This is the first night I'm staying up to watch a bit of price action on NAS as I will soon have to feed our new baby! I was surprised that comsec seems to have live price quotes.
There has been lots of discussion about the price differentials between NASDAQ / ASX.
Personally I believe the path of least resistance will be for the NAS price to drop rather then ASX price to rise, but will be happy if I'm proved wrong.
My reasoning is thus:
Why on earth would someone in the US buy stock for over 2 times the price they could pay in ASX and transfer to US stock, imo it doesn't make sense.
As has been seen by the posts today, ASX holders are now looking at transferring to US stock to sell on NASDAQ.
What I believe has been happening is that as someone else mentioned there may be brokers (who participated in previous cap raisings) could be selling amongst themselves (assuming this is not considered illegal market manipulation) due to the current low volumes in the US. Or that it is these instos selling to unknowledgeable US buyers, who have maybe read some marketing and other material but are unaware of the possibilites of transferring (altho I think this is unlikely)
Anyway when the US stock becomes available I believe we will get a better indication, someone said today it will be?
Also good on you if any of you UNS holders do transfer to US and get to make a motza, and rebuy back on ASX, all power to you... ;)
Latest news on NASDAQ is current price of 14.50 on 23K stock (still a good price, but as I said above, I personally expect it to go back lower, maybe nearer to $10US which I think would be great)
UNS Price at posting:
$1.65 Sentiment: LT Buy Disclosure: Held
