The announcements on new 'SUBSTANTIAL' entrants to the share register just continues. To my mind, anybody questioning why the Bapcor SP has laboured since the stellar FY 2016 results were released has to consider the stream of funds who have taken a substantial holding since Sept 2016.
All of Bennelog, National Australian Bank, BT Investments, FMR Investment and now Paradice Investments have purchased shares yielding a shareholding greater than 5 %.
Westpac have extended their holding by 4.3 m shares and Bennelog have added 3.1 m shares to their holding. This equates to near on 28 % of the register. More importantly, this says near on 77 m shares bought over period spanning several months, where entry price has been managed.
As of Friday, the pattern continues suggesting more insto buying.
IMO, we are headed for a major breakout when the instos have secured their fill. You often see this post results, but I have never seen this degree of accumulation from such a wide group of instos.
A wonderful endorsement for Bapcor. Please DYOR.
Rokewa
BAP Price at posting:
$5.63 Sentiment: Buy Disclosure: Held
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