FMG ASX Faces Severe Decline as Shares Fall to Near Two-Year Low
FMG ASX Struggles in Tumultuous Market Conditions
The recent downturn in FMG ASX is alarming as shares in Andrew Forrest’s Fortescue nosedive to nearly two-year lows. This drastic decline follows a steep fall in iron ore prices, which have now dipped below $US100 a tonne. With FMG shares falling nearly 9 percent to $16.11, this puts them far below their 2024 peak of $29.95.
Impact of Broader Market Trends
- Fortescue was the worst-performing company on the ASX200 this morning.
- Fellow companies like BHP and Rio also experienced declines, with 1.8 percent and 2 percent drops respectively.
- The broader ASX200 index fell almost 2 percent due to a tech rout in the US markets.
Concerns of Reduced Demand
Investors are cautious due to disappointing Chinese manufacturing and property data, which have raised concerns about the potential for recovery in demand for iron ore. This reflects a worrying trend not only for FMG ASX but for the mining industry as a whole.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.