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FORTESCUE METALS GROUP LIMITED

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Delayed Australian Stock Exchange  -  02:10 2022-07-01 am EDT
17.00 AUD   -3.02%
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Australian shares end slightly higher in choppy trade, miners jump

05/23/2022 | 03:11am EDT

* Miners end at over two-week high

* Labor Party's Anthony Albanese sworn in as Australia's 31st prime minister

* Financial stocks top percentage losers

May 23 (Reuters) - Australian shares closed marginally higher on Monday amid choppy trade, as mining and energy stocks rose, while the Labor Party's Anthony Albanese was sworn in as the prime minister after his party's victory in an election after almost a decade.

The S&P/ASX 200 index ended 0.1% higher at 7,148.90, after falling as much as 0.14% during the session.

Albanese was sworn in as the country's 31st prime minister on Monday, as he vowed to tackle climate change and inequality.

The markets offered a muted reaction to the change, which had already been flagged by opinion polls for weeks.

"Historically, it (the election) has not really been a market moving event, and it's probably hard to associate the movements today with the change in the government," said Steven Daghlian, a market analyst at CommSec.

Daghlian said it is crucial to see whether the Labor Party forms a majority government or is forced to form a coalition, and it will probably be longer until any major policy decisions start affecting the market.

Heavyweight mining stocks led the gains on the benchmark, ending up 0.8% at 5,863.9 — a more than two-week high.

BHP Group, Rio Tinto and Fortescue Metals Group climbed between 1.1% and 2.8%.

Iron ore futures rose about 7% in early trade after India increased export duties on some commodities to rein in broadening inflationary pressures.

Financial stocks fell 0.4% and were the biggest drag to the benchmark. The "Big Four" banks slipped 0.1%-0.9%.

Meanwhile, analysts at RBC Capital Markets said in a note that Labor Party's election win will keep pressure on the Reserve Bank of Australia to continue to normalise policy and move towards neutral sooner rather than later.

Looking ahead, Daghlian expects investors to focus overseas for interesting drivers.

New Zealand's S&P/NZX 50 index closed 0.4% higher at 11,316.46. (Reporting by Himanshi Akhand in Bengaluru; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED -2.91% 40.05 Delayed Quote.-3.49%
FORTESCUE METALS GROUP LIMITED -3.02% 17 Delayed Quote.-11.50%
RIO TINTO PLC -1.67% 4834.5 Delayed Quote.-1.18%
S&P/ASX 200 -0.43% 6539.9 Real-time Quote.-12.15%
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Financials (USD)
Sales 2022 17 323 M - -
Net income 2022 6 246 M - -
Net Debt 2022 1 292 M - -
P/E ratio 2022 5,69x
Yield 2022 12,9%
Capitalization 35 504 M 35 504 M -
EV / Sales 2022 2,12x
EV / Sales 2023 2,26x
Nbr of Employees -
Free-Float 50,9%
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Number of Analysts 19
Last Close Price 11,54 $
Average target price 12,71 $
Spread / Average Target 10,2%
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Managers and Directors
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
Ian Wells Group Manager-Treasury & Business Planning
John Andrew Henry Forrest Chairman
Fernando Pereira Director-Operations & Pilbara Operations
Mark Bradley Barnaba Deputy Chairman
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