Fortescue Ltd (ASX: FMG) is a global leader in the iron ore industry, known for its leading development of world class infrastructure and mining assets in the Pilbara region of Western Australia. Fortescue was founded in 2003 by Andrew Forrest, who is now one of Australia’s wealthiest people. The vast majority of Fortescue’s iron ore, a steel-making ingredient, is shipped and sold to Chinese customers.
Australian shares or the S&P/ASX 200 (INDEXASX: XJO) fell 0.6% on Monday despite opening positively, as commodity and energy prices fell across the board. The ASX 200 selloff in energy and materials finished at 5.1 and 4.6 per cent respectively, amid growing concerns about the outlook for the global economy.
The S&P/ASX 200 (INDEXASX: XJO) and All Ordinaries (ASX: XAO) just capped off its worst week since March 2020, falling 1.8 per cent on Friday and dragging the ASX200 down 6.6 per cent for the week. The 6.6 per cent fall in the ASX 200 followed a 4.2 per cent drop in the prior week which now has the index nearing a bear market.
The S&P/ASX 200 (INDEXASX: XJO) and All Ordinaries (INDEXASX: XAO) ended slightly higher on Wednesday despite the Liontown Resources Ltd (ASX: LTR) share price and Pilbara Minerals Ltd (ASX: PLS) share price taking a bath following concerns over lithium prices.
The S&P/ASX 200 (INDEXASX:XJO) shed 0.7% on Thursday as the Appen (ASX:APX) share price made headlines on takeover news.
The S&P/ASX 200 (INDEXASX:XJO) was weighed down on Tuesday by concerns that COVID-19 lockdowns have hurt economic growth in China.
The S&P/ASX 200 (ASX:XJO) gained 1% on Wednesday on the back of a 2.5% jump in the materials sector as Fortescue (ASX:FMG) made headlines.
The Fortescue Metals Group Limited (ASX:FMG) share price is under the spotlight after announcing leadership changes at the business.
The S&P/ASX 200 (ASX: XJO) finished up 0.8% on Thursday as ASX mining and energy shares, such as Whitehaven Coal (ASX:WHC), made headlines.
The S&P/ASX 200 (ASX: XJO) eased 0.2% on the first day of a new interest-rate environment as ANZ (ASX:ANZ) shares made headlines.
