21.2% of JB hi-Fi shares have been subject to short selling, a new report from ASIC shows.
There was a noticable spike in short selling of JB shares in the start of August, according to Australia Securities and Investment Commission report last week.
Shares at the retailer were down to $9.120 – marking a fall of 0.44% on the ASX today, as the downward trend in retail shares continues to affect one of the biggest electronics retailers in Australia, hit by slow consumer spending, major price deflation and margin squeeze.
The company is set to announce its latest financials on Monday next, which some analysts believe may see the retailer post a profit drop close to 20%.
Investors go short, when they anticipate a decrease in share price. It appears, retailers have been the main victim of short selling locally.
Harvey Norman, who announced a profit slump earlier this week saw 9.5% of its shares sold short, while David Jones it was 8.3% and Myer 9.3%.
