On MSN Money27 Jan 2021 20:32
Not sure if anyone has posted this yet.
'Some of London’s most-shorted stocks found themselves among the top risers as retail investors sought to ride a wave that has sent shares in the video games retailer skyrocketing in recent days.
Education giant Pearson closed up 14pc, while fellow short-seller targets Hammerson, Petrofac and Cineworld jumped 12pc, 11pc and 10pc respectively.
In New York, GameStop jumped as much as 157pc during the day before falling back a touch to $331 in afternoon trading, up 124pc. Odeon cinemas owner AMC Entertainment surged 310pc before pulling back – triggering several trading pauses for volatility along the way and BlackBerry soared more than 52pc to levels not reached in since 2011.
UK online trading platforms creaked under the pressure of retail buying, with IG, CMC Markets and eToro all experiencing outages.
On the FTSE 100, Hargreaves Lansdown rose 6.3pc on hopes of a new wave of the retail investment boom that has spread across markets during the pandemic.
Brokers urged caution after thousands of small investors placed bets on the surging shares. Hargreaves Lansdown’s Susannah Streeter said: "It looks as though a similar game may be playing out to what has been happening with GameStop."
She advised investors to "take a deep breath" before "following the herd".
The jumps across shorted companies may have also been driven by frightened short-sellers seeking to close out their bets against the companies.