In the past 2-3 weeks, the 2 highest gaps between UNIS (AUD equivalent) and UNS were on 15/3 and 30/3.
On 15/3, there was a $0.10 gain to be made buying CDI's and selling as common stock. On 30/3 it was $0.09.
Both days were followed by a big sp jump for CDI's that brought UNS within 0-2% of UNIS. After that happened on 15/3, UNIS kept dropping. I can't see why today's rise will be any different from 2 weeks ago.
UNIS is mostly slightly higher than UNS. I'd imagine this is due to the US market demanding movement of CDI's to common stock. It'll only flow in that direction if the price drives it.
Why is today different from the gain on 16/3? I don't have confidence that today's rise was driven by a change in market sentiment rather than just arbitrage between markets. I guess we'll see tomorrow now that the gap has been taken up.
UNS Price at posting:
$1.05 Sentiment: None Disclosure: Not Held
