Business
Here’s why the Fortescue (ASX:FMG) share price is edging lower
The Fortescue Metals Group Limited (ASX: FMG) share price is edging lower on Friday.
In morning trade, the iron ore giant’s shares are down 0.5% to $24.79.
Why is the Fortescue share price edging lower?
Investors have responded in a subdued fashion to Fortescue providing the market with guidance for the first half of FY 2021.
According to the release, Fortescue’s Chairman and founder, Dr Andrew Forrest AO, has recorded to a live audience the first ABC Boyer Lecture for 2021.
The release explains that the lecture includes a reference to Fortescue’s net profit after tax for the month of December. Which, based on preliminary unaudited management accounts, came to over US$940 million thanks to sky high iron ore prices.
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