Top of hot stocks: Melrose Industries and Tesla Inc
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Top of hot stocks: Melrose Industries and Tesla Inc 19 April 2018London Reporter: Jenna Lomax
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Melrose Industries (MRON) led the FIS Astec Analytics hot stocks list for Europe, the Middle East, and Africa last week.
Short sellers have continued to ramp up their positions with the manufacturing group, adding 10 percent by volume over the past three weeks.
Utilisation increased adding 5 percent to close the week at 83.5 percent as institutional funds have bought into the stock expecting a successful outcome.
Following MRON was TechnipFMC (FTI), the oil services company formed by the merger of Technip and FMC.
According to FIS, short sellers chose a good time to reduce their exposure to any price rises as news of a deal with Saudi Aramco to produce polymers from ethane as part of a major new refinery installation in Texas, pushed FTI鈥檚 share price up some 12 percent.
Featuring again as top of the Americas hot stocks list, was Tesla Inc.
Short sellers have been pushing their exposures upward consistently since mid-March, adding 48 percent by volume to a new 12-month peak, before falling back to an advance of 41 percent by last week鈥檚 close. Over the same period, utilisation grew from 78 to 81 percent.
Following Tesla was Roku Inc the US-based television streaming platform.
FIS found that on March 12, short interest volume hit a 12-month high, and has since been falling, dropping 19 percent by the end of March, before dropping more sharply and extending that reduction to 74 percent by the close of last week.
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