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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Delayed Australian Stock Exchange  -  12:10 2022-12-01 am EST
19.96 AUD   +2.99%
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Australian shares hit near seven-week low as commodity stocks slide

09/06/2022 | 09:26pm EST

Sept 7 (Reuters) - Australian shares touched a near seven-week low on Wednesday, a day after the country's central bank raised rates, as a slide in commodity stocks and Wall Street weighed on the benchmark index.

The S&P/ASX 200 index dropped 1.1% to 6,749.5 by 0045 GMT, extending losses for a second consecutive session, and hitting the lowest since July 21.

The Reserve Bank of Australia raised interest rates for a fifth consecutive time on Tuesday, sending its official cash rate to a seven-year high of 2.35%. It also signalled that more hikes will be required to temper surging inflation.

"We see little reason to change our expectation that the cash rate will be above 3% by the end of the year, especially when we consider the outlook for the labour market," analysts from ANZ Research said in a research note.

Meanwhile, Wall Street was volatile as investors weighed on aggressive rate hikes after a U.S. services industry report reinforced expectations that the Federal Reserve will remain on track to raise rates.

Domestic miners led the laggards, falling as much as 2.1%, despite higher iron ore prices. Index heavyweights such as Rio Tinto, Fortescue Metals and BHP Group dropped 0.9%-3.2%.

Energy stocks were also pressured by lower crude prices due to prospects of more rate hikes and weaker COVID-19-led fuel demand in China. Sector majors like Woodside Energy and Santos slid 2% each.

The financial subindex slipped nearly 1%, with the "Big Four" banks falling between 0.2% and 2%, respectively.

Investors' radar is now on the second-quarter GDP data, which will be released later in the day.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.4% to 11,552.8 points. (Reporting by Archishma Iyer in Bengaluru; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED 2.11% 46.48 Delayed Quote.38.72%
FORTESCUE METALS GROUP LIMITED 2.99% 19.96 Delayed Quote.0.89%
S&P/ASX 200 0.96% 7354.4 Real-time Quote.0.00%
SANTOS LIMITED 0.41% 7.43 Delayed Quote.17.27%
WOODSIDE ENERGY GROUP LTD -1.72% 36.65 Delayed Quote.70.04%
All news about FORTESCUE METALS GROUP LIMITED
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11/29Fortescue Names Ex-Woodside Executive Fiona Hick as Metals Group CEO -- Update
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11/29Fortescue Names Ex-Woodside Executive Fiona Hick as Metals Group CEO
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11/29Fortescue Metals Group Limited Appoints Fiona Hick as Chief Executive Officer
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11/27Australian shares drop on commodity weakness, China COVID woes
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Analyst Recommendations on FORTESCUE METALS GROUP LIMITED
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Financials (USD)
Sales 2023 14 911 M - -
Net income 2023 4 323 M - -
Net Debt 2023 2 478 M - -
P/E ratio 2023 9,32x
Yield 2023 7,62%
Capitalization 40 000 M 40 000 M -
EV / Sales 2023 2,85x
EV / Sales 2024 3,12x
Nbr of Employees -
Free-Float 51,0%
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 13,00 $
Average target price 10,34 $
Spread / Average Target -20,5%
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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