This study examines 'no news' responses to stock price queries issued by the Australian Stock Exchange (ASX). We find strong evidence that the pre-query changes in price are driven by informed traders rather than by speculators. First, there is only a partial reversion in prices following a 'no news' response by a company in receipt of a price query. Second, the adverse selection component of market spreads rise during the immediate pre-query period and then decline following the company response. Last, the mean level of institutional shareholder ownership increases in the period immediately prior to an ASX query of a price increase. © 2009 CPA Australia.