You can't be in FMG and not expect days like this, part and parcel of owning a single commodity resource stock.
Today is just an unfortunate confluence of:
- IO futures down -8%, therefore FMG's decline is completely rationale and has nothing to do with broker manipulation, the grinch, or whatever else.
- Broker downgrades after FMG reported higher production costs yesterday.
FMG's current share price is only justified if IO settles at $100/t (will give a PE of 16x), that's getting pricey.
What is surprising is RIO and BHP's performance.
Iron ore price, page-34560
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Last
$19.54 |
Change
-0.370(1.86%) |
Mkt cap ! $60.16B | |||
| Open | High | Low | Value | Volume |
| $19.52 | $19.75 | $19.29 | $225.1M | 11.80M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2000 | $19.52 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $19.54 | 6420 | 1 |
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| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| FMG (ASX) Chart |