MILAN, May 16 Reuters Shares in BT Group surged more than 17 at one point on Thursday after its new boss set out a path to more than double free cash flow over the next five years, cheering investors.

The spike put the Londonlisted telecoms group on track for its biggest oneday gain ever. Traders cited possible short covering behind the outsized move.

Allison Kirkby, who became BT CEO in February, was quoted by the FT as saying I always love to squeeze the shorts …  and prove them wrong.

With Thursday39;s surge, the stock is up 6.4 so far in 2024.

Funds AKO Capital LLP, BlackRock Investment Management , Canada Pension Plan Investment Board and Kintbury Capital LLP hold the biggest short positions in BT, according to regulatory filings.

By 1315 GMT, the stock was off earlier highs, up 14.

Reporting by Danilo Masoni, editing by Alun John

Source Reuters