The Short Report – 02 Jul 2020

Weekly Reports | Jul 02 2020

See Guide further below (for readers with full access).

Summary:

Week ending June 25, 2020

Last week saw the ASX200 bounce around like a ping pong ball to eventually go nowhere.

It’s getting very thin at the top. While the number of stocks 5% shorted or more remained relatively static last week, the dispersion of positions became increasingly stark, with only eleven stocks now shorted by 7% or more and 24 stocks in the 5-7% range.

We still can’t get down to only one stock in the 10%-plus range nevertheless. Perpetual ((PPT)) dived out last week, but Webjet ((WEB)) stepped up. Indeed, with Victoria walled in and a return to international travel looking ever more distant, all three major travel agents saw ticks up in shorts last week.

We will note numero uno Myer’s ((MYR)) share price shot up 18% on the last day of the financial year, which is nothing special when trading around 20c, but next week’s Report may be interesting.

There were some big moves in individual positions to note last week, including those of Perpetual, FlexiGroup ((FXL)), Freedom Foods ((FNP)) and Super Retail ((SUL)).

Time to bring back Movers & Shakers. See below.

We might also note a couple of new kids on the 5%-plus shorted block, in the form of theme park operator Ardent Leisure ((ALG)) and panel beater AMA Group ((AMA)). Queensland reopening should help one, and more cars back on the road the other.

Shorters don’t agree.

Weekly short positions as a percentage of market cap:

10%+
MYR   12.6
WEB   10.1


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