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“Short sellers taken by surprise in Wirecard rise” Jordan Hiscott, Chief Trader at ayondo markets
“Yesterday’s Wirecard share rise has certainly caught the short sellers left in their positions with surprise. The move higher from €101 to an intraday high of €130 was large, but for an idea of basis, the stock remains at least $30 below where it was trading before the alleged scandal came to fruition.
“If we focus on the news release itself, given the magnitude of the jump higher, you would have expected more in-depth comments on the allegations from the external law firm responsible (Rajah & Tann). However, these were not forthcoming.
“The situation fills me with trepidation going forward, and at this stage, no new shorts are permitted as this is now prohibited by the German regulator, Bafin. In addition, the fact that we are €30-€40 below the pre-allegations price tells me the market isn’t fully convinced we have seen an end to the situation. Caveat emptor!”
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The Saudi Central Bank (SAMA) announced the launch of Google Pay through the Kingdom’s national payment network, Mada
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Tamara has secured the largest asset-backed facility of its kind in the region of up to $2.4 billion from major FIs
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Starling has revealed major changes to its visual brand, with a new logo, colours and card designs set to roll out to the bank’s app
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