massive volumes this morning, already at 3.7million shares traded.
Some of that will be due to iron ore price dropping, but most of that was factored into yesterday's drop.
More would be the US funds selling out, as the risk of holding Aussie shares is increased by the fall and future forecast fall of the AUD vs USD (in other words even if the shares trading even here, in US terms they are seeing a loss due to the share value being in AUD). Compare how most of the market is going to VTS (US share ETF), which is pretty steady even though the underlying shares in the US dropped by 0.8% overnight.
What is surprising is that these risk models do not seem to take into account the benefit to FMG of a lower AUD. Does anyone know if we are running a currency hedge which might be offsetting this?
Iron ore price, page-33110
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Last
$16.12 |
Change
-0.010(0.06%) |
Mkt cap ! $49.63B | |||
| Open | High | Low | Value | Volume |
| $16.30 | $16.35 | $16.00 | $142.8M | 8.831M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 18592 | $16.10 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $16.14 | 3138 | 1 |
View Market Depth
| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| FMG (ASX) Chart |