Thank you for your email with information regarding ELK. ASX Ltd appreciates information that is gathered from the public as it assists us in our role of maintaining market integrity by requiring compliance with the obligations set out in the ASX Operating Rules.
Your observations in relation to ELK have been passed onto ASX Surveillance.
Surveillance notes that during the morning of 12 May, ELK traded steadily at 13c with a small volume of 2,130. The trading consisted of small parcels. This is indicative of trading by algorithmic systems which tend to spread their total daily volume over many small parcels during the day. There are no indications of market manipulation in ELK.
Manipulation involves attempts to create a false impression of the price of a stock. Trading in ELK appears to be normal and consistent with the stock's history. We thank you once again for raising your concerns with ASX."
IMO the ASX is joke when it comes to these matters.
