Montreal - The authority of financial markets (AMF) and the Organization of Canada (iiroc) trade rules seek to understand what could cause momentary but brutal action of orbit Aluminae fall (TSX:ORT), Thursday.
AMF employees 'analyse the sequence of events to see what has happened", Sylvain Théberge, spokesman for the regulatory body said Friday. He refused to say more.
The title of the Quebec company tumbled $ 1.28 Thursday morning, declining by 48.2 percent, before rebounding and finished the session at $2.28, down by 7.7 percent from the close of Wednesday. IIROC responded by cancelling all transactions below $1.90.
During a telephone interview Friday, the big boss of Orbite, Richard Boudreault, assured did not know who was at the origin of these "highly irregular transactions. The situation put him 'in all its States', he said.
Mr. Boudreault has noted that a similar incident had occurred a year ago or two and that the authorities were unable to establish with certainty what occurred. It had hypothesized to human error ('fat finger') on behalf of a broker, without however being able to prove it.
Orbite attempts to commercialize an innovative technology of extraction of alumina as well as rare earths and rare metals. The company arouses much interest in the small Quebec investors, among others.
At the end of January, Orbite announced having produced a first ton of high purity alumina at the plant in Cap-Chat, Gaspé Peninsula. In early February, the company has partnered with the French giant Veolia for the construction of a red sludge treatment plant that will use its patented process.
Orbite action lost 3.1 percent Friday to close at $2.21, on the Toronto Stock Exchange. Nearly 1.7 million shares changed hands. Over the past 52 weeks, the value of the title fluctuated between $1.53 and $3.93. The historic peak $ 4.80 was reached in April 2011.