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Highlights
- Fortescue Metals share price is up over 2.5% today (15 June, 11:34 AM AEST).
- The Metals and mining sector index (XMM) is also up 0.27%.
- FMG share price is often influenced by the iron ore prices and the Aussie dollar rate.
The share price of iron ore giant, Fortescue Metals Group (ASX:FMG), is looking north today, up over 2.5%, to trade at AU$20.130 a share at 11:34 AM AEST. Lacking any new announcements on the ASX, FMG share price seems to be aligning to the metals and mining sector index (XMM), which is 0.27% higher.
FMG’s recent share price performance
Holding a market capitalisation of about AU$60.44 billion, Fortescue's share price is quoted in the 52-week price range of AU$13.900 to AU$26.580 apiece. However, in last five trading days FMG share price has lost more than 6%. While the company hasn’t issued any new price sensitive announcements on the ASX recently, the share price has tripped. A major influencer seems to be the iron ore price, which has been in the red since last few days.
Image Source © 2022 Kalkine Media®, Data Source-ASX
Since, Fortescue Metals is also an exporter of iron ore, another factor that seems to influence its share price is the foreign exchange rate.
Fortescue Metals’ share price has lost over 13% in last one year, while the Aussie dollar has also depreciated over the same time frame (AU$ to US$ rate). However, other factors like company announcements and global geopolitical affairs also might have caused share price movements for Fortescue .
How is Fortescue doing in production terms?
Meanwhile, in terms of operating performance, Fortescue Metals reported 10% increased iron ore shipments for Q3FY22 in comparison to same period last year. The average revenue realisation was also slightly higher. The company reported record shipments in the nine months to 31 March 2022.
Fortescue’s road ahead
In its latest announcement on the ASX, Fortescue has declared a few leadership changes to drive a green transition in its business. The company is planning to restructure its leadership board bringing in Andrew Forrest AO as the Executive Chairman of Fortescue Group, to oversee its iron ore business alongside the business transition. Fortescue is hoping to become a vertically integrated green energy and resources business in future.
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