The bearish investors return to camp at ease for the Spanish stock market. And they have wasted no time in the first week of their return after two months of exile. Pressure the shorts on the Ibex 35 has increased by 5% in this short space of time.
One week after the National Securities Market Commission (CNMV) has veto lifted against these speculative positions, reach relevant stakes in seven of the listed Ibex 35. In total, its position encompasses more than 73 million shares in the king index of the Spanish stock market, the equivalent of 0.1% of its entire shareholding.
Currently, the bearish positions that bet against the stock market performance of these seven securities add up to 506.4 million euros. A figure whose magnitude is best understood by pointing out that it is slightly below the 514 million that Atresmedia capitalizes today in the Continuous Market and exceeds the value in the stock market such as Liberbank (469 million), Prisa (411) or Miquel y Costas (391).
A motley podium
A sector partner of the latter is, precisely, the listed Ibex most cornered by bassists. 4.05% of the share capital of Ence It is in the hands of these unpleasant investors, which implies a slight increase of two basis points over the bearish count prior to the lifting of its veto.
The position is made up of four investment firms. Namely, AHL Partners (1.39%), JP Morgan (1.36%), Connor Clark & Lunn (0.69%) and Millennium Capital (0.61%). The latter are new to a list in which Voleon Capital has unsubscribed. His last notification to the supervisor, just two days after the veto was lifted, points to a short participation of 0.48%, which means that when he does not exceed – albeit by a minimum – 0.5% of capital, he no longer forms part public accounts.
The second most pressed is Indra, with 2.57% of its capital in bearish positions. Loot lurking for its next stock market crash that is split between AKO Capital, Fosse Capital and the management company of the Canadian public pension fund.
The bronze medal in this ranking is for Cellnex, which in the area of historical highs continues to attract bears who are waiting for the correction after having added 72% in the last year. 1.68% of its capital is taken by two of the most well-known bears on the Spanish stock markets: AQR Capital (1.08%) and Citadel Europe (0.6%).
No merger in sight
The listing continues with Mediaset Spain, where Adelphi Capital maintains its 1.41% of the capital wagered against the company unchanged. In the last year, the decline of the television group reaches 50% while investors continue to see no bottom to a punishment motivated, fundamentally, by the delay with no resolution date in sight for the merger plans with its Italian parent company.
The construction ACS, which has recently announced that it is doubling down on its own share buyback plan, is next on the bearish target. Its weight has increased no less than 85% since the CNMV lifted the veto on its investments. In the background Marshall Wace, another regular of the shorts in the Spanish parquet, AKO Capital has been added these days. Together they add 1.26% of their shares, the equivalent of about 87 million euros depending on their current price.
A for new historical lows
They have also risen strongly in Sabadell Bank. The historical lows that the Vallesan in the stock market has just suffered, instead of satisfying the bears, have raised their appetite. Of the 0.31% of the capital that these investors controlled a week ago, now the percentage fat 0.74%. Citadel Europe has transferred the position to Millennium Capital as the most important bass player.
The list is completed with Ferrovial where, against the current of what has occurred as a whole, the AQR Capital fund has decided to lower its position from 0.59% a week ago to 0.49%. Thus, if you do not go shopping in the next few days, soon will no longer appear in the shortlist of relevance of the value updated by the CNMV.