Fortescue slumps to near 8-month low on reports of $727 mln block sale

American Coastal Insurance

18/06/2024 03:30

** Shares of Australian iron ore giant Fortescue Ltd
 FMG.AX  slumps as much as 5.5% to A$21.720, their lowest level
since Oct. 25, 2023
    ** FMG top loser in the ASX 200 benchmark index  .AXJO 
    ** The Australian Financial Review (AFR) reports an
institutional investor has sold stake worth A$1.1 bln ($727.10
mln) in a block trade
    ** Report adds JP Morgan was appointed as the bookrunner;
shares were offered to fund managers for A$21.60 apiece -
discount of 6% to FMG's last close of A$22.980
    ** More than 61.6 mln shares change hands, vs the 30-day
average of nearly 4.6 mln shares - a whopping 13.4 times the
monthly average
    ** Neither FMG nor JP Morgan immediately responded to a
Reuters request for confirmation
    ** FMG down 20.8% this year, as of last close


($1 = 1.5129 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))