Yes, interesting trading. Big surge in volume every half hour or so from noon until 2.30pm. Possible scenarios:
a. Someone was told as they were leaving for (Friday long) lunch/holidays that they couldn't go until they covered their short position in Elders.
b. Someone got wind that there was to be an announcement, but not its contents. While the announcement is good news - it isn't THAT good or unexpected enough to pump the price up as quickly as it did. Possibly means that someone with a hair-trigger on the buy button and money to spend is expecting a very positive announcement soon?
Interesting that there was an increase in afternoon trading volume of other agri stocks (NUF and GNC) just as Elders settled down - some action in this sector to come next week?
Overall (in IMO), a good time to buy in - the floods haven't triggered a big sell off; possibly means a bigger percentage of longer term investors holding the stock.
ELD Price at posting:
63.0¢ Sentiment: LT Buy Disclosure: Held
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