Fortescue Shares Rise After CEO Flags Shanghai Trading Plan
By Jesse Riseborough
May 11 (Bloomberg) -- Fortescue Metals Group Ltd., Australia’s third-largest iron ore exporter, rose the most in five months in Sydney after the company said it’s studying trading its shares in Shanghai.
The plan to list the shares on the Shanghai Stock Exchange would require special approval, Chief Executive Officer Andrew Forrest told reporters in Changsha, China, after the market closed May 8. Fortescue has been studying the plan for 16 months and has hired a bank to advise the company, he said.
“That’s gained a bit of publicity here today,” Jamie Spiteri, head dealer at Shaw Stockbroking Ltd., said in Sydney. “That’s added to the traction in the stock.”
Fortescue jumped 16 percent to A$3.07 at the 4:10 p.m. Sydney time close on the Australian stock exchange, the most since Dec. 10.
To contact the reporter on this story: Jesse Riseborough in Melbourne at [email protected]
shanghai listing eyed, page-3
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