the shorts started rising on the date the results were released. They continue to rise till the 30th of May which is the latest information available. Surely a huge portion of the damage is done and the shorts will have to start covering soon, the SP is down nearly 50%, how much confidence can they have of continual falls from here? It would appear that L1 is liquidating their entire portfolio of NUF (just a guess) and the shorts are just piggybacking on it. Could also be the index funds unwinding their positions ahead of NUF being removed. Still, I would have expected to see a change of substantial holding. I dunno when but when/if this does bounce I expect it will be quite the show. According to the last L1 form 604 they still had about 25 million shares and had been reducing their position. We’ve had about 65 million shares transacted since the NUF results came out. The volume going through is still way up on average too. So it’s not just them and it ain’t finished yet! Anyhow, I don’t really know how much to read into any of this. Just going to have to wait and see. Has been an instructive experience regarding falling knives for many I reckon!
NUF Price at posting:
$2.10 Sentiment: None Disclosure: Held
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