Bendigo & Adelaide Bank (BEN) $13.38

We highlighted a trade in BEN at $12.48, targeting a quick move towards $13; this has already been exceeded. The mooted $350 million annual levy to keep bank branches open in the bush gave BEN a nice “shot in the arm.” However, with negotiations now underway between Jim Chalmers and the banks, it’s time to scratch the position, i.e., the reason for the trade is now in the rearview mirror.

• We are planning to scratch BEN with the position up ~8% this morning –  this was always going to be a short and sharp play.