Statistics of Price Movements of Sibanye Gold Ltd ADR (SBSW)

The price movements of Sibanye Gold Ltd ADR (ticker SBSW) are summarized in five ways:

• Table 1. Statistics of daily price changes using the closing prices
• Table 2. Statistics of daily price changes using the closing and opening prices
• Table 3 – 7. Statistics of daily price changes when SBSW opened with an increase of 1%, 2%, 3%, 4%, or more than 5%
• Table 8 – 10. Statistics of stock price changes in the 20 days after SBSW had a big price move
• Table 11. Statistics of daily price changes in the 20 days after SBSW moved 5% with twice the 30-day average volume

The statistics are calculated using SBSW's price data across 208 trading days from 2020 to 2020.

Table 1. Statistics of SBSW one-day price changes

In this table, the one-day price change is calculated using the closing price and the previous day's closing price.

In the past 208 trading days, 51.7% of the time (107 days), SBSW closed above the previous day's closing price. 44.9% of the time (93 days), it closed below the previous day's closing price. 3.4% of the time (7 days), it did not change.

Also see: VIX price movement study.

SBSW Price Change (%)	Number of Days	% of Total Sessions
26 – 27%	1	0.48%
22 – 23%	1	0.48%
17 – 18%	2	0.97%
15 – 16%	1	0.48%
12 – 13%	1	0.48%
11 – 12%	3	1.45%
10 – 11%	1	0.48%
9 – 10%	2	0.97%
8 – 9%	5	2.42%
6 – 7%	5	2.42%
5 – 6%	6	2.90%
4 – 5%	18	8.70%
3 – 4%	16	7.73%
2 – 3%	16	7.73%
1 – 2%	10	4.83%
0 – 1%	19	9.18%
0%	7	3.38%
0 – -1%	17	8.21%
-1 – -2%	19	9.18%
-2 – -3%	13	6.28%
-3 – -4%	8	3.86%
-4 – -5%	6	2.90%
-5 – -6%	7	3.38%
-6 – -7%	7	3.38%
-7 – -8%	4	1.93%
-8 – -9%	2	0.97%
-9 – -10%	1	0.48%
-10 – -11%	1	0.48%
-11 – -12%	1	0.48%
-12 – -13%	2	0.97%
-13 – -14%	1	0.48%
-14 – -15%	1	0.48%
-15 – -16%	1	0.48%
-25 – -26%	1	0.48%
-34 – -35%	1	0.48%

Table 2. Statistics of SBSW: Closing vs. Open

In this table, instead of using the closing price of the previous day, the opening price is used to calculate the one-day price change of SBSW.

46.6% of the time (97 days), SBSW closed above the opening price. 51.4% of the time (107 days), it closed below the opening price. 1.9% of the time (4 days), it closed where it started.

Closing - Open (%)	Number of Days	% of Total Sessions
27 – 28%	1	0.48%
25 – 26%	1	0.48%
10 – 11%	1	0.48%
9 – 10%	1	0.48%
8 – 9%	1	0.48%
7 – 8%	2	0.96%
6 – 7%	2	0.96%
5 – 6%	5	2.40%
4 – 5%	11	5.29%
3 – 4%	5	2.40%
2 – 3%	20	9.62%
1 – 2%	25	12.02%
0 – 1%	22	10.58%
0%	4	1.92%
0 – -1%	25	12.02%
-1 – -2%	26	12.50%
-2 – -3%	19	9.13%
-3 – -4%	14	6.73%
-4 – -5%	7	3.37%
-5 – -6%	5	2.40%
-6 – -7%	3	1.44%
-7 – -8%	1	0.48%
-10 – -11%	1	0.48%
-11 – -12%	2	0.96%
-14 – -15%	1	0.48%
-15 – -16%	2	0.96%
-18 – -19%	1	0.48%

Table 3. One-day performance when SBSW opened 5% higher than previous close

In the past 208 trading days, SBSW opened more than 5% higher than the previous day's closing price 22 times. Of these days, 45.5% (10 days) had closing prices above the opening price, and 54.5% (12 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
10 – 11%	1	4.55%
8 – 9%	1	4.55%
5 – 6%	1	4.55%
4 – 5%	2	9.09%
2 – 3%	1	4.55%
1 – 2%	2	9.09%
0 – 1%	2	9.09%
0 – -1%	1	4.55%
-1 – -2%	2	9.09%
-2 – -3%	2	9.09%
-3 – -4%	1	4.55%
-4 – -5%	1	4.55%
-5 – -6%	2	9.09%
-6 – -7%	1	4.55%
-15 – -16%	1	4.55%
-18 – -19%	1	4.55%

Table 4. Closing vs. open when SBSW opened 4–5% higher

On 15 days, SBSW opened 4–5% higher than the previous day's closing price. Of these days, 33.3% (5 days) had closing prices above the opening price, and 66.7% (10 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
7 – 8%	1	6.67%
4 – 5%	1	6.67%
3 – 4%	1	6.67%
2 – 3%	2	13.33%
0 – -1%	5	33.33%
-1 – -2%	1	6.67%
-2 – -3%	2	13.33%
-5 – -6%	1	6.67%
-7 – -8%	1	6.67%

Table 5. Closing vs. open when SBSW open 3 – 4% higher

17 times SBSW opened 3 – 4% higher than the previous day's closing price. Among these days, 35.3% (6 days) closed above the opening price, 64.7% (11 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
7 – 8%	1	5.88%
3 – 4%	1	5.88%
1 – 2%	2	11.76%
0 – 1%	2	11.76%
0 – -1%	1	5.88%
-1 – -2%	3	17.65%
-2 – -3%	3	17.65%
-3 – -4%	3	17.65%
-4 – -5%	1	5.88%

Table 6. Closing vs. open when SBSW open 2 – 3% higher

18 times SBSW opened 2 – 3% higher than the previous day's closing price. Among these days, 61.1% (11 days) closed above the opening price, 38.9% (7 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
4 – 5%	1	5.56%
2 – 3%	3	16.67%
1 – 2%	5	27.78%
0 – 1%	2	11.11%
0 – -1%	1	5.56%
-1 – -2%	1	5.56%
-2 – -3%	3	16.67%
-4 – -5%	1	5.56%
-6 – -7%	1	5.56%

Table 7. Closing vs. open when SBSW open 1 – 2% higher

21 times SBSW opened 1 – 2% higher than the previous day's closing price. Among these days, 47.6% (10 days) closed above the opening price, 47.6% (10 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
9 – 10%	1	4.76%
4 – 5%	1	4.76%
2 – 3%	3	14.29%
1 – 2%	4	19.05%
0 – 1%	1	4.76%
0%	1	4.76%
0 – -1%	1	4.76%
-1 – -2%	5	23.81%
-2 – -3%	1	4.76%
-3 – -4%	2	9.52%
-4 – -5%	1	4.76%

Table 8. Periods when SBSW moved 15% or more

In this table, we track the price movements in the 20 days after SBSW had a one-day price change of at least 15%.

Date	Price Change	Price Change after 15% Move
Days after:		1	4	7	10	13	16	19
20200324	26%	17.3	-7.4	-10.6	11.5	20.7	37.8	35.6
20200406	22.5%	6.0	14.7	31.0	28.8	34.3	39.1	43.2
20200317	17.9%	-34.4	-29.5	-7.3	-21.9	-23.7	3.8	20.0
20200325	17.3%	-11.1	-25.1	-26.8	-.5	15.1	9.5	-1.6
20200323	15.7%	26.1	15.3	8.0	32.6	52.1	78.6	61.7
20200311	-15.9%	-25.9	-8.9	-44.5	-5.0	-25.0	-27.6	-9.7
20200312	-25.9%	4.3	-19.3	-13.2	14.1	-3.9	-6.1	27.7
20200318	-34.4%	2.3	35.6	24.0	16.2	42.7	63.6	92.2

Table 8a. SBSW average price changes following a 15% up day

Of the 208 trading days from 2020 to 2020, there were 5 days in which SBSW was up more than 15%. This table shows the average price changes over the 5 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 15%	.8	-6.4	-1.2	10.1	19.7	33.8	31.8

Table 8b. SBSW average price changes following a 15% down day

Of the 208 trading days from 2020 to 2020, there were 3 days in which SBSW was down more than -15%. This table shows the average price changes over the 3 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -15%	-6.5	2.5	-11.2	8.4	4.6	10.0	36.7

Table 9. Periods when SBSW moved 10% or more

In this table, we track the price movements in the 20 days after SBSW had a one-day price change of at least 10%.

Date	Price Change	Price Change after 10% Move
Days after:		1	4	7	10	13	16	19
20200324	26%	17.3	-7.4	-10.6	11.5	20.7	37.8	35.6
20200406	22.5%	6.0	14.7	31.0	28.8	34.3	39.1	43.2
20200317	17.9%	-34.4	-29.5	-7.3	-21.9	-23.7	3.8	20.0
20200325	17.3%	-11.1	-25.1	-26.8	-.5	15.1	9.5	-1.6
20200323	15.7%	26.1	15.3	8.0	32.6	52.1	78.6	61.7
20200422	12.9%	8.4	12.3	15.6	6.1	4.4	1.7	22.9
20200413	11.8%	5.0	-5.0	-3.4	7.7	9.9	9.2	7.3
20200727	11.6%	-1.3	-9.4	-2.8	-8.0	-8.2	1.8	-6.5
20201009	11.5%	-2.0	-2.0	-5.1	.8	-11.4	-1.3	10.5
20200515	10.5%	5.5	6.6	-5.0	-6.7	-.1	11.2	.6
20200611	-10.6%	.8	-3.0	6.2	6.2	9.2	20.8	24.7
20200326	-11.1%	-12.3	-17.9	.9	15.7	35.9	23.0	25.0
20200225	-12.3%	-1.5	-10.4	-5.3	-20.3	-48.3	-60.0	-57.0
20200327	-12.3%	1.2	-2.2	22.0	32.0	50.7	48.3	54.6
20200309	-13.6%	-2.7	-36.9	-51.2	-47.5	-30.9	-41.8	-43.2
20200421	-14.8%	12.9	26.0	28.5	27.7	25.5	19.0	33.9
20200311	-15.9%	-25.9	-8.9	-44.5	-5.0	-25.0	-27.6	-9.7
20200312	-25.9%	4.3	-19.3	-13.2	14.1	-3.9	-6.1	27.7
20200318	-34.4%	2.3	35.6	24.0	16.2	42.7	63.6	92.2

Table 9a. SBSW average price changes following a 10% up day

Of the 208 trading days from 2020 to 2020, there were 10 days in which SBSW was up more than 10%. This table shows the average price changes over the 10 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 10%	1.9	-2.9	-.7	5.1	9.3	19.1	19.4

Table 9b. SBSW average price changes following a 10% down day

Of the 208 trading days from 2020 to 2020, there were 9 days in which SBSW was down more than -10%. This table shows the average price changes over the 9 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -10%	-2.3	-4.1	-3.6	4.3	6.2	4.4	16.5

Table 10. Periods when SBSW moved 5% or more

In this table, we track the price movements in the 20 days after SBSW had a one-day price change of at least 5%.

Date	Price Change	Price Change after 5% Move
Days after:		1	4	7	10	13	16	19
20200324	26%	17.3	-7.4	-10.6	11.5	20.7	37.8	35.6
20200406	22.5%	6.0	14.7	31.0	28.8	34.3	39.1	43.2
20200317	17.9%	-34.4	-29.5	-7.3	-21.9	-23.7	3.8	20.0
20200325	17.3%	-11.1	-25.1	-26.8	-.5	15.1	9.5	-1.6
20200323	15.7%	26.1	15.3	8.0	32.6	52.1	78.6	61.7
20200422	12.9%	8.4	12.3	15.6	6.1	4.4	1.7	22.9
20200413	11.8%	5.0	-5.0	-3.4	7.7	9.9	9.2	7.3
20200727	11.6%	-1.3	-9.4	-2.8	-8.0	-8.2	1.8	-6.5
20201009	11.5%	-2.0	-2.0	-5.1	.8	-11.4	-1.3	10.5
20200515	10.5%	5.5	6.6	-5.0	-6.7	-.1	11.2	.6
20200814	9.8%	4.0	-6.1	-6.6	-.7	1.4	.7	6.7
20200706	9.2%	-3.4	.4	5.0	7.9	11.7	27.9	17.5
20201201	8.8%
20201105	8.5%	3.4	-8.8	-2.1	-5.1	-8.1	-2.2	6.1
20200423	8.4%	4.9	11.9	6.5	2.1	-.7	3.7	15.7
20201021	8.3%	-.4	-6.8	-9.0	-.9	3.1	-2.5	-3.0
20200429	8%	-6.1	-6.7	-8.4	-13.1	-2.2	-1.2	-11.9
20200601	6.9%	2.0	7.9	12.9	1.8	-2.2	14.1	5.0
20200622	6.8%	6.5	-2.0	2.7	9.9	14.3	19.5	22.8
20200909	6.7%	-.6	-4.6	-8.8	-20.1	-20.0	-16.7	-21.9
20200623	6.5%	-8.8	-3.3	-2.2	7.9	5.9	9.6	17.1
20200407	6%	4.7	21.0	15.2	3.5	32.9	41.7	34.9
20200420	5.6%	-14.8	9.3	16.6	11.0	6.5	3.6	8.1
20200518	5.4%	3.6	-5.1	-6.9	-5.4	-1.2	5.5	-3.9
20201102	5.4%	3.5	15.8	2.1	9.6	6.2	3.0	9.5
20201113	5.1%	2.7	-.4	-3.5	2.6	11.3	11.5	9.4
20200629	5%	-.1	10.5	14.1	15.1	16.7	25.4	43.2
20200714	5%	.8	3.6	7.2	22.8	12.7	20.9	14.4
20200331	-5%	-2.5	19.7	37.3	61.2	46.0	48.3	65.5
20200526	-5%	3.3	4.9	9.6	17.1	6.7	2.7	12.4
20200528	-5%	.0	7.1	19.2	7.9	6.0	7.2	11.3
20201019	-5.1%	2.1	8.5	-4.7	6.2	18.9	13.2	13.3
20200811	-5.3%	2.5	20.4	8.7	8.1	14.9	17.4	16.6
20200819	-5.6%	-1.4	-2.0	4.2	6.5	5.7	12.0	6.0
20200730	-5.9%	-.6	6.5	.9	.6	11.6	2.6	4.7
20200511	-6%	3.1	7.7	20.1	7.8	.4	9.6	15.9
20200522	-6%	.0	-6.9	1.6	7.5	12.4	1.4	-2.5
20201123	-6%
20200430	-6.1%	1.5	-6.8	-8.3	-10.7	7.9	-1.1	-3.0
20200506	-6.1%	4.3	1.5	5.9	18.2	6.1	-1.2	7.8
20200923	-6.3%	.7	3.7	2.7	1.8	15.7	15.8	12.1
20200416	-6.7%	-.1	1.4	13.2	15.5	14.8	12.8	7.0
20200921	-7.2%	.9	-8.4	-2.0	-3.4	.1	7.2	9.3
20201109	-7.3%	-.7	-.6	-1.7	-2.5	-2.2	8.3	8.0
20201028	-7.4%	3.7	15.3	29.0	13.7	22.1	18.3	14.7
20201117	-7.7%
20200624	-8.8%	2.9	5.9	17.1	20.9	22.0	23.7	32.9
20200227	-8.9%	-4.7	1.7	-8.7	-44.7	-32.0	-58.6	-29.1
20200320	-9.1%	15.8	52.2	28.3	25.3	70.4	97.0	87.5
20200611	-10.6%	.8	-3.0	6.2	6.2	9.2	20.8	24.7
20200326	-11.1%	-12.3	-17.9	.9	15.7	35.9	23.0	25.0
20200225	-12.3%	-1.5	-10.4	-5.3	-20.3	-48.3	-60.0	-57.0
20200327	-12.3%	1.2	-2.2	22.0	32.0	50.7	48.3	54.6
20200309	-13.6%	-2.7	-36.9	-51.2	-47.5	-30.9	-41.8	-43.2
20200421	-14.8%	12.9	26.0	28.5	27.7	25.5	19.0	33.9
20200311	-15.9%	-25.9	-8.9	-44.5	-5.0	-25.0	-27.6	-9.7
20200312	-25.9%	4.3	-19.3	-13.2	14.1	-3.9	-6.1	27.7
20200318	-34.4%	2.3	35.6	24.0	16.2	42.7	63.6	92.2

Table 10a. SBSW average price changes following a 5% up day

Of the 208 trading days from 2020 to 2020, there were 28 days in which SBSW was up more than 5%. This table shows the average price changes over the 28 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 5%	.8	.3	1.0	3.6	6.5	12.7	13.0

Table 10b. SBSW average price changes following a 5% down day

Of the 208 trading days from 2020 to 2020, there were 30 days in which SBSW was down more than -5%. This table shows the average price changes over the 30 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -5%	.4	3.4	5.2	7.5	11.0	9.6	14.6

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Also see: VIX price movement study.