\n\tBy Chris Shaw<\/p>\n
\n\tOn face value the second week of the FNArena<\/span> Short Report looks very similar to last week, as eight of the top 10 securities are the same and the top seven are in the same order as the week before. But as with last week, the significance comes in identifying changes to short positions rather than the actual percentage of a particular security that has been sold short.<\/p>\n \n\tThe top 10 short positions over the past week on the ASX<\/span> have been JB<\/span> Hi Fi<\/span> ((JBH<\/span>)), ISO, the Small Ordinaries index tracker, Fairfax Media ((FXJ<\/span>)), Billabong<\/span> ((BBG<\/span>)), Myer ((MYR<\/span>)), David Jones ((DJS)), Flight Centre ((FLT<\/span>)), Gunns<\/span> ((GNS<\/span>)), Perpetual Trustees ((PPT<\/span>)) and Lynas<\/span> Corporation ((LYC<\/span>)).<\/p>\n \n\tShorts in Gunns<\/span> have increased significantly to nearly 8% from just over 5% the previous week, this adjustment occurring in the lead-in to the company's annual general meeting. In contrast, most of the rest of the top 10 have seen little change, the likes of Myer, JB<\/span> Hi Fi<\/span>, Fairfax and Flight Centre all recording only minor adjustments in total short positions in the past week.<\/p>\n \n\tNumbers have risen slightly for Billabong<\/span>, which coincides with share price weakness last week some in the market attributed to investors selling given potential for the stock to be removed from the ASX100<\/span> index. Removal from such an index would cause some fund selling given the mandates fund mangers have in place in regards to what stocks they can hold in their portfolios.<\/p>\n \n\tOutside the top 10, short positions have increased for the likes of Resolute Mining ((RSG<\/span>)) to more than 2.6% from less than 1.0% previously, this coming after the issue of more than 5.6 million new shares following the exercise of some listed and unlisted options.<\/p>\n \n\tShorts have also increased in Cochlear ((COH<\/span>)) to more than 6% from around 5% previously, the general uncertainty of the company's product recall being added to by a report from Credit Suisse of market share in bone conduction devices coming under pressure from competitor Med-E1<\/span>.<\/p>\n \n\tSteel plays remain out of favour<\/span> as short positions in both BlueScope<\/span> ((BSL<\/span>)) and OneSteel<\/span> ((OST<\/span>)) have risen over the past week, this on the back of BlueScope's<\/span> move to raise equity to address balance sheet concerns.<\/p>\n \n\tAston Resources ((AZT<\/span>)) announced changes to its board earlier this month and the market has responded by an increase in short positions, while shorts in Goodman Fielder ((GFF<\/span>)) also rose leading into the group's annual general meeting.<\/p>\n \n\tBathurst Resources ((BTU)) also saw an increase in short positions leading into the announcement of first coal exports from the Buller<\/span> project, while investors took the opportunity to increase shorts in Beach Energy ((BPT<\/span>)) prior to that company's annual general meeting.<\/p>\n \n\tOn the other side of the market, shorts fell in Energy Resources of Australia ((ERA)) as the company completed a bookbuild<\/span> for the retail shortfall of a recent equity raising. There are no signs of any major shift in preferences in the uranium sector, as the level of shorts in Paladin are largely unchanged.<\/p>\n \n\tSantos ((STO<\/span>)) has enjoyed a reduction in short selling positions since the last FNArena<\/span> Short Report, which comes just prior to what was a disappointing update from rival Woodside ((WPL<\/span>)) in terms of production guidance for the coming year.<\/p>\n \n\tWhile White Energy ((WEC<\/span>)) has yet to fully resolve its feed coal supply issues, the market has reduced short positions in the stock from more than 2.8% to less than 1.4%, while the market also lowered total shorts in Western Areas ((WSA<\/span>)) from about 6.3% to less than 5.5% leading into the company's annual general meeting. <\/p>\n\n\tTop Ten Largest Short Positions<\/h2>\n
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\n \n\t\t\t\tRank<\/td>\n \n\t\t\t\tSymbol<\/td>\n \n\t\t\t\tShort Position<\/td>\n \n\t\t\t\tTotal Product<\/td>\n \n\t\t\t\t%Short<\/td>\n<\/tr>\n \n \n\t\t\t\t1<\/td>\n \n\t\t\t\tJBH<\/span><\/td>\n \n\t\t\t\t20294875<\/td>\n \n\t\t\t\t98833643<\/td>\n \n\t\t\t\t20.53<\/td>\n<\/tr>\n \n \n\t\t\t\t2<\/td>\n \n\t\t\t\tISO<\/td>\n \n\t\t\t\t885115<\/td>\n \n\t\t\t\t5401916<\/td>\n \n\t\t\t\t16.39<\/td>\n<\/tr>\n \n \n\t\t\t\t3<\/td>\n \n\t\t\t\tFXJ<\/span><\/td>\n \n\t\t\t\t289084551<\/td>\n \n\t\t\t\t2351955725<\/td>\n \n\t\t\t\t12.30<\/td>\n<\/tr>\n \n \n\t\t\t\t4<\/td>\n \n\t\t\t\tBBG<\/span><\/td>\n \n\t\t\t\t28575703<\/td>\n \n\t\t\t\t255102103<\/td>\n \n\t\t\t\t11.19<\/td>\n<\/tr>\n \n \n\t\t\t\t5<\/td>\n \n\t\t\t\tMYR<\/span><\/td>\n \n\t\t\t\t62657295<\/td>\n \n\t\t\t\t583384551<\/td>\n \n\t\t\t\t10.71<\/td>\n<\/tr>\n \n \n\t\t\t\t6<\/td>\n \n\t\t\t\tDJS<\/td>\n \n\t\t\t\t52701616<\/td>\n \n\t\t\t\t524940325<\/td>\n \n\t\t\t\t10.02<\/td>\n<\/tr>\n \n \n\t\t\t\t7<\/td>\n \n\t\t\t\tFLT<\/span><\/td>\n \n\t\t\t\t8507685<\/td>\n \n\t\t\t\t99990391<\/td>\n \n\t\t\t\t8.50<\/td>\n<\/tr>\n \n \n\t\t\t\t8<\/td>\n \n\t\t\t\tGNS<\/span><\/td>\n \n\t\t\t\t66008241<\/td>\n \n\t\t\t\t848401559<\/td>\n \n\t\t\t\t7.77<\/td>\n<\/tr>\n \n \n\t\t\t\t9<\/td>\n \n\t\t\t\tPPT<\/span><\/td>\n \n\t\t\t\t2890642<\/td>\n \n\t\t\t\t41342420<\/td>\n \n\t\t\t\t7.01<\/td>\n<\/tr>\n \n \n\t\t\t\t10<\/td>\n \n\t\t\t\tLYC<\/span><\/td>\n \n\t\t\t\t110615212<\/td>\n \n\t\t\t\t1713846913<\/td>\n \n\t\t\t\t6.41<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n