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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
  Report
Delayed Australian Stock Exchange  -  01:10 2022-10-04 am EDT
17.21 AUD   +1.65%
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Australian shares gain for third straight week on miners, gold boost

08/05/2022 | 03:05am EDT

* Miners, gold stocks lead gains in benchmark index

* RBA flags slower economic growth

* Energy, technology shares top losers on ASX 200

Aug 5 (Reuters) - Australian shares ended higher on Friday and clocked their third straight weekly gain, as mining and gold stocks helped offset investor anxiety over a drawn-out downturn following the central bank's warning on inflation.

The S&P/ASX 200 closed 0.6% higher at 7015.6 points.

Gold stocks led the benchmark higher, jumping as much as 2.8% to scale their highest levels since June 27. The sub-index tracked firmer bullion prices, as a softer dollar and growing recession fears lifted gold's safe-haven appeal.

Sector heavyweights Newcrest Mining and Northern Star Resources climbed 0.5% and 3.4%, respectively.

Iron ore futures rose, with global miners Rio Tinto and Fortescue climbing as much as 2.7%.

Investors appeared to have shed initial fears of an economic slowdown even as the Reserve Bank of Australia cautioned the country's inflation rate could go to a three-decade high.

"The forecasts and further upward revision to inflation suggest that additional tightening is required, with the prudent approach clearly to get to neutral sooner rather than later," analysts from RBC Markets wrote.

Investors in broader markets stayed on the sidelines after the Bank of England warned on Thursday of a potential recession after delivering a half-point rate hike.

"Macroeconomic indicators like price hikes and economic growth have weighed on investor sentiment," said Kunal Sawhney, chief executive officer of Kalkine Group.

Australian energy stocks lost nearly 2.2% and suffered their worst week in six, tracking Brent crude prices lower, with Woodside Energy and Santos falling 1.5% and 0.8%, respectively.

The technology index slipped 1.3%, while financial stocks gained marginally with two of the "Big Four" banks trading in black.

New Zealand's S&P/NZX 50 ended flat at 11,728.5 points.

(Reporting by Archishma Iyer in Bengaluru; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FORTESCUE METALS GROUP LIMITED 1.65% 17.21 Delayed Quote.-11.87%
LONDON BRENT OIL 1.06% 89.72 Delayed Quote.9.50%
NEWCREST MINING LIMITED 6.30% 17.71 Delayed Quote.-31.94%
NORTHERN STAR RESOURCES LIMITED 7.43% 8.24 Delayed Quote.-18.49%
S&P GSCI BRENT CRUDE INDEX 0.86% 762.7243 Real-time Quote.9.46%
S&P/ASX 200 3.75% 6699.3 Real-time Quote.-13.04%
SANTOS LIMITED 4.18% 7.47 Delayed Quote.13.63%
WOODSIDE ENERGY GROUP LTD 4.93% 33.63 Delayed Quote.46.15%
WTI 1.14% 84.323 Delayed Quote.8.90%
All news about FORTESCUE METALS GROUP LIMITED
03:52aFortescue Metals : Future Industries and Deutsche Bahn partner on green fuel to power carb..
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02:00aAustralian shares post best day in more than 2 years after RBA surprise
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09/30Australian shares mark worst month since June on recession woes
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09/29Australia shares mark best day in three months on resources boost
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09/28Australian Shares Retreat on Global Recession Fears Amid Hawkish Central Bank Moves
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09/28Techs, banks pull Australian shares lower on recession risks
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09/26Fortescue Metals : brings hundreds of green jobs to America with NREL partnership
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09/22Australia shares hit over two-month low on Fed's stance; banks, tech stocks weigh
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Analyst Recommendations on FORTESCUE METALS GROUP LIMITED
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Financials (USD)
Sales 2023 15 605 M - -
Net income 2023 4 588 M - -
Net Debt 2023 2 442 M - -
P/E ratio 2023 7,67x
Yield 2023 9,99%
Capitalization 33 932 M 33 932 M -
EV / Sales 2023 2,33x
EV / Sales 2024 2,62x
Nbr of Employees -
Free-Float 51,0%
Chart FORTESCUE METALS GROUP LIMITED
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 11,03 $
Average target price 10,79 $
Spread / Average Target -2,20%
EPS Revisions
Managers and Directors
Ian Wells Group Manager-Treasury & Business Planning
John Andrew Henry Forrest Chairman
Dino Otranto Chief Operating Officer
Mark Bradley Barnaba Deputy Chairman
Ya Qin Zhang Independent Non-Executive Director
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