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Find that very hard to believe although I'll take your word for it as I am not prepared to test your theory by buying in at above market rates. There may be a mechanism in place by the ASX to prevent someone putting in a ridiculously high price and volume in order to prevent baiting punters. You can put in a ridiculously low ball bid but this is considered okay as someone would have to want to sell at that price and it would be unlikely that anyone would sell out way below the market.

My question is what volume are you looking at buying and at what price and why (assuming it is significantly above the highest current bid)? If you are trying to bait/manipulate the market be very careful as you could wind up in deep s..t!

Market manipulation describes a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency. Market manipulation is prohibited in in Australia under Section s 1041A of the Corporations Act 2001.

The price will go up when a share is considered by the market as worth it from the point of view of capital gain and/or yield (dividends). If these opportunities are percieved by punters as not being achievable in the short term they may buy at current prices or lower prices(if at all).

In the case of PPY there doesn't appear to be a value proposition and the price has been "hammered" in part by constant capital raisings/dilution.

Anyway that's what I reckon but I could be wrong.