Flukey Gold Mines makes an unexpected announcement regarding gold production at 2.20 p.m. Shares of the company were traded at 12 p.m., 2.10 p.m., 2.30 p.m. and 4 p.m. If the market for Flukey Gold Mines' shares is efficient, then at which trade will the newly established share price fully reflect the new information?
- 2.10 p.m.
- 12 p.m.
- on the opening of the next trading day
- 2.30 p.m.
- 4 p.m