One of the best performers on the local share market on Wednesday has been the Retail Food Group Limited (ASX: RFG) share price.
In afternoon trade the embattled food and beverage company's shares are up over 11% to $1.04.
Why are they climbing higher?
With no news out of the company or broker notes to speak of, today's push higher could be due to short sellers closing positions.
In order to close a short position, a short seller must buy back however many shares they short sold.
This can often lead to a sudden rise, or short squeeze, in the price of a heavily shorted share.
The most recent data from ASIC reveals that Retail Food Group has over 11.1% of its shares in the hands of short sellers.
This makes it the tenth most shorted share on the ASX behind Myer Holdings Ltd (ASX: MYR) in ninth position and ahead of Mayne Pharma Group Ltd (ASX: MYX) in eleventh position.
Syrah Resources Ltd (ASX: SYR) continues to lead the way with a massive 21.4% of its shares held short.
