Investors took a punt on some of London’s most shorted stocks this morning, propelling Pearson to the top of the FTSE 100 leaderboard.
Shares in the textbook publisher surged by almost 12 per cent to 850.20p as the recent frenzy for heavily shorted stocks spread across the Atlantic.
The frenzy began when a group of American retail investors who congregate on a Reddit forum caused the video gaming retailer GameStop to rocket by 50 per cent on Friday to $65.01; the stock was worth only $17.25 on January 4.
Spurred by their US counterparts, UK investors piled into Cineworld. Shares in the FTSE 250 cinema chain soared by 9.86 points, or 13.48 per cent, to 83.00p.
– Cineworld is overnight hit amid frenzy for shorted stocks
– Cineworld shares surge as traders fight back against short-sellers
– Short-sellers feel the squeeze as GameStop fever strikes London – live updates
– Europe's Most-Shorted Stocks Surge Anew, Led by Evotec, Pearson
– Pearson shares rise on GameStop contagion
– FTSE 100 continues descent; confusion over AstraZeneca/EU meeting to discuss COVID-19 vaccine supplies
– Heavily-shorted Pearson, Cineworld surge
– Pearson and Cineworld shares jump amid 'manic' Reddit short-selling feud
– Cineworld Share News (CINE)