In a cyclical business my friend and we aren’t going to see any type of downward trend like we have seen in the first half of the year. Just like nothing goes up forever, I think we have hit the low point for a while yet.
If anything I think $90 is our base case but I guess either you or I will be proven right or wrong in the coming quarter.
Personally, I think we will see a number of short positions unwinding at current levels (makes sense given the $90 base we seem to have found) and Andy buying today has probably triggered some unwinding.
As IO starts to creep back towards $100 and over, FMG will be back close to $5.00.
Given in the next half a further $900M debt will be repaid, EPS to be declared of over $1.00, efficiencies on the infrastructure getting the 155T to 175T, I’d say it’s a fair chance if you are a shorter, you may have missed the cash in from $6.
In a cyclical business my friend and we aren’t going to see any...
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Last
$22.41 |
Change
-0.210(0.93%) |
Mkt cap ! $68.99B | |||
| Open | High | Low | Value | Volume |
| $22.36 | $22.61 | $22.30 | $82.59M | 3.681M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 500 | $22.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.42 | 11435 | 2 |
View Market Depth
| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |