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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
  Report
Delayed Australian Stock Exchange  -  12:10 2022-12-01 am EST
19.96 AUD   +2.99%
11/30Australian shares jump after Powell signals slowdown in rate hikes
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11/29Australian shares fall; focus on Powell's speech, China data
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11/29Fortescue Metals : appoints new Chief Executive Officer for Metals Group
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Australian shares slip on Powell comments, Fortescue drags on subdued earnings

08/28/2022 | 09:46pm EST

Aug 29 (Reuters) - Australian shares fell on Monday, tracking Wall Street losses last week after U.S. Federal Reserve Chair Jerome Powell reiterated a hawkish tone to battling inflation, while miner Fortescue Metals skidded after posting a lower annual profit.

The S&P/ASX 200 index fell 1.92% to 6,967.9 by 0117 GMT, with all sectors trading in the negative territory. The benchmark ended 0.8% higher on Friday.

Powell said in his speech at the Jackson Hole central banking conference the Fed will raise rates as high as necessary to limit growth and tackle inflation, in what is said to be his bluntest language yet about what is in store for the world's biggest economy.

Global risk appetite has been bruised after his blunt remarks triggered a market rout amid a mounting risk of more aggressive rate hikes.

Rate-sensitive technology stocks in Australia led the retreat on the benchmark, falling about 4%, with ASX-listed shares of Block Inc down 7.6% at A$97.8.

Fortescue Metals Group's shares fell 2.6% after the world's fourth-largest iron ore miner took a hit to its full-year profit, which fell 40% to $6.20 billion, and slashed its final dividend from A$2.11 apiece declared last year to A$1.21 per share.

Energy stocks, too, showed weakness on mixed oil prices, falling 2.4%. Sector heavyweights Santos Ltd and Woodside Energy Group skidded 2.5% and 2.8%, respectively.

Financials skidded 2%, with all of the so-called "Big Four" banks trading in the negative territory.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index fell 0.57% to 11,542.5%.

Bucking the trend, shares of New Zealand's a2 Milk Co climbed 9.5% after posting a better-than-expected annual profit and forecasting a positive 2023.

(Reporting by Riya Sharma in Bengaluru; Editing by Rashmi Aich)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.21% 0.6809 Delayed Quote.-7.95%
BLOCK, INC. 2.07% 69.17 Delayed Quote.-58.04%
BRITISH POUND / US DOLLAR (GBP/USD) 1.52% 1.226 Delayed Quote.-11.71%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.17% 0.7441 Delayed Quote.-6.96%
EURO / US DOLLAR (EUR/USD) 0.95% 1.0521 Delayed Quote.-9.20%
FORTESCUE METALS GROUP LIMITED 2.99% 19.96 Delayed Quote.0.89%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.23% 0.01232 Delayed Quote.-8.77%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.89% 0.63688 Delayed Quote.-9.37%
S&P GSCI CLASS III MILK (USD) 3.14% 152.0881 Real-time Quote.-6.27%
S&P/ASX 200 0.96% 7354.4 Real-time Quote.0.00%
SANTOS LIMITED 0.41% 7.43 Delayed Quote.17.27%
THE A2 MILK COMPANY LIMITED 1.50% 6.75 End-of-day quote.13.83%
WOODSIDE ENERGY GROUP LTD -1.72% 36.65 Delayed Quote.70.04%
All news about FORTESCUE METALS GROUP LIMITED
11/30Australian shares jump after Powell signals slowdown in rate hikes
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11/29Australian shares fall; focus on Powell's speech, China data
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11/29Fortescue Metals : appoints new Chief Executive Officer for Metals Group
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11/29Australia's Fortescue taps Woodside veteran as CEO amid green energy push
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11/29Fortescue Names Ex-Woodside Executive Fiona Hick as Metals Group CEO -- Update
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11/29Australian shares close higher on China hopes
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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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11/25Australian shares end higher on hopes of slower Fed rate hikes
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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%
Chart FORTESCUE METALS GROUP LIMITED
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Fortescue Metals Group Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
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
Sector and Competitors
1st jan.Capi. (M$)
FORTESCUE METALS GROUP LIMITED0.89%40 000
VALE S.A.10.07%74 113
KUMBA IRON ORE LIMITED5.12%9 148
NMDC LIMITED-11.81%4 233
CSN MINERAÇÃO S.A.-42.58%4 041
BRADESPAR S.A.17.45%2 062