Probably best not to look too closely at daily SP fluctuations,...

Probably best not to look too closely at daily SP fluctuations, but

8th June (Friday) TCL closed at 11.68, having closed between 11.36 and 11.89 for the preceding 3 weeks or so.

11th June (Monday public holiday) AFR writes about CIMIC withdrawing from the WestConnex auction.

https://www.copyright link/street-t...n-westconnex-auction-two-left-20180610-h117ja

Only two bidders left now, TCL and IFM Investors. ACCC are therefore now highly likely to allow TCL to bid, because, after all, how else is the Government going to extract the best price from the sale if there is only one bidder?

12th June TCL closes@ 11.85. 13th of June TCL closes @ 12.01. Retraced a little the following day, and finished @12.13 today. That is up almost 4% since Friday’s close.

All other things being equal I would say Mrs Market is not unhappy about TCL bidding for WestConnex at the moment. Of course, if TCL wins, we might be looking at another CR, so I better start saving my pennies.

As for the recent acquisition in Canada, I found this interview with Adam Watson very interesting. At about 2:10 mark onwards he addresses the issues raised about the price paid. In terms of multiples, Adam says it is a little less than what they paid for some of the Australian acquisitions.

https://www.nabtrade.com.au/investor/insights/meet-the-executive/news/2018/05/transurban_cfo_discu0