The "theory" at least is that as of yesterday when BEN & ADB lodged their final documents for the merger, it was finally a done deal.
(And in fact, ADB ceased trading at the close yesterday)
The merged Bendigo/Adelaide entity is now in the ASX top 100
Therefore the ASX 100 index funds are obliged to buy them.....hence the buying pressure.
The theory is half plausible, but I dont quite understand why the rush that the funds had to all jump in so suddenly and cause a scramble for the shares.
Would have been smarter IMO to do the buying over a spread out period which took into account the normal/average daily trading volume.
At least (if the theory is correct) it does show the funds don't act in collusion to hold the prices down while they get set. LOL
Cheers
Bendigo
BEN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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