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FORTESCUE METALS GROUP LIMITED

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Delayed Australian Stock Exchange  -  02:10 2022-08-15 am EDT
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Australian shares unchanged ahead of cenbank expected 50 bps rate hike

07/04/2022 | 09:06pm EDT

July 5 (Reuters) - Australian shares drifted within a tight range on Tuesday as investors took a cautious stance ahead of a Reserve Bank of Australia (RBA) meeting where investors are widely expecting a rise in the key cash rate by half a percentage point.

The S&P/ASX 200 index was up about nine points at 6,622.00 by 0050 GMT. The benchmark had gained 1.1% on Monday.

The RBA is likely to raise its key policy rates by 50 basis points, according to a Reuters poll, in an effort to temper down inflationary pressures, matching the U.S. Federal Reserve's 75 basis point hike in mid-June. "We look for the RBA to repeat June's comment that the board expects to take further steps in the process of normalising monetary conditions," analysts from Australia and New Zealand Banking Group said in a research note.

The Australian central bank's policy meeting outcome is due at 0500 GMT on Tuesday.

Energy stocks strengthened 1% as concerns of a tightening supply of crude outweighed fears of a looming global recession, with sector heavyweights like Woodside Energy and Santos Ltd climbing 1.3% and 1% respectively.

Miners rose 0.8% despite a fall in iron ore prices.

Index majors like Fortescue Metals Group and BHP Group Ltd gained 0.4% and 0.5% respectively.

Separately, Guinea's government has ordered all work related to the Simandou iron ore mine project — in which Rio owns about 4% stake — to be halted after parties involved in the project missed a deadline to agree on a joint venture.

Financials were the laggards for the day, with three out of the "Big Four" banks dropping 0.9%-1.3%.

Domestic technology and healthcare shares rose 1.5% and 0.7%, respectively.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index was flat. (Reporting by Archishma Iyer in Bengaluru; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED 0.23% 38.92 Delayed Quote.-6.43%
FORTESCUE METALS GROUP LIMITED 1.00% 19.13 Delayed Quote.-1.41%
S&P/ASX 200 0.45% 7064.3 Real-time Quote.-5.54%
SANTOS LIMITED -1.11% 7.1 Delayed Quote.13.79%
WOODSIDE ENERGY GROUP LTD -0.43% 32.63 Delayed Quote.49.43%
All news about FORTESCUE METALS GROUP LIMITED
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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 41 390 M 41 390 M -
EV / Sales 2022 2,45x
EV / Sales 2023 2,66x
Nbr of Employees -
Free-Float 50,9%
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Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 13,45 $
Average target price 11,68 $
Spread / Average Target -13,2%
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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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