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Co-founder & CEO of AllenWargent property buyers & WargentAdvisory (subscription market analysis for institutional clients).
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Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
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Wednesday, 19 March 2014
Speeding ticket - WTF
A relatively dull day on the markets, but an interesting bit of price action going on at Wotif.com (ASX: WTF).
The share price jumped by 15% this morning for apparently no reason whatsoever - the company has released no news today, price sensitive or otherwise.
Perhaps it is speculation only, for a quick squiz at the trades shows that a huge block of 7.5 million shares was transacted just before the open today at $2.40.
The share price roared all the way up to $2.86 before taking a bit of a chill pill.
At the time of writing nearly 12 million shares have been traded, about 15 times what you'd normally expect to see for WTF.
The ASX raised an eyebrow and issued a "Please Explain" letter aka. speeding ticket (officially known as an ASX price query).
WTF pleaded ignorance to any knowledge of what has caused the price spike, though its response did duly note that: "The CEO and senior members of the management team are engaging in investor meetings this week."
It's been a crappy 12 months or so for Wotif which has featured an earnings downgrade and investors beginning to worry whether the business model will allow for continued expansion without associated heavy marketing costs.
Still, clearly someone out there thinks there are better times ahead for WTF.