Weekly Reports | Feb 29 2024
See Guide further below (for readers with full access).
Summary:
By Greg Peel
Week Ending February 22, 2024.
Last week began with the ASX200 following Wall Street on a post-CPI bounce. There was a bit of an RBA minutes-related wobble before recovering, and the index has gone nowhere ever since.
Last week was the biggest week in the result season. But again, the table below shows very little movement in short positions.
Of note over recent days has been a solid bounce in lithium prices in China, suggesting restocking following the New Year break. A solid bounce, that is, off the depths to which prices had plunged in prior months.
The share prices of lithium miners have been on a rapid move back up as well, from the depths to which they had plunged, and still, at least till last week, remain among the most shorted stocks on the ASX.
We will see whether the shorters can maintain their resolve next week.
We might also note the uranium price has now come off its peak of over US$100/lb, and developer Deep Yellow has ticked up into the 10%-plus shorted club.
Weekly short positions as a percentage of market cap:
10%+
PLS 21.2
SYR 17.0
CXO 11.6
IEL 11.1
DYL 10.0
The full story is for FNArena subscribers only. To read the full story plus enjoy a free two-week trial to our service SIGN UP HERE
If you already had your free trial, why not join as a paying subscriber? CLICK HERE