"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
$18.24 |
Change
-0.250(1.35%) |
Mkt cap ! $56.34B | |||
| Open | High | Low | Value | Volume |
| $18.46 | $18.61 | $18.22 | $89.60M | 4.874M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 7055 | $18.24 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.28 | 27809 | 2 |
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| Last trade - 16.10pm 12/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |