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ASX 200 Flat As Fortescue Shares Lift

The S&P/ASX 200 (INDEXASX: XJO) (^AXJO) and All Ordinaries (INDEXASX: XAO)(^AORD) indices ended mostly flat on Friday as shares of Fortescue Metals Group Limited (ASX: FMG) lifted the ASX 200 higher.

All Ordinaries: flat at 5,887 points

ASX 200: flat at 5,789 points

ASX Movers

  • Fortescue Metals Group Limited (ASX: FMG) – up 2.4%
  • Qantas Airways Limited (ASX: QAN) – up 2%
  • Orocobre Limited (ASX: ORE) – up 5.7%

ASX Losers

  • Afterpay Touch Group Ltd (ASX: APT) – down 6%
  • GetSwift Ltd (ASX: GSW) – down 5.2%
  • Lovisa Holdings Ltd (ASX: LOV) – down 6.7%

Australian Investing News

The biggest financial news in Australia and the ASX 200 came from the major banks, which rebutted some of the allegations made during the recent Royal Commission hearings.

Shares of NAB, ANZ, Commbank and Westpac have been sold lower since the Royal Commission began and public hearings resulted in some unsavoury news being released by their representatives. However, the banks have fired back.

“No particular statutory provision has been identified,” NAB said. “Moreover, the Commission did not hear evidence from any customer affected by conduct that is said to amount to misleading and deceptive conduct.”

Read more about the Royal Commission’s effect on bank shares here: Has The Royal Commission Hurt NAB Shares?

Further down the ASX and Blue Sky Alternative Investments Ltd (ASX: BLA) shares snapped back from their recent sell-off, which was caused by the release of a notable short seller’s research report. Short sellers make money from falling share prices.

According to Google Finance, Blue Sky shares opened ASX trading today at $5.25 per share before falling to $4.50 by 11 am. Despite the sell-down of Blue Sky shares they subsequently recovered to finish the day 1.4% higher at $5.70.

Earlier today, Blue Sky made public that some of its directors bought shares in their own company over recent days. For example, the company disclosed that its Chairman, John Kain, purchased 59,000 shares on-market — worth more than $287,000.

You can read more about Blue Sky’s stoush with the short seller here: Blue Sky Shares Return To Trade: Down 15%.

Finally, Fortescue shares bounced back 2.4% from their recent slump, according to Google Finance. Fortescue’s share price gains follow overnight rises in shares of London-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO).

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