The Short Report – 10 Jun 2021

Weekly Reports | Jun 10 2021

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

Summary:

By Greg Peel

Week Ending June 3, 2021.

After bottoming out on May 19, the ASX200 has since pushed ever upward, pausing only for some end of month profit-taking. This week has seen consolidation around the 7300 level.

Yet again, short position movements were limited last week, with an ongoing rally clearly keeping shorters at bay. But a rally for the index does not of course mean every stock is rallying accordingly.

The shorters are maintaining their bets on top-of-the table names, Kogan ((KGN)) and Temple & Webster ((TPW)), and Webjet ((WEB)) and Flight Centre ((FLT)), for covid-related reasons. For Resolute Mining ((RSG)), production issues and sovereign risk have impacted.

The big recent mover up the table has nonetheless been Electro Optic Systems ((EOS)), which last week moved up another bracket, to 9.4% shorted from 8.3%. See below.

Otherwise we note previously top-of-the-table names Tassal Group ((TGR)) and Inghams Group ((ING)) have been trending down. Inghams share price surged late last week and into this week following a positive market update, but since has slipped back again.

Weekly short positions as a percentage of market cap:

10%+

KGN   11.7
WEB   10.5
RSG    10.3


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