Aryal plc, a listed public company, received news on 1 June 2004, in the form of a confidential letter, that it had won

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Aryal plc, a listed public company, received news on 1 June 2004, in the form of a confidential letter, that it had won a contract from the UK government. The new contract is expected to increase profits significantly from 2006 onwards.The news of the contract was not made publicly available until 5 June 2004.
Which one of the following combinations of possible share price reactions would you expect on 5 June 2004 under the semi-strong and strong forms of market efficiency?

Share price reaction -

Semi-strongStrong form -
A. IncreaseIncrease
B. IncreaseNo effect
C. No effectIncrease
D. No effectNo effect