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Retail Food Group Limited shares jump 11% higher

One of the best performers on the local share market on Thursday was the Retail Food Group Limited (ASX: RFG) share price.

The embattled food and beverage company’s shares finished the day almost 11% higher at 93 cents.

What happened?

With no news out of the company or broker notes floating around, today’s move higher is a little bit of a mystery.

But considering the high level of short interest that the company has been subjected to in recent times, it is quite likely that short sellers are locking in their gains by buying back shares today.

Perhaps they have decided to turn their attention to Glaucus Research target Blue Sky Alternative Investments Ltd (ASX: BLA).

Its shares fell a remarkable 33.5% on Thursday after Glaucus responded to Blue Sky’s rebuttal. With Glaucus tipping its shares to fall as low as $2.66, short sellers may see more potential in shorting its shares instead of Retail Food.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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