The correlation is still probably there, it's the covariance that changed.
FMG went from having significant debt and deserving a discount to the majors, to having net cash, a substantial improvement in free cash flow and deserving of a similar valuation to the majors.
Thats what you see there in the long term graphs, key components of FMG's valuation drivers changed.
Iron ore price, page-42602
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Last
$18.49 |
Change
0.390(2.15%) |
Mkt cap ! $56.93B | |||
| Open | High | Low | Value | Volume |
| $18.32 | $18.62 | $17.94 | $159.1M | 8.651M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 150 | $18.46 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $18.50 | 4305 | 5 |
View Market Depth
| Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
| FMG (ASX) Chart |