Based on the current price of FMG (3.97), the market has more than priced in the drop in iron-ore price.
In fact, FMG is way oversold, considering that:
1. BHP and RIO is only down around 0.8% today (as at 11:15AM).
2. AGO has gone up 1.24% (as at 11:15AM).
I think the current price 3.9x represents a good value.
Its ready to rebound on any positive news from the market!
Hopefully the shorters won't get burnt on any sudden news from the market.
Ann: Agreement for Construction of Very Large Ore Carriers, page-18
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Last
$22.04 |
Change
-0.320(1.43%) |
Mkt cap ! $67.86B | |||
| Open | High | Low | Value | Volume |
| $22.32 | $22.41 | $21.98 | $158.0M | 7.125M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 39363 | $22.03 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.05 | 1722 | 4 |
View Market Depth
| Last trade - 16.10pm 18/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |