any ideas why gnspa would be so weak, page-3

My view but it does seem strange at times. GNS has recapitalized over the past 15 months and now has a relatively low gearing ratio in this industry. Recent cap raising suggests they are avoiding any creep in gearing as well.

With a fixed distribution formula and the base rate rising it all looked good. I expected a divergence from the GNS ords given this divergence in risk and reward but no as you say 20% off SP than the prefs get the same treatment.