Business
An important lesson from today’s Fortescue (ASX:FMG) share price
Fortescue Metals Group Limited (ASX: FMG) shares did not have a pleasant day today. At the close of trading, the Fortescue share price has fallen 4.25% to $19.16 a share.
It was worse earlier in the day though. At around midday, Fortescue shares were down more than 5.5% when a low of $18.87 a share was hit.
Today’s move represents the latest chapter in what has been a rapid wind change for Fortescue. It was less than a month ago that this company was commanding a share price of $25.24 a share, meaning Fortescue has dropped 24% since 25 February.
As my Fool colleague reported this morning, it is concern over a falling iron ore price that seems to be weighing Fortescue down.
But let’s look at the bigger picture for a moment. The…
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