Never know shanebat ARH might be rubbing shoulders with FMG one day, wouldn't that be nice, had 20,000 FMG and sold them when there binding agreement fell through, at $50 they would be worth 1 million dollars now, if I still had them. So the moral of the story shanebat, I wont be selling me ARH only accumulating them. (read the story below)
FMG shares reach $50 as iron ore miners soar 27-September-07 by Julie-anne Sprague
Latest News
Andrew Forrest's stake in Fortescue Metals Group soared to more than $5 billion today after shares in the iron ore developer hit a record $50 as investors rushed into the commodities sector and helped push the Australian sharemarket to an all-time high.
Iron ore stocks enjoyed solid buying with Gindalbie Metals jumping 5.7 per cent, or 9 cents, to $1.65, Atlas Iron gained 3.4 per cent, or 6 cents, to $1.84, Aurox Resources surged 17.5 per cent, or 7 cents, to 71 cents while Fortescue Metals climbed 2.4 per cent, or $1.18, to $49.68 after earlier hitting a record high of $50.
Fortescue's share surge sent the value of Mr Forrest's stock to $5.06 bn and also provided a tidy gain for his charity, The Australian Children's Trust. Mr Forrest gifted the charity one million shares a week ago when the stock was trading at $42.60. The Trust's shares have effectivly jumped $7.4 million in just a week.
The iron ore run came as the S&P/ASX 200 index surged 56.7 points, or 0.9 per cent, to 6538.1 after hitting a record high 6550.7.
But it wasn't all one way traffic for the iron ore players, which have been buoyed by market speculation that producers could attract ore price increases of about 50 per cent.
ARH Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
