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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Fortescue Metals Group Limited    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Australia shares end higher on tech surge, virus slowdown optimism

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08/24/2020 | 02:45am EDT

* Tech stocks finish at all-time high

* Effective unemployment forecast weighs

* NZ extends Auckland lockdown

Aug 24 (Reuters) - Australian shares settled higher on Monday, with tech stocks ending at a record peak while a significant slowdown in fresh daily coronavirus cases fuelled hopes that a deadly second wave may be on the wane.

The country's second-most populous state of Victoria reported its smallest daily rise in fresh COVID-19 cases in seven weeks following strict lockdown curbs.

The S&P/ASX 200 index rose 0.3% to 6,129.60, snapping two straight sessions of losses.

However, investor optimism was dulled to a degree by Treasurer Josh Frydenberg's forecast that effective unemployment in Australia would breach 13% by the end of September amid lockdowns.

"Though real unemployment rates are likely a lot higher, government payments, including JobKeeper and JobSeeker, have kept people employed but can't go on forever," said Simon Herrmann, an equity analyst at Wise-Owl.com.

"There are significant risks to the real economy but the stock-market party continues as if nothing has happened, that can't be healthy in the long run."

Technology stocks jumped 3.2%, tracking the tech-heavy Nasdaq Composite's record finish on Friday.

Afterpay, the biggest stock on the sub-index, advanced 4.8% after the buy-now-pay later firm said it would acquire Spain-based Pagantis and expand into Europe.

Heavyweight miners tacked on 0.6%, with Fortescue Metals Group and BHP Group adding 3.2% and 0.6%, respectively.

Top lender Commonwealth Bank of Australia eased 1%, making it the biggest loser among financials. The rest of the "Big Four" banks also ended lower.

New Zealand's benchmark S&P/NZX 50 index climbed 0.7% to finish the session at 11,921.07.

Prime Minister Jacinda Ardern extended a coronavirus lockdown in Auckland until the end of the week in a bid to enable the country to gradually rollback its scale of emergency restrictions. (Reporting by Arpit Nayak in Bengaluru; Editing by Subhranshu Sahu)


Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 1.06% 102.13 End-of-day quote.248.80%
BHP GROUP -1.32% 36 End-of-day quote.-7.50%
COMMONWEALTH BANK OF AUSTRALIA 0.82% 69.9 End-of-day quote.-12.52%
DJ INDUSTRIAL -0.10% 28335.57 Delayed Quote.-0.71%
FORTESCUE METALS GROUP LIMITED -0.42% 16.72 End-of-day quote.56.41%
NASDAQ 100 0.25% 11692.571891 Delayed Quote.33.89%
NASDAQ COMP. 0.37% 11548.281629 Delayed Quote.28.71%
S&P 500 0.34% 3465.39 Delayed Quote.7.26%
S&P/ASX 200 -0.11% 6167 Real-time Quote.-7.74%
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Financials (USD)
Sales 2021 14 311 M - -
Net income 2021 5 499 M - -
Net Debt 2021 751 M - -
P/E ratio 2021 6,86x
Yield 2021 10,3%
Capitalization 36 716 M 36 597 M -
EV / Sales 2021 2,62x
EV / Sales 2022 3,36x
Nbr of Employees -
Free-Float 50,1%
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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Income Statement Evolution
Consensus
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Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 11,26 $
Last Close Price 11,93 $
Spread / Highest target 19,8%
Spread / Average Target -5,64%
Spread / Lowest Target -54,3%
EPS Revisions
Managers
NameTitle
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
John Andrew Henry Forrest Chairman
Greg Lilleyman Chief Operating Officer
Ian Wells Chief Financial Officer
Mark Bradley Barnaba Deputy Chairman
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