Top of hot stocks: Meyer Burger Technology and Tellurian
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Top of hot stocks: Meyer Burger Technology and Tellurian 25 April 2018London Reporter: Jenna Lomax
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Meyer Burger Technology (MBTN) led the FIS Astec Analytics hot stocks list for Europe, the Middle East, and Africa last week.
The firm saw a 10 percent rise by midweek, however, by the close of the week (ending 20 April), they had given back half that gain, closing up a net of 5 percent.
Following MBTN, was Melrose Industries (MRON), the UK-based manufacturing group who are due to acquire GKN, an engineering group, in May.
Fis said: “Short sellers, who had been taking positions in the expectation that the Melrose share price would suffer if the bid failed, have rushed to close their positions.”
Top of the Americas hot stocks list was Tellurian, a US-based oil exploration firm.
Short sellers have been increasing their activity, in terms of utilisation, from the start of the year, moving up from around 66 percent to the maximum 100 percent on two days last week.
By the close of last week, utilisation had fallen back sharply to 87 percent, giving a small net fall of around 3 percent on the week.
Following Tellurian was Applied Optoelectronics (AAOI). The prior week saw utilisation drop sharply from just under the maximum 100 percent to less than 75 percent.
This week has seen that reverse, as a small uptick in volume, of just three percent, translated into a leap of 23 percent in terms of utilisation, pushing the measure of short interest up to 92 percent of the shares available by the end of the week.
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