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Highlights:
- Fortescue shares are trading in red as it has turned ex-dividend today (5 September 2022).
- The company has determined to pay a dividend of AU$1.21 per share to its eligible shareholders on 29 September 2022.
Australian mining giant Fortescue Metals Group Limited’s (ASX:FMG) shares were spotted trading in the red zone on Monday afternoon (5 September). Fortescue’s share price stood at AU$16.37 per share after marking a loss of 4.825% at 1:15 PM AEST on ASX today.
In the last one year, Fortescue’s share price has marked a loss of almost 12%. Furthermore, on a YTD basis, the mining giant’s share price fell almost by 18% (as of 1:15 PM AEST on ASX today).
What is pulling down Fortescue’s share price on ASX today?
Usually, there are numerous factors which determine the share price movement of a stock on ASX. For Fortescue, the reason might be that the company’s shares have turned ex-dividend today.
The ex-dividend date is also known as the deadline for investors to buy shares of a particular company in order to be eligible to get its upcoming dividends. Investors who buy shares after the ex-dividend date do not qualify for getting a dividend.
Today is the ex-dividend date of Fortescue, which means that investors buying shares from today onwards won’t get its upcoming dividend. As a result, today, investors seem to be in mood of selling shares of Fortescue on ASX.
How much dividend is Fortescue paying?
The board of the mining giant has determined to pay a fully franked final dividend of AU$1.21 per share to its eligible shareholders based on its earnings in FY22. The dividend is expected to be paid to shareholders on 29 September 2022. It is to be noted that the ex-dividend date is 5 September 2022, and the record date is 6 September 2022.
Image source: © Viewimage | Megapixl.com
Other significant factors impacting Fortescue’s share price today:
One such significant factor that might have an impact on Fortescue’s share price movement on ASX could be the price of iron ore. Fortescue’s primary business is to deal with the production and selling of iron ore. As a result, the price of iron ore is crucial to the company’s business in terms of its earnings. Eventually, the change in iron ore prices also influenced the sentiments of investors. Therefore, the share price of Fortescue gets impacted by the upward or downward movement in the prices of iron ore.
Meanwhile, Iron ore futures fell slightly by 0.6% to US$95 per tonne as of Friday, 2 September 2022.
Another factor that usually affects the share price movement of ASX-listed companies is the sectoral performance. However, today the ASX 200 Materials sector has performed well on the ASX.
The S&P/ASX 200 Materials sector (INDEXASX:XMJ) was spotted trading 1.704% stronger or up by 257.5 points at 15369.1 points as of 2:00 PM AEST on ASX today.
