No news anywhere on this very welcome but dramatic upwards price move ?
I can think of two potential explanations but neither make any sense to me. First, Old Mutual disclosed a 5.84% holding after hours on Monday. This is actually the result of the Quilter demerger as the stake was previously reported under Quilter and coincided with Quilter disclosing a reduction in their stake to below the notifiable threshold. It may have been misinterpreted as a new shareholder acquiring a significant stake at prevailing market prices.
Second, Paragon Banking (LON:PAG) announced the acquisition of Titlestone, a lender to residential developers. Maybe people think MAB1 actually does lending and got excited by a bit of M&A.
Neither explanation makes any sense and both rely on the market being stupid which it usually isn't. Absent that, we're left with "more buyers than sellers."
