D.he strong recovery in the share price of the leasing company Grenke, which began on Monday, continues on Tuesday. After the price had already risen by almost 17 percent on Monday, it is currently increasing by a further 12 percent on Tuesday.
With a price of just under 42 euros, it has now made up almost 60 percent of the maximum loss after the attack by the short seller Viceroy in mid-September. At the time, the price had fallen by almost half from 55 euros to less than 27 euros in just two days.
A trader cited the reason for the upward move that speculative investors are likely to close further short positions. On Monday, the auditor KPMG had received bank confirmations for almost all of the credit balances whose existence and later their intrinsic value Viceroy had questioned. KPMG received credit confirmations for 98.5 percent of the 1.06 billion euros reported by Grenke as of June 30 and for 98.6 percent of the 960 million euros reported as of September 15, 2020, according to a company statement. The outstanding bank confirmations are expected by mid-October.