Wobbles in the US banking sector are no good for deals, but the investment banks’ trading desks aren’t minding the volatility.
More than $10.5 billion in Australian shares traded on what was a reasonably heavy down day for the market on Tuesday, making it one of the biggest trading days of the year.
In particular, there was a bit of movement among institutions with close to $1 billion in blocks. Interestingly, the biggest block was worth only $66.2 million , which means there were plenty of smaller blocks to get close to the $1 billion mark. It was a welcome change for trading desks, with volumes stuck in the $6 billion to $8 billion range most days post reporting season, with only the odd day cracking the $9 billion mark.
Brokers reckon there was a fair bit of selling among the local fund manager set, as fundies sold what they could and bought futures to protect their portfolios. It was another reminder that a down day signals boom time for trading desks. The best conditions in recent memory was the COVID-19 market downturn in March 2020, when volumes smashed records with a couple of $15 billion-plus days and
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