The sp seems to move up pretty sharply with an uptick in volume...

The sp seems to move up pretty sharply with an uptick in volume after lunch every arvo, which points to the buying being domestic or at least in a similar time zone to us, although the West Coast of North America is also a possibility.

The volumes that are getting accumulated are too large for it to be a single legal entity, because if it was, they'd need to have filed a substantial shareholder disclosure by now.

My gut feel is that this is either hedge fund money or a family office, and someone buying has some sort of informational edge on the rest of us. Passive fund managers and active managers who are heavily constrained by investment mandates generally don't have the same level of connections that hedgies and family office managers have.