BlackRock and Citadel cut Morrisons bets after share price surge

Citadel and BlackRock are among the investment firms that have quickly slashed their bets against WM Morrison after being caught out by a surge in the UK supermarket group's share price. The losses have come during difficult year for short sellers, who borrow stock and sell it in the market, betting they will be able to buy it back at a lower price as the share price falls. Ken Griffin's Citadel upped its bet to 0.53 per cent of the company's shares on June 10 and then three more times in recent days, leaving it with a 0.8 per cent short position just before the bid was reported. BlackRock had previously disclosed a 2.29 per cent short position, but on Monday lowered this to 1.13 per cent, and then below 1 per cent on Tuesday. London-based GLG Partners was running a 0.53 per cent bet before the bid, but cut this to 0.38 per cent on Monday.

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