LGIMHD) (2,227,968 - 3.57% = PMC)
Legal & General Insurance Holdings Limited (Direct) (LGIH)
Legal & General Assurance (Pensions Management) Limited (PMC) (2,227,968 - 3.57% = PMC)
Legal & General Assurance Society Limited (LGAS & LGPL)


Legal & General Pensions Limited (Direct) (LGPL)




Proxy Voting:
10. Name of the proxy holder:
N/A
11. Number of voting rights proxy holder will cease to hold:
N/A
12. Date on which proxy holder will cease to hold voting rights:
N/A


13. Additional information:
Notification using the total voting rights figure of 62,297,531
14. Contact name:
Helen Lewis (LGIM)
15. Contact telephone number:
020 3124 3851

This information is provided by RNS
The company news service from the London Stock Exchange

END

HOLBLBDBBSGGGIR Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.
Note 2: RiskGrade figures are provided by RiskMetrics.

sabretoothtigger

Still looks normal to me, I get dozens of those a day for lloydstsb. Lots of big numbers but usually they sell as much as they buy and its hard to tell any big shift in price likely unless you spent hours studying and collating them all.

Also most important thing is they are retrospective, most likely that relates to trades done on thursday or earlier

Its just to stop situations like happened with VW and porsche, a big accumulation of options would have to be declared in this country Im pretty sure.
Its the small print, anything big wiould have been picked up by someone paid to read these things and turned into a news headline by now

5. Date of the transaction (and date on which the threshold is crossed or reached if different):
06 November 2008
6. Date on which issuer notified:
07 November 2008

barak

turbobob wrote: »

Has anyone got any idea what this is about? The share price appears to have shot up to 170p right at the end of the day
Thanks for any info

Apparently "a computer glitch" - which, of course, really means "human error". With very few exceptions, computers just do what they are told!

http://www.ft.com/cms/s/0/57ffd68e-ac9e-11dd-971e-000077b07658.html

nightall

What a shaLEGAL & GENERAL GROUP PLC (ISIN: GB0005603997): CLOSING AUCTION OF 7 NOVEMBER 2008 - 16:45:26 hrs In view of the unusual circumstances in today’s closing auction in the above security, the Exchange has cancelled all the uncrossing trades that took place in the closing auction at 16:45:26 in the above security today .
The closing auction for Legal and General Group plc that took place today has therefore been declared void by the Exchange under Rule 1023.4. All other trades that took place in the above security today remain valid.
The closing price of Legal & General Group plc for 7 November 2008 has been set by the Exchange at 80 pence, which was the price of the last automated trade prior to the auction

sabretoothtigger

Hopefully no damage done except anyone who bet the ftse would rise monday is 20 pts down maybe