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Hedge funds lose millions as Argos owner's shares rise 41%

Discussion in 'Market News' started by Lily, Jan 5, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Price leap follows news of Sainbury’s £1bn bid leaving short-sellers in home Retail Group such as Odey Asset Management nursing hefty one-day losses

    A collection of hedge funds have lost more than £30m in a single afternoon after shares in Home Retail Group, the owner of Argos and Homebase, rose on the news that Sainsbury’s had made a takeover approach.

    Hedge funds have bet heavily against Home Retail by shorting the shares, gambling that Argos will come under pressure from Amazon and fierce competition on the high street.

    Related: Sainsbury's £1bn bid for Home Retail Group rejected

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