What is it we don't know?, page-55

On Index rebalancing, today's trade volume of 1,798,010 shares was dominated by one S3 XT trade at 12:00:28 PM at 81c for 1,500,000 shares worth $1,215,000. The seller was probably an exiting index fund, and the buyer is probably a fund who wants in, because it thinks the stock is undervalued. The 298,010 additional shares traded is a fairly normal volume for TGA.

Relying on memory, in the absence of anything new and dramatic, over many years TGA's SP tended to react very little after its 31 March year end. Index rebalancing (if relevant to TGA) and tax-related selling in June probably interfere with the message implicit in TGA's underlying metrics. In contrast, the half-year end of 30 September tends to elicit a noticeable SP movement when the H1 results are announced in late November. I expect that is what will happen in late calendar year 2018.