downgraded to "hold", page-18

H,

It looks to me like short positions being closed out with buying on very low volume. The ASX data is only current to 7 May and there was around 11 mil net outstanding shares (out of 17m borrowed), but since then we've had a sell down. I'm drawing dots on a graph and concluding short selling is over (but these guys aren't in a hurry to buy back because with a bit more volatility/overnight problems with DOW etc... they might be able to get them back at lower prices). Pure speculation on my part because the data isn't as up to date as it should be.

That's a hell of a lot of shares to borrow unless you're pretty certain there won't be an imminent price rise.

On the upside we know how quickly the SP bounced last time this happened.

Now where is the latest ESG update? hmmm......

JT