The volume following the announcement went up dramatically though,
Warner, have a look again at Frucor's daily chart for
Friday before it disappears early on Monday morning. The announcement
was made at 1.25pm but the shareprice didn't begin to budge until
2pm. In other words the announcement was regarded by the bigger players
as meaningless - they neither bought nor sold - it was only when smaller
investors (after the standard 20 minute news feed delay) began to notice, read
and act that the price began to move. There was then an hour of
buying before selling began to reverse the price
rise.
See IRG research reports
