Up to 40 million Spark shares look set to be short-sold

Up to 40 million Spark shares look set to be short-sold
Short-selling is legitimate, but opaque to all but the investors involved. (Image: Getty)
Pattrick Smellie
Leading New Zealand broking houses are telling clients that between 34 million and 40m Spark shares are tied up in what market observers believe is a short-selling campaign.Spark shares have plummeted in six weeks to trade as low as $3.01 early this week, their lowest point in more than nine years. Spark shares last traded below $3.03 in August 2015 and were last below $2 a decade ago, in October 2014.The fall has been accompanied by unusually heavy daily traded volumes.EstimatesIn a confidential note late last week, which BusinessDesk has...

More Markets

NZ sharemarket ends week up nearly 1.2%
Markets Market close

NZ sharemarket ends week up nearly 1.2%

The S&P/NZX 50 Index closed at 12,904.11, up 149.96 points or 1.18%.

Graham Skellern 20 Dec 2024
Marlborough Wine Estates' NZX delisting gets green light
Markets

Marlborough Wine Estates' NZX delisting gets green light

Cost savings were behind the decision to delist, the company says.

John Anthony 20 Dec 2024
Global private equity firm snaps up 50% of Craigs
Markets

Global private equity firm snaps up 50% of Craigs

Partnership with TA Associates tipped to accelerate Craigs' growth.

John Anthony 20 Dec 2024
ComCom delays Manawa takeover deal decision
Markets

ComCom delays Manawa takeover deal decision

Due on Dec 24, the decision will now be in March.

Ian Llewellyn 20 Dec 2024