Trading Updates: The Die Is Cast

We regret being unable to post trading updates for most of the day. There are two cases of cancer in my family, and the demands of their schedules had to take preference today. However, updates will now resume; thanks for your patience and support.

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Update, 4:24pm EDT, 4/28/05: A late trading update: At 4:03, 142,500 shares were sold. That was a Form T trade, meaning it occurred after hours. The price the seller received was $0.8334, under the closing Bid. So we have the phenomenon of heavy buying and heavy selling at the end of the day, with volume jacking up to 551,106 Buys against 655,310 Sells and 11,500 shares unidentified, a total of 1,217,918. No indication yet of why the late sale occurred, as there is no news from Abuja. It could well be that a day trader leapt too late, but many such four-digit late sales are institutional.

Update, 4:15pm EDT, 4/28/05: It turned all the way around, with the final tally 651,108 Buys to 512,819 Sells. With just 18 seconds to go, 50,000 shares were purchased, and another 18,500 in four trades followed. The last 16 trades, including those five, beginning at 3:51:54, were all buys. Today's trades tapered off to a total of 278.

Update, 4:09 pm EDT, 4/28/05: We will update at 4:15pm EDT to let you know the final tally of Bids versus Sells, as that ought to be interesting. At 3:51, Sells led 512K to 442K with 11.5K unidentified on 263 trades. Let's see if it turns all the way around.

Update, 4pm EDT, 4/28/05: Volume closes at 1,075,400, which qualifies as a late surge. The price at the close was $0.84, better than it traded most of the day, and the Bid was still $0.835 and the Ask $0.84. Some 98,500 shares traded in the last two minutes, and that was coming in on the Buy side after a very slow afternoon.

Update, 3:58 EDT, 4/28/05: Volume at 1,006,900 and the price, Bid and Ask are unchanged at $0.84 and $0.835 x $0.84.

Update, 3:57 EDT, 4/28/05: The price is now $0.84, off just $0.01 for the day, but 7500 shares have traded in the past minute, bringing volume to 974,588.

Update, 3:55 EDT, 4/28/05: Price is still $0.835, while the Bid stays at $0.835 and the Ask at $0.84. Volume is still 967,038, so no very noticeable late surge. We're off $0.015 for the day.

Update, 3:52 EDT, 4/28/05: Volume still slow at 967,038, and day traders may spend the night. Price leaps to $0.835, and the Ask to $0.84.

Update, 3:51 EDT, 4/28/05: With 9 minutes to go, we may not sell a million shares today. Volume is 961,038, and the price is unchanged at $0.825, with the Bid and Ask also unchanged at $0.825 x $0.83.

Update, 3:48 EDT, 4/28/05: Volume inching up to 959,038. The price slips to $0.825, the Bid, and Ask of $0.83 is unchanged. Heavy late volume now would signal news, but it's not coming yet.

Update, 3:46 EDT, 4/28/05: Volume slowing a little, to 948,938, with price, Bid and Ask unchanged. 15 minutes ago, the Sells with 487,216 still led Buys of 414,628 on 243 trades at 3:29.

Update, 3:42 EDT, 4/28/05: Be alert for the possibility that news of the awards will break immediately after closing at 4pm. That has happened in the past, and some companies prefer it that way. Volume is climbing now, to 947,938. The price is again $0.83, the Ask, and the Bid has moved up to $0.825.

Update, 3:40 EDT, 4/28/05: The price up a half cent to $0.825 now, which is the Ask, while the Bod stays at $0.82 and volume hits 940,938 shares. If you'd asked any veteran investor at this time last week how many shares would trade today, they'd probably guess 10 million.

Update, 3:37 EDT, 4/28/05: The possibility of awards tomorrow morning would be based upon a statement in a Nigerian paper lasdt week that there would be a four-day meeting of the Nigeria-Sao Tome and Principe Joint Ministerial Council, not a two-day meeting as in the letter to ERHE from the JDA or as per Sam Dimka's several notes. In any case, the Ask has now fallen to $0.825 and the Bid remains at $0.82, with the price at $0.82 and volume of 933,483 shares, picking up now.

Update, 3:34 EDT, 4/28/05: Only 1,000 shares a minute in last 15. Price still at $0.82, and Bid at $0.63. Volume is 915,843.

Update, 3:27 EDT, 4/28/05: The Dow is down 95 points, and the Nasdaq is off 19, with 33 minutes left to trade. Price, Bid, Ask and Volume are unchanged.

Update, 3:25 EDT, 4/28/05: We want to thank a number of readers, particularly Marty and Perry, for their warm notes of appreciation for the Trading Updates. The price has fallen to $0.82 on a trade of less than 400 shares, while the Ask stays at $0.83. Volume now at 910,343 shares.

Update, 3:21 EDT, 4/28/05: Both SwingingK and orangeandwhite0 have offered updates, but the only notable addition from them was that Sam Dimka assured the latter once again that all blocks will be awarded. The Bid has fallen back to $0.82, with the price at $0.83, the Ask. Volume is 910,068 shares.

Update, 3:18 EDT, 4/28/05: Some of you have written me at amreporterATaolDOTcom for the draft of the story we have prepared in anticipation of the awards. I just hope it gets used soon! Nothing's changed since 3:15.

Update, 3:15 EDT, 4/28/05: By all rights, trading today should resemble that of late Friday afternoon, with dramatic moves near the close. But we're unsure if this kind of action supports that suggestion today. The volume is 905,076, and the price is still at $0.83 with the Bid and Ask unchanged at $0.825 x $0.83.

Update, 3:12 EDT, 4/28/05: The price improves to $0.83, and the bid moves up a notch to $0.625; Ask stays at $0.83, and volume crosses 904,106.

Update, 3:10 EDT, 4/28/05: The other big question: Will we get a Barry Morgan story tonight? Last week, his work disappointed some and was inconclusive about awards. No wonder, though! Nothing has changed since 3:03 except another 5,000 shares have traded, bringing volume to 899,106. The 3:15 hour should bring action.

Update, 3:03EDT, 4/28/05: Traders have been supportive of ERHC Energy throughout the day, maintaining it in the $0.81-$0.83 range despite the lack of news from Abuja. Currently, the price is $0.82, off $0.03 for the day, while the Bid is $0,82 and the Ask is $0.83. Volume is a slow 894,106 shares, but has picked up dramatically in the past two hours. At 1:44, there were 226 trades, with Sells outpacing Buys by 465,940 to 392,566, with 9,000 shares unidentified.