Business
Here’s why the Fortescue (ASX:FMG) share price sank 8% today
The S&P/ASX 200 Index (ASX: XJO) ended its winning streak on Wednesday by dropping 0.85% to 6,714.1 points.
While a good number of shares dropped lower with the index, the worst performer by some distance was the Fortescue Metals Group Limited (ASX: FMG) share price.
The iron ore producer’s shares ended the day a disappointing 8% lower at $20.33.
Why did the Fortescue share price sink 8% on Wednesday?
Investors were selling Fortescue’s shares on Wednesday following a sharp decline in the iron ore price overnight.
According to CommSec, the spot iron ore price lost US$10.55 a tonne or 6.1% of its value to close the session at US$163.60 a tonne.
This didn’t just weigh on the Fortescue share price, it also hit the shares of BHP…
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