Fortescue Declines to 3-Year Low as Iron Ore Falls: Sydney Mover
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Fortescue Metals Group Ltd., Australia’s third-biggest iron ore shipper, fell to the lowest in more than three years in Sydney trading as the price of the steelmaking material extended losses.
Shares of Fortescue, which today was cut to hold from buy at Royal Bank of Scotland Plc, dropped 8.5 percent to A$3.12, its lowest close since June 9, 2009. Smaller rivals including Atlas Iron Ltd. fell 4.8 percent, while Gindalbie Metals Ltd. plunged 11 percent.