The number of “short positions” taken by hedge funds against UK stocks has surged by 25% in the first five months of the year, as prominent UK-listed companies continue to be targeted in the aftermath of market turbulence generated by Covid-19.

There were 1,569 short positions of at least 1% reported to the UK’s Financial Conduct Authority (FCA) between 2 January to 25 May 2020, 305 of 2% or more and 70 of 3% or higher, according to analysis by ETF provider GraniteShares. The FCA, the UK’s financial watchdog, tracks any company that adopts a short position of more than 0.5% in a UK stock.