Short-sellers get fingers burnt as bullish market switches its bets4 Nov 2023 16:44
3rd November 2023 (TheTimes)
[Short-sellers get fingers burnt as bullish market switches its bets]
London’s short-sellers were badly burnt as many of their biggest bearish bets moved against them. Most shorters have been targeting Britain’s retailers and leisure stocks in the belief that the cost of living crunch would stop consumers from spending as much money as they would like. However, with both the US Federal Reserve and the Bank of England suggesting this week that they had raised interest rates as high as they were going to, consumer-focused stocks have ripped higher.
The two most-shorted stocks in London are Asos and Boohoo, the online fast-fashion retailers, both of which rose on the day, dealing a blow to naysayers. Boohoo shares climbed 1p, or 2.8 per cent, to 33p and Asos improved 9¼p, or 2.5 per cent, to 373p. Kingfisher, the B&Q owner that is the third-most popular stock among short-sellers, flew 7½p, or 3.6 per cent, higher to 222½p, while Wizz Air, the budget airline, rose 175p, or 10.6 per cent, to £18.26½ as it enjoyed its best day for 18 months.
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https://archive.ph/2023.11.03-191941/https://www.thetimes.co.uk/article/short-sellers-get-fingers-burnt-as-bullish-market-switches-its-bets-q22vxkd9s