Media
News > High Growth Shares Fund - ASIC lifts ban on short selling of non-financial stocks
High Growth Shares Fund - ASIC lifts ban on short selling of non-financial stocks
Wed, 19 Nov 2008
Effective from 19 November ASIC has lifted its ban on the covered short selling of non-financial stocks.
The ban on covered short sales for financial stocks (including property trusts and five other securities) is expected to remain in place until 27th January, 2009. Given the current state of the Australian sharemarket, and the Financials sector in particular, we do not believe there are great shorting opportunities in this part of the market at present. As a result we do not see the ban on financial stocks extending into early next year as having a detrimental effect on the fund, particularly as we rarely short stocks on a short term trading view.