Top of hot stocks: Steinhoff International Holdings and Snap Inc
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Top of hot stocks: Steinhoff International Holdings and Snap Inc 13 June 2018London Reporter: Jenna Lomax
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Steinhoff International Holdings NV (SNHJ), based in Germany, but listed in South Africa, led the FIS Astec Analytics hot stocks list for Europe, the Middle East, and Africa last week (6 June).
SNHJ, a household goods retailer, saw its short interest grow some 439 percent by volume, between January and December 2017.
New short selling pressure during December pushed utilisation to 73 percent, closing last week at 74 percent, despite a 45 percent drop in volume.
Following SNHJ was Vallourec SA (VLLP) a France-based steel tube manufacturer.
This week has seen more of the same activity as last as long investors continue to build up positions, buying into VLLP鈥檚 shares and pushing the price up.
Short interest volume increased by around one-fifth of 1 percent, but utilisation fell by a 4 percent to close the week at under 75 percent.
Snap Inc, owner of the social media platform, SnapChat, topped the Americas hot stocks list this week.
Short sellers had continued their strategy of increasing their positions, adding some 14 percent by volume, pushing utilisation up just 2 percent to close the week at 96 percent.
FIS said this indicates 鈥渢he new volume has been made possible by new supply coming to the market, potentially associated with last week鈥檚 price gains.鈥�
Following Snap Inc is J C Penney, as short interest volume reduces by just over 4 percent.
The American retailer topped the Americas hot stocks list last week (6 June), as its shares fell to their lowest level in five years.
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