Commonwealth Bank of Australia (ASX:CBA) may continue to lift the broader Australian market, driven by reports that Regal Partners' (ASX:RPL) Regal Funds Management closed a short position in the stock, The Australian reported Wednesday, citing Bell Potter.
Bell's analyst Richard Coppleson noted one local institutional investor likely exited their short around AU$140, though many investors had bet on the stock falling back to around AU$120, the report said.
"Smartest decision I've seen in a long time," Coppleson said in the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.