No Company hedges 100% of their fuel expense mate.
The fact that oil plummeted 26% overnight to just $20 a barrel - and now sits at an 18 year low - means mining companies like FMG will be generating a couple of hundred million dollars in extra annual profits.
The market is fully aware of this and is a contributing factor to why the FMG share price is up 8% today - despite the Dow falling 6.3% overnight.
Iron ore price, page-20277
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Last
$17.50 |
Change
0.840(5.04%) |
Mkt cap ! $53.88B | |||
| Open | High | Low | Value | Volume |
| $16.89 | $17.74 | $16.84 | $346.2M | 19.88M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 5870 | $17.48 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.50 | 12148 | 3 |
View Market Depth
| Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |