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Fortescue Metals Group (FMG) $20.62

Iron ore producer FMG has held up well through 2023 but its reversed sharply after spiking up towards $24 when China fired its first stimulus barrel back in July. A forecast ~7.% fully franked yield over the next 12 months is very supportive but moving forward this will clearly be dictated by the strength of the Chinese economy.

  • We can see the current China-induced fears taking FMG below $20 over the coming weeks – they are due to report later this month
MM likes FMG in the current weakness
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Fortescue Metals Group (FMG)
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