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Why Codan, Flight Centre, Magellan, & Woolworths are sinking
James Mickleboro | April 9, 2021 2:01pm |
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S&P/ASX 200 Index (ASX: XJO) has run out of steam and is dropping lower on Friday. At the time of writing, the benchmark index is down 0.35% to 6,974.5 points.
Four ASX shares that are falling more than most are listed below. Here’s why they are sinking:
The Codan share price is down 2.5% to $17.08. This decline appears to have been driven by profit taking by investors after some very strong gains. In fact, the Codan share price reached a record high of $17.79 earlier this. A strong performance in the first half of FY 2021, new acquisitions, and its inclusion in the ASX 200 have helped drive its shares higher.
Synopsis
The S&P/ASX 200 index rose 0.61 per cent to 6,928.0 at the close of trade, its highest close since Feb. 24 last year.
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Gold stocks extended gains for a third session and closed up 2.3 per cent, as bullion prices rose overnight, though prices dipped on Wednesday as strong U.S. data sparked economic recovery hopes.
Australian shares on Wednesday closed at their highest in over a year, extending gains for the fourth straight session, helped by the country s energy and gold sectors. The S&P/ASX 200 index rose 0.61 per cent to 6,928.0 at the close of trade, its highest close since Feb. 24 last year.
Australia shares close at highest in over a year, extend gains for 4th session reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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At the start of each week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.
This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.
With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:
Webjet Limited (ASX: WEB) remains the most shorted ASX share after its short interest rose to 12.1%. Short sellers appear concerned that the travel market may take longer to recover than hoped. Last week Webjet undertook another capital raising, much to the dismay of shareholders.