A large chunk of Wednesday's volume was a single transaction of about 5.1M shares. This may have been the buyer who reported a new substantial holding, or it may have been somebody else - we have to wait a week or so for all the relevant notices to be submitted to the ASX.
In any case, having new large institutional holders in Saracen is good, as it decreases the shares available for retail and speculative buyers, which makes it easier for large upwards movements to occur. Tightly held companies have fewer sellers in the market depth.
SAR Price at posting:
91.5¢ Sentiment: Buy Disclosure: Held
