Grocer, trainmaker and landlord among most shorted stocks in June - Hazeltree

Fastighets AB Balder

14/07/2023 13:25

By Nell Mackenzie
       LONDON, July 14 (Reuters) - 
  
OCADO  OCDO.L , FASTIGHETS AB BALDER  BALDb.ST  AND ALSTOM
 ALSO.PA  WERE AMONG THE MOST SHORTED STOCKS IN JUNE- HAZELTREE
        
  
Shortsellers betting on tougher economic conditions zeroed in on
online grocer Ocado  OCDO.L , Swedish property firm Fastighets
AB Balder  BALDb.ST  and French train maker Alstom  ALSO.PA  in
June, according to a report by data and tech firm Hazeltree.
    These companies hit the top Hazeltree Shortside Crowdedness
Report lists for large and mid-cap stocks in Europe, the Middle
East and Africa, which collects stock borrowing data globally
from about 700 asset management funds.  
    However, all three companies saw positive June stock
performances. A short position is a bet that a company's stock
price will fall. 
    European equities broadly endured heavy shortselling in real
estate, financials and basic resources from hedge funds, said a
separate note to clients from JP Morgan on July 13. 
    Stock market performance across Europe's broadest index of
stocks  .STOXX600  proved choppy in June with a 4% rise in the
first two weeks, then erased by a fall by the same amount the
next week before rebounding around 3%. 
    Global hedge funds including Man Group  EMG.L  and AQR
Capital Management faced potential losses on their bets against
Ocado after the online grocer's stock price surged on June 22,
after it might have courted a takeover bid from Amazon, data and
research group Breakout Point said that day.
    London-listed Ocado shares fell after Amazon  AMZN.O  denied
speculation it would make a bid for the British retail company,
however across June the company's shares soared 62%. 
    In Sweden, soaring interest rates and falling property
values are squeezing commercial real estate firms. Lower rates
in recent years had encouraged property firms to pile on debt
and some have been caught out as central banks have tightened
policy at a record pace to fight inflation.
    However Swedish real estate firm Fastighets AB Balder saw
its stock price rise about 7% over the course of June. 
    The train manufacturer Alstom also saw its shares rise 5%
during the course of June.       
    Fastighets AB Balder declined to comment. Ocado and Alstom
did not respond immediately for a request to comment. 

 (Reporting by Nell Mackenzie, Editing by Louise Heavens)
 ((Nell.Mackenzie@thomsonreuters.com; https://twitter.com/nellmooney;))