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Markets Now – Monday 29th June 2020

Summary:
Summertime, and the villain is squeezy: Wirecard’s more than doubled after Frankfurter Allgemeine Zeitung reported that Worldline of France might seek to buy some bits. Also, Wirecard said over the weekend that filing for insolvency wasn’t going to stop it proceeding with business activities (except in the UK, where the FCA’s frozen the local subsidiary and left a bunch of people reliant on prepaid cards to starve). The share price, meanwhile, can only really be explained by a short squeeze. Since Wirecard collapsed owing nearly bn to creditors it’s not immediately obvious how any disposal could justify an at-pixel market cap of €382m. Neither is it totally clear why Wirecard shares are even continuing to trade in Frankfurt when the core operations are so murky it’s no longer allowed

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Summertime, and the villain is squeezy:

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