You appear to be a bit slow on the uptake there Thorburn.
QBE's market cap is $16 billion. A $450M placement and a $150M SPP are not big enough to see a ~30% fall in the share price. QBE is no penny dreadful.
I worked for fund managers for years and they are not traders looking for a quick buck. They sell when they have redemptions. Your average 'Australian Equities' managed fund is not even allowed to go short.
The institutions got their shares on March 5.
QBE's mum and dad shareholders aren't likely to wholesale dump their SPP shares either.
Sure it might consolidate or pull back now that it has hit $14.50 and is overbought, but I can't understand why you would say you can't explain the buying. Look how oversold it was mid January, and there has been positive news flow via acquisitions.
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Last
$16.61 |
Change
0.060(0.36%) |
Mkt cap ! $24.95B |
Open | High | Low | Value | Volume |
$16.73 | $16.82 | $16.50 | $69.33M | 4.160M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 16180 | $16.53 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$16.61 | 5135 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 31 | 16.500 |
1 | 1213 | 16.480 |
1 | 500 | 16.410 |
2 | 7252 | 16.400 |
1 | 490 | 16.390 |
Price($) | Vol. | No. |
---|---|---|
16.650 | 5298 | 1 |
16.740 | 1000 | 1 |
16.800 | 122 | 2 |
16.810 | 2000 | 1 |
16.850 | 16069 | 5 |
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