Fortescue Shares Are Getting Smashed

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Fortescue Metals stock is getting smashed on the Australia market following further falls in the price of iron ore.

The pure play iron ore miner is trading around $1.97, about 7.5% down. Earlier Fortescue was about 10% lower.

Iron ore was weaker by another 6% on Friday’s CFR China futures close.

On the local Australian market, the mining sector generally is down across the board.

BHP is down 2.62% to $28.61 and Rio Tinto 2.4% to $55.49.

Overall the market is 0.44% firmer, following a positive Wall Street where the S&P 500 index was up 0.3%.

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