Their profit margin on Iron Ore was decimated over night. The selling wasn't an overreaction, it was a re adjustment taking in the effect on earnings.
It's just like many of the copper producers (RIO a large copper producer, but doesn't contribute to earnings anywhere near as much as IO). The 15% fall in copper has effectively halved the profitability of most copper producers in the last few months.
If you are looking long term, perhaps you should look at the IO forecasts. Some will say they have been factored into the sp I think the last few weeks have shown otherwise.
put city, page-11
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Last
$111.47 |
Change
0.740(0.67%) |
Mkt cap ! $41.04B | |||
| Open | High | Low | Value | Volume |
| $110.31 | $111.67 | $110.08 | $26.64M | 240.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 99 | $111.47 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $111.48 | 37 | 1 |
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| Last trade - 11.24am 26/08/2024 (20 minute delay) ? |
| RIO (ASX) Chart |