Commsec sold my shares at a higher price than my order

[takestock]

I bought a parcel of Rio Tinto shares @$64.41 Friday 22nd May.
On Wednesday 3rd June I placed a sell order @$71.58-Due to a comedy of errors on my behalf,I typed in an incorrect SRN-order was rejected.
I knew that on Thursday 4th, the market especially the materials sector,was in for a rough day.I amended the sell order down to $68.54-no takers
Friday(5th) being at work was unable to find out what exactly transpired with Rio Tinto.Later in the afternoon I was able to check and I found out that my amended order(@68.54) was executed.
I was happy,but then at the same time,I checked the current price of RIO out of curiosity and it was about $73.I thought I missed out on some extra profit
I looked at the order in more detail and saw that my shares had been sold not for $68.54,but for $75.00.
I'm certainly not complaining,but would anyone have an idea of why Commsec sold the shares at $75.00?
I know it was quite a dramatic day for Rio Tinto.
Thanks.

 

[gav]

Re: Commsec sold my shares at a higher price than my order.

Your sell order wasn't filled Thursday. RIO opened at $75.00 on Friday and your order was still active, so it was executed at open.

 

[Pager]

Re: Commsec sold my shares at a higher price than my order.

Rio opened Friday at $75 so that's why you got that price.

When you place a limit order to sell shares and it opens higher than your sell price it will automatically execute at that opening price, if the market had opened below your sell limit price then it only executes when that price has been reached.

 

[skyQuake]

Re: Commsec sold my shares at a higher price than my order.

Well aren't you a lucky bugger

The (delayed) open for RIO was $75 (which was determined by algorithm of all sell orders and all buy orders); Your sell order at $68.54 was matched in the pre-opening auction and thus executed when RIO opened; if it opened at $69 you would have gotten out at $69, if it opened at $68, your sell order would have been still sitting there.

 

[drsmith]

Re: Commsec sold my shares at a higher price than my order.

Your revised $68.54 order must not have been active until after the price had fallen below that on Thursday.

After an initial trading halt of Friday, trading resumed at $75.

http://www.google.com/finance?q=ASX:RIO

 

[moXJO]

Re: Commsec sold my shares at a higher price than my order.

Go buy a lotto ticket

 

[Aargh!]

Re: Commsec sold my shares at a higher price than my order.

Gee I wish I had your luck! Well done!

 

[takestock]

Re: Commsec sold my shares at a higher price than my order.

Thankyou everyone for your replies they have indeed cleared a few things up for me.
I applied to be Chess sponsored by Commsec because now I am using the iphone Commsec application and it doesn't have the facility to type in the SRN.By the way, iphone is a great little gadget.It's private and you can go about your business with no one knowing your business and I don't have to use the computers at work
In my trading I make use of price patterns,candlestick charts and a few ocillators.A couple of comments mentioned luck and they would be 100% correct.
Circumstances were as follows: a rather late arrival of my share certificate(with SRN) had I been Chess sponsored I would've sold them much sooner.
I telephoned my parent's home from work on Wednesday 3rd(I bought the shares on 22nd May) and my dad said the certificate had arrived.I asked him to read out the SRN(N.B My dad wasn't born in Australia and knows nothing about the stockmarket)I wrote down the number,I checked the numbers and discovered he had read out the 1800 no. for Computershare:crap::shake:I asked him if there were other numbers he said yes and started to read them out for me.I wrote down the number and went to the computer at my work and placed the first order @ $71.58.I later found out that the order was rejected.I went by my parents home and looked at the issuer sponsored statement ..the second number my dad read out was another phone number:cussing:
It seemed everything was working against me
I further amended the sell order -to no avail and then Friday came and yes a complete turn around and truthfully I really didn't know how the market would react to the Chinalco deal falling through considering the $195 Million that RIO had to pay.
LUCK certainly did play a major role.

 

[beamstas]

Re: Commsec sold my shares at a higher price than my order.

Thankyou everyone for your replies they have indeed cleared a few things up for me.
I applied to be Chess sponsored by Commsec because now I am using the iphone Commsec application and it doesn't have the facility to type in the SRN.By the way, iphone is a great little gadget.It's private and you can go about your business with no one knowing your business and I don't have to use the computers at work
In my trading I make use of price patterns,candlestick charts and a few ocillators.A couple of comments mentioned luck and they would be 100% correct.
Circumstances were as follows: a rather late arrival of my share certificate(with SRN) had I been Chess sponsored I would've sold them much sooner.
I telephoned my parent's home from work on Wednesday 3rd(I bought the shares on 22nd May) and my dad said the certificate had arrived.I asked him to read out the SRN(N.B My dad wasn't born in Australia and knows nothing about the stockmarket)I wrote down the number,I checked the numbers and discovered he had read out the 1800 no. for Computershare:crap::shake:I asked him if there were other numbers he said yes and started to read them out for me.I wrote down the number and went to the computer at my work and placed the first order @ $71.58.I later found out that the order was rejected.I went by my parents home and looked at the issuer sponsored statement ..the second number my dad read out was another phone number:cussing:
It seemed everything was working against me
I further amended the sell order -to no avail and then Friday came and yes a complete turn around and truthfully I really didn't know how the market would react to the Chinalco deal falling through considering the $195 Million that RIO had to pay.
LUCK certainly did play a major role.

Think you owe your dad man a beer then :bier: