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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Australian shares fall slightly as BHP leads miners lower

10/19/2021 | 02:43am EST

Oct 19 (Reuters) - Australian shares closed slightly lower on Tuesday after a volatile session of trade, weighed down by miners as BHP reported a decline in first-quarter iron ore output.

The S&P/ASX 200 index fell 0.08% to 7,374.9, snapping a three-session winning streak. The mining index , which has broadly underperformed the benchmark so far this year, dropped 1.6%.

Shares of BHP closed 2% lower after the world's largest miner posted a near 5% drop in quarterly iron ore output due to maintenance work at its Jimblebar mine and a shortage of rail labour caused by COVID-19 border restrictions.

BHP left its annual production outlook unchanged, unlike rival Rio Tinto which cut its shipments forecast because of the tight labour market. Rio Tinto and Fortescue shed 3.25% and 1.2%, respectively.

"Iron ore miners have been under pressure a little more because of restrictions on steel production in China," said Steven Daghlian, a market analyst at CommSec.

Financials reversed early gains to close down 0.2% as the so-called "Big Four" banks slipped between 0.1% and 0.5%.

Daghlian attributed the market uncertainty to concerns over higher inflation and interest rates, and bond markets.

Tech stocks advanced to their highest in nearly three weeks, tracking overnight gains on Wall Street boosted by big tech names. The sub-index gained 1.6%, with Afterpay up 2.7%.

Logistics firm Brambles climbed as much as 3.9% as it reported a surge in quarterly revenue and provided an upbeat annual outlook.

Gaming giant Tabcorp tumbled 2.7% after announcing plans to split its businesses by mid-2022, with one-off cash costs between A$225 million and A$275 million.

New Zealand's benchmark S&P/NZX 50 index rose 0.52% to 13,065.92. (Reporting by Harshita Swaminathan; Editing by Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -2.16% 106.5 End-of-day quote.-9.75%
BHP GROUP 1.35% 39.9 End-of-day quote.-5.96%
BRAMBLES LIMITED -0.50% 9.96 End-of-day quote.-6.04%
FORTESCUE METALS GROUP LIMITED 1.53% 17.27 End-of-day quote.-26.29%
TABCORP HOLDINGS LIMITED -0.20% 4.97 End-of-day quote.27.44%
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Analyst Recommendations on FORTESCUE METALS GROUP LIMITED
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Financials (USD)
Sales 2022 15 649 M - -
Net income 2022 5 511 M - -
Net Debt 2022 1 571 M - -
P/E ratio 2022 6,86x
Yield 2022 11,0%
Capitalization 37 770 M 37 958 M -
EV / Sales 2022 2,51x
EV / Sales 2023 2,95x
Nbr of Employees -
Free-Float 50,9%
Chart FORTESCUE METALS GROUP LIMITED
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Fortescue Metals Group Limited Technical Analysis Chart | FMG | AU000000FMG4 | MarketScreener
Technical analysis trends FORTESCUE METALS GROUP LIMITED
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Last Close Price 12,27 $
Average target price 11,78 $
Spread / Average Target -4,03%
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
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