"But why is the opening price lower this morning if its great news!!!!! "
It is good news, but also it's still debt.
Iron ore price was softer overnight. 7% down, to about $130 or so. FMG is also a higher cost producer relative to RIO, Vale and BHP, therefore the additional debt + softening prices makes FMG risky. Some reports that Vale is also re-routing ships originallyu destined for Europe to China.
Personally i think it's a short term correction. I don't think the IO market is in structural oversupply yet. Some good news and a rebound in the price and FMG will be at $8 in no time.
Ann: Fortescue Debt Offering , page-28
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Last
$19.91 |
Change
-0.560(2.74%) |
Mkt cap ! $61.30B | |||
| Open | High | Low | Value | Volume |
| $20.75 | $20.75 | $19.86 | $232.1M | 11.48M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 119100 | $19.90 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.93 | 30 | 1 |
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| Last trade - 16.10pm 17/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |