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ASX 200 Flat As Afterpay Touch Group Heads South

The S&P/ASX 200 (INDEXASX: XJO) (^AXJO) and All Ordinaries (INDEXASX: XAO)(^AORD) indices ended mostly flat on Wednesday as shares of Afterpay Touch Group Ltd (ASX: APT) and Blue Sky Alternative Investments Ltd (ASX: BLA) headed south.

All Ordinaries: up 0.1% at 5,863 points

ASX 200: up 0.2% at 5,761 points

ASX 200 Movers

  • a2 Milk Company Ltd (ASX: A2M) – up 5.1%
  • Fortescue Metals Group Limited (ASX: FMG) – up 2.3%
  • Bellamy’s Australia Ltd (ASX: BAL) – up 7.1%

ASX 200 Losers

  • Afterpay Touch Group Ltd (ASX: APT) – down 5.8%
  • Blue Sky Alternative Investments Ltd (ASX: BLA) – down 18.6%
  • Lovisa Holdings Ltd (ASX: LOV) – down 6%

Australian Investing News

The biggest financial news in Australia and the ASX 200 came from Blue Sky Alternative Investments Ltd, the investment company which found itself the target of a research report written by Glaucus Research Group.

Glaucus is a notable short-selling company. Meaning, it makes money when a company’s share price falls. Blue Sky responded to Glaucus’ claims of inappropriate fees, disclosure and performance monitoring. Blue Sky rebutted the claims but acknowledged that some of its information was confidential and, therefore, couldn’t be elaborated.

Blue Sky shares ended the day down 18.6%. You can read more here, “Blue Sky Shares Return To Trade: Down 15%.

Afterpay Touch Group, the software business which produced an application allowing customers to buy a product and pay for it later, released a statement to the ASX acknowledging recent reports on its systems and processes. Afterpay Touch Group said it is committed to responsible customer spending, product enhancements and working with the financial regulator.

Afterpay Touch Group also said its two founding shareholders, Anthony Eisen and Nick Molnar, may sell up to 10% of their shareholdings in the next 12 months for “asset diversification reasons”.

Shares of fellow ASX-listed software company, Elmo software Limited (ASX: ELO), rose 3% after the company announced a $40 million share issuance to fund an acquisition, strengthen its balance sheet for research and development, sales and for general corporate purposes.

“The company has made great progress towards creating a leading integrated cloud HR & Payroll platform,” ELMO chairman Jim McKerlie said.

“There are several unique opportunities to continue on this growth path and funding the Company to make additional acquisitions and internal expansion of capacity is critical.”

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