The Appen Ltd (ASX: APX) share price hit a record high of $26.47 today to lift 5% despite the machine learning business releasing no specific news to the market.
Appen shares are now up around 15% since it released its interim profit report on February 25 and have more than doubled since Christmas 2018 when tech shares were sold down heavily on fears the U.S. Fed was set to keep ramping benchmark interest rates higher.
However, readers will want to know why the shares climbed 5% on a day there was no news out of the company.
Unfortunately there's no certain answer to this. One possibility is that the falling Australian dollar is leading investors to bid the company higher as it earns much of its revenue and profits in U.S. dollar.
Another possibility is that an influential sell side broker has produced some bullish research on the business and triggered an outbreak of buying from followers of the research.
While it's also possible that there were just more buyers than sellers today, for a not especially liquid stock.
But why were there more buyers and sellers? See above, as there's no certain answer to this.
