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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Delayed Australian Stock Exchange  -  02:10 2022-08-16 am EDT
19.43 AUD   +1.57%
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Australian shares set for third weekly gain on tech, miners boost

06/02/2022 | 09:16pm EDT

June 3 (Reuters) - Australian shares rose on Friday, in line with global equity markets, after key economic data raised hopes that the U.S. Federal Reserve might scale down its hawkish stance on interest rates even as it looks to tame inflationary pressures.

The S&P/ASX 200 index was up 1.1% at 7,253.4 points, as of 0036 GMT, on track to clock gains for a third consecutive week. The benchmark closed 0.8% lower on Thursday.

Investor sentiment across global markets turned bullish after weaker U.S. private payroll data suggested slowdown in labor demand, potentially nudging U.S. Fed to taper rate-hike prospects, with other central banks expected to follow suit.

In other key markets, Japan's Nikkei edged up 1% at 27,685.92 and S&P 500 E-minis futures rose 0.2%.

Domestic technology stocks climbed 2.5% and are on track to snap a three-day losing streak.

ASX-listed shares of sector heavyweights Block Inc and Xero Ltd added 4.3% and 3.9%, respectively.

The miners and mining sub-index climbed more than 2%, with global miners BHP Group, Rio Tinto and Fortescue Metals Group gaining as much as 2.5%.

Miners gained 3.5% so far this week and are poised for a third weekly climb, if gains hold.

Financials held steady with the "Big Four" banks trading in green. Still, the sub-index lost about 1% so far this week and is on track to snap a two-week winning streak.

Gold stocks soared 3.2%, emerging as top gainers in the benchmark index, on sharper bullion prices. Shares of Newcrest Mining, the country's largest gold miner, rose 2.5%.

New Zealand's benchmark S&P/NZX 50 index was down 0.6% at 11,414.37.

(Reporting by Jaskiran Singh; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED 4.09% 40.51 Delayed Quote.-6.22%
FORTESCUE METALS GROUP LIMITED 1.57% 19.43 Delayed Quote.-0.42%
NEWCREST MINING LIMITED -0.88% 19.08 Delayed Quote.-21.36%
XERO LIMITED 0.98% 96.76 Delayed Quote.-32.25%
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08/05Australian shares gain for third straight week on miners, gold boost
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Financials (USD)
Sales 2022 17 389 M - -
Net income 2022 6 268 M - -
Net Debt 2022 1 130 M - -
P/E ratio 2022 6,64x
Yield 2022 11,2%
Capitalization 41 420 M 41 420 M -
EV / Sales 2022 2,45x
EV / Sales 2023 2,66x
Nbr of Employees -
Free-Float 50,9%
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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 13,46 $
Average target price 11,68 $
Spread / Average Target -13,3%
EPS Revisions
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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