Was this June 30 window dressing? The market deserves to know
The crazy jump in small cap insurance broker’s stock on June 30 has raised eyebrows across the market. But whether anyone actually does anything about it is another matter.
When a bevy of small-cap fund managers come to deliver their end-of-financial-year reports to investors in the coming weeks, the impressive performance of ASX-listed insurance broker PSC Insurance is sure to get a mention.
The stock climbed 10 per cent in the six months to June 30, and 18.3 per cent for the month of June. But curiously, a big chunk of those gains came on the final trading day of the financial year. On June 30, the stock climbed a staggering 9.3 per cent in the final match after the end of trading at 4pm, leaping from $5.03 to $5.50.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
