SN. Institutions seem interested at this levelSmith & Nephew plcLSE_DLY:SN.Stockso_SimpleA quick mention for this £9bn medtech giant. Not one I’d normally cover. Thursday’s volume spike looks out of the ordinary. On a company this size, that’s most likely an institutional move, probably a pre-agreed block between two funds. Those usually print at one price and barely move the stock. Is it a turning point? Not yet. But a small 1.5% fall with a lower wick suggests buyers are sat here absorbing supply. And anyone wanting a bigger position has to find liquidity somewhere. One to watch. The TR-1s add nice confluence. Cevian Capital has filed seven times, climbing steadily: From 13 May: 10.09% to 11.01% To most recent 7 Aug: 14.01% to 14.21% Cevian went from just over 10% in May to over 14% by August, more than 4 percentage points added in under three months, but the price is still very much on a downtrend until proven otherwise.