What a turnaround it’s been for Fortescue Metals Group over the past 12 months.
After hitting a low of $1.44 on January 27 last year, shares in the company have been ripping higher ever since, jumping by a further 2.72% at $7.17 on Tuesday to the highest level seen in six years.
From the lows of January 2016, they’ve now surged by an amazing 398%.
The chart below tells the story:
The turnaround in the miners share price mirrors the performance of iron ore markets over the same period.
From the lows struck in early December 2015, the spot price for benchmark 62% fines has now risen by over 140%, according to pricing from Metal Bulletin.
So the latter has clearly helped the former on that front.
Fortescue is expected to release its half-year results on Wednesday, February 22.
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