Top of hot stocks: Melrose Industries and Acacia Communications
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Top of hot stocks: Melrose Industries and Acacia Communications 01 May 2018London Reporter: Jenna Lomax
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Melrose Industries, the UK-based manufacturing group, led the FIS Astec Analytics hot stocks list for Europe, the Middle East, and Africa last week.
Last week, saw Melrose confirm ownership, or unconditional agreement to acquire, over 90 percent of GKN shares and their voting rights.
Short sellers continued to close their positions, reducing volume by some 37 percent last week and bringing utilisation down to less than 5 percent. FIS said the expectations from many are that Melrose shares are unlikely to fall any time soon.
Following Melrose Industries was Vallourec, the France-based steel tube manufacturer, which retains a place on the hot stocks list this week as short sellers change their positions.
The previous week, saw short interest volume fall by 6 percent, and last week saw that trend continue as a further 6 percent of positions were closed by midweek.
However, by the end of the week, new positions had been added, decreasing the net reduction over the week to 4 percent.
Top of the Americas hot stocks list was Acacia, the US-based communications and networking provider.
Absent from the hot stocks list since September, Acadia is back this week as the shares tumble sharply.
By last week’s close, those positions had been cut by 35 percent as some traders took profits and closed out. However, over the same period, utilisation fell just 5 percent to 79 percent.
Last week, saw the short interest volume increase by 5 percent, while utilisation closed last week at just over 93 percent.
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