Short-sellers turn on pubs and retailers
Wednesday 08 October 2008
Short-sellers barred from betting against financial services companies have instead stepped up their targeting of the UK's biggest pub companies and retailers as they try to cash in on the deteriorating consumer outlook.
According to the financial data specialist Data Explorers, JD Wetherspoon and Punch Taverns are the two most shorted shares in the travel and leisure sector, while HMV and DSGi, the pan-European electricals group and owner of the PC World and Currys chains in the UK, are the focus in retailing.
Almost 32 per cent of HMV stock is currently out on loan, most of which would be held by short sellers, while the figure is 26 per cent for DSGi, according to Data Explorers.
Meanwhile, some 18.2 per cent of JD Wetherspoon's shares are out on loan, up from 16.9 per cent on 17 September. While on 1 September 10 per cent of Punch Tavern's shares were out on loan, this had risen to 16.5 per cent on 3 October, said Data Explorers. The average for the FTSE 100 is 4.6 per cent.
Both retailers and pub companies are heavily exposed to the consumer downturn, while the latter have also been hit by the smoking ban in the UK, plus hikes in alcohol duty.
- 1 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Alex Salmond: 'The rocks would melt with the sun before I'd ever set foot in the House of Lords'
- 5 Ice Bucket Challenge: US firefighter Tony Grider dies after participating in charity craze near power lines
'The Fappening': Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
The Fappening: Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...