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Article: NSW: Short-selling against FMG sends stock plummeting
- Article from:
- AAP General News (Australia)
- Article date:
- August 4, 2008
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AAP General News (Australia)
08-04-2008
NSW: Short-selling against FMG sends stock plummeting
SYDNEY, Aug 4 AAP - Iron ore tycoon Andrew Forrest's paper fortune has slumped by more
than 37 per cent in the past month in response to a short-selling blitz by international
hedge funds against his Fortescue Metals Group.
The Group's broker sent clients a clear indication of why stocks have fallen: "FMG
shares have been subject to an aggressive and co-ordinated shorting campaign from a high
of $13.15," The Australian newspaper reports.
Stock struck a low of $7.91 last Tuesday but had climbed back ...
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