Yesterday, IVPAF closed at 1.91. This morning it is valued at 1.845 before trading opens. IVN.TO always has trades at the close(16:00:00). IVPAF's last trade yesterday was at 15:48:10. The 1.91 close didn't reflect the end of day drop in IVN.TO.
When IVN.TO spikes at the end of a day, while IVPAF doesn't trade, then IVPAF's price is adjusted upwards before the next trading day.
Even when IVPAF has no trades coming through, it's bid/ask is changing to reflect the changes of the bid/ask for IVN.TO.
IVN.TO and IVPAF are shares in the same company. At the end of the day their prices have to match.
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