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Fortescue shares fly; big insto seen buying

Anthony Macdonald, Sarah Thompson and Kanika Sood

Apr 26, 2022 – 11.38am

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Goldman Sachs’s equity desk made an early claim to Tuesday’s biggest trade, handling a line of $215 million Fortescue shares.

A Fortescue train in WA’s Pilbara taking iron ore to port. Fortescue

The trade was understood to have been done at $19.95 a share, a 6 per cent discount to Friday’s close of $21.22 per share.

Fingers were pointing to Capital Group as the buyer, but the identity of the seller wasn’t known.

It comes as Fortescue shares slumped post a nearly 9 per cent drop in iron ore prices on Monday as COVID-19’s spread in China raised questions about demand from the country.

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Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@copyright link

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@copyright link