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)

Wed, 02 Oct 2024

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...

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