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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Australia shares post second weekly drop as iron ore miners hit multi-month lows

09/17/2021 | 03:24am EDT

* Miners led losses on ASX 200

* Tech sector curtails some losses

* NZX 50 rose 1.2%

Sept 17 (Reuters) - Australian shares ended lower on Friday in a second straight weekly drop, dragged down by iron ore miners hitting multi-month lows and surging coronavirus cases across parts of the country raising concerns over a delay in economic recovery.

The S&P/ASX 200 index fell 0.76% to close at 7,403.7, after ending 0.58% higher on Thursday.

The country's second-largest state Victoria reported its second-highest daily rise in new infections this year, and one death even as Prime Minister Scott Morrison pledged more freedom for vaccinated citizens.

Major miners fell 4.4% as futures prices for Chinese steelmaking raw materials dropped, with the benchmark iron ore contract leading declines, as China mulls to include more cites under its environmental controls.

The country's mining triumvirate - Rio Tinto, BHP Group and Fortescue Metals Group Ltd fell to multi-month lows, with Fortescue slumping up to 12%, its lowest in 14 months, while Rio and BHP hit nine-month lows.

"At a time when the Chinese provinces are looking forward to reducing steel output targets to curtail emissions, any further weakness in the iron ore price may not emerge as a surprise," said Kunal Sawhney, chief executive officer of Kalkine group. "Moreover, tightening stimulus measures and Evergrande's risk of default may prompt a slowdown in China's property activity, putting some pressure on the iron ore price."

Energy stocks fell 1.29% tracking lower oil prices, as more supply came back online in the U.S. Gulf of Mexico following two hurricanes.

Heavyweight Whitehaven Coal Ltd and Beach Energy Ltd led losses on the sub-index, skidding 6.77% and 3.2%, respectively.

Bucking the trend, technology stocks rose 2.08% tracking overnight gains on the Nasdaq.

Buy now, pay later giant Afterpay led gains on the subindex, surging as much as 3.9% to mark best day since Aug. 6.

New Zealand's benchmark S&P/NZX 50 index climbed 1.2% to end at 13,234.6. (Reporting by Riya Sharma in Bengaluru; Editing by Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 1.74% 122.78 End-of-day quote.4.05%
BEACH ENERGY LIMITED 1.05% 1.445 End-of-day quote.-19.94%
BHP GROUP 2.80% 38.86 End-of-day quote.-8.41%
FORTESCUE METALS GROUP LIMITED 1.96% 14.6 End-of-day quote.-37.69%
WHITEHAVEN COAL LIMITED 0.62% 3.25 End-of-day quote.97.57%
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Analyst Recommendations on FORTESCUE METALS GROUP LIMITED
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Financials (USD)
Sales 2022 17 883 M - -
Net income 2022 7 144 M - -
Net Debt 2022 757 M - -
P/E ratio 2022 4,85x
Yield 2022 15,9%
Capitalization 33 342 M 33 347 M -
EV / Sales 2022 1,91x
EV / Sales 2023 2,42x
Nbr of Employees -
Free-Float 50,9%
Chart FORTESCUE METALS GROUP LIMITED
Duration : Period :
Fortescue Metals Group Limited Technical Analysis Chart | FMG | AU000000FMG4 | MarketScreener
Technical analysis trends FORTESCUE METALS GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Last Close Price 10,83 $
Average target price 12,28 $
Spread / Average Target 13,3%
EPS Revisions
Managers and Directors
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
Ian Wells Chief Financial Officer
John Andrew Henry Forrest Chairman
Fernando Pereira Director-Operations & Pilbara Operations
Mark Bradley Barnaba Deputy Chairman
Sector and Competitors
1st jan.Capi. (M$)
FORTESCUE METALS GROUP LIMITED-37.69%33 347
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KUMBA IRON ORE LIMITED-17.07%11 328
CSN MINERAÇÃO S.A.0.00%6 832
NMDC LIMITED34.09%5 994
FERREXPO PLC13.38%2 591