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SHARECAFE COMMENTARY

The Short Report
BY RUDI FILAPEK-VANDYCK - 08/06/2018 | VIEW MORE ARTICLES FROM FNARENA NEWS

Guide:

The Short Report draws upon data provided by the Australian Securities & Investment Commission (ASIC) to highlight significant weekly moves in short positions registered on stocks listed on the Australian Securities Exchange (ASX). Short positions in exchange-traded funds (ETF) and non-ordinary shares are not included. Short positions below 5% are not included in the table below but may be noted in the accompanying text if deemed significant.

Please take note of the Important Information provided at the end of this report. Percentage amounts in this report refer to percentage of ordinary shares on issue.

Stock codes highlighted in green have seen their short positions reduce in the week by an amount sufficient to move them into a lower percentage bracket. Stocks highlighted in red have seen their short positions increase in the week by an amount sufficient to move them into a higher percentage bracket. Moves in excess of one percentage point or more are discussed in the Movers & Shakers report below.

Summary:

Week ending May 31, 2018

Last week saw the ASX200 bottom out under 6000 before beginning a choppy recovery this week.

While the prior week saw quite a lot of movement on the short table, last week saw very little at all. Only one stock saw a move of one percentage point or more, being APN Outdoor ((APO)), which fell to 7.1% from 9.7%. See below.

Beyond that, special mention goes to Metcash ((MTS)), which saw shorts rise to 8.7% from 7.9% after issuing a profit warning.

We’ll also note BWX ltd ((BWX)) has dropped to 6.6% from 7.3% in the wake of its takeover offer.

AMP ((AMP)) Watch: 3.7% last week from 3.5%. 

Weekly short positions as a percentage of market cap:

10%+

SYR    19.7
DMP   16.3
JBH     15.5
GXY   14.5
MYR   13.3
NAN   12.4
AAC   11.9
ORE    11.9
VOC   11.8
GXL    11.2
IVC     10.9
IGO     10.7
NWS   11.2
HT1     10.0

In: IGO           Out: HT1                                            

9.0-9.9

GEM, HT1, MYX

In: HT1           Out: IGO, APO
                                                                                               
8.0-8.9%

MTS, BIN, AAD, HVN, MLX, IPH, PLS

In: MTS                       Out: RFG, GMA

7.0-7.9%

GMA, FLT, TPM, WEB, BGA, IFL, BKL, QUB, SFR, RFG, APO

In: APO, GMA, RFG             Out: MTS, BWX

6.0-6.9%

RSG, ING, TGR, CSR, BWX, SEK, KAR, MOC, BAP, PRY

In: BWX                    

5.0-5.9%

ALX*, SUL, NSR, AHG,  MYO, BEN, CCP, NUF, IMF, JHC, NXT, BOQ, GTY

In: GTY                     

                       
Movers & Shakers

Last week APN Outdoor upgraded its FY18 earnings guidance in a rare “confession session” anti-warning. The share price quickly shot up 13% and given short positions fell to 7.1% from 9.7%, short-covering was clearly involved.

The upgrade suggested that the damage done to APN’s earnings prospects after having lost the Yarra Trams contract has now been overcome with new business.

APN Outdoor is currently in a bidding war for HT&E’s ((HT1)) outdoor advertising business, Adshel, along with rival oOh!media ((OML)). APN has gazumped oOh!media's $470m bid with $500m, but not all cash. Brokers suggest HT&E would prefer a cash bid, which would likely require APN to raise capital.

And no doubt HT&E is waiting to see if oOh!media comes back again.

The irony is that up until 2013, what are now known as HT&E and APN Outdoor were both part of the same company, APN News & Media.

We note shorts in HT&E fell to 9.4% last week from 10.0%.

oOh!media did spend some time on the 5% plus shorted table but has not been spotted for many weeks.

ASX20 Short Positions (%)

* Replaces WFD for the moment

To see the full Short Report, please go to this link



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The content of this information does in no way reflect the opinions of FN Arena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FN Arena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FN Arena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

 

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