Business
Why the Fortescue (ASX:FMG) share price is storming higher today
The Fortescue Metals Group Limited (ASX: FMG) share price has started the week strongly.
In afternoon trade the iron ore producer’s shares are up 5% to $25.51.
This latest gain means the Fortescue share price is now up 120% since this time last year.
Why is the Fortescue share price charging higher today?
Investors have been buying Fortescue shares on Monday after a leading broker responded positively to its update at the end of last week.
That update revealed that Fortescue has been benefiting greatly from the sky high iron ore price.
So much so, the mining giant revealed that, based on unaudited management accounts, its net profit after tax for the month of December came to a whopping US$940 million.
To put that into context,…
-
General23 hours agoAustralia’s Diamonds defeat South Africa’s Proteas 65-42 in third netball Test
-
Noosa News20 hours agoFatal Traffic Crash, South Bingera
-
General22 hours agoBathurst 1000 quick hits: Chaz Mostert drinks beer with fans, Erebus owner protests, and drama on Mount Panorama
-
Noosa News16 hours agoTrucking company penalised for refusing to pay unfairly sacked worker