Shares of highly shorted shipping firm Zim jumps

Zim Integrated Shipping Services

20/12/2023 16:39

(Updates)
    ** U.S.-listed shares  ZIM.N  of Israeli shipping company
Zim jump nearly 10% to $10.59
   ** Shipping stocks rose earlier this week, with Zim hitting a
nearly 3-month high after companies diverted their ships away
from the Red Sea amid attacks from Iranian-backed Houthi
militants in Yemen
    ** Zim stock up 38% in December, which is shaping up to be
its strongest monthly performance in more than 2-1/2 years
    ** About 24% of Zim's outstanding shares are in a short
position, near the highest level in at least 3 years - Ortex
    ** With the high level of short interest and a rapid price
increase, there is a high probability that short sellers are
starting to close out positions in Zim, adding extra buying
pressure on the stock - James Kosinski, head of sales, Ortex
    ** Short sellers have made over $100 mln so far this
calendar year in Zim but are down $63 mln in December - Kosinski
    ** Zim's U.S.-listed shares down 44% YTD with a market value
of $1.1 bln up to Tuesday's close

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))