14/10/2008 - 15:27

FMG's share price skyrockets 56%

14/10/2008 - 15:27

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Shares in Fortescue Metals Group Ltd have soared 56 per cent higher today, a turnaround from recent days where the share price has taken a hammering.

Shares in Fortescue Metals Group Ltd have soared 56 per cent higher today, a turnaround from recent days where the share price has taken a hammering.

The company added $1.58, or 56 per cent, to reach an intraday high of $4.40, before closing the day at $4.37. Nearly 25 million shares were traded.

The turnaround in the company's share price comes after FMG hit a low last Friday of $2.68, some four months after it achieved a high of $12.78 in June.

Today Australian stocks surged for a second consecutive day on the back of the federal government's $10.4 billion package aimed to stimulate the economy and ward off recession.

Yesterday the Pilbara miner reported sales at the end of September of $624 million - an increase of $432 million on the previous quarter.

Fortescue shipped its first ore to Chinese steel mills in May and had loaded 8.536 million tonnes onto 52 ships by the end of September.

The company said it expected to be operating at an annual production rate of 45 million tonnes by the end of the year before ramping up to 55 million tonnes from April 2009.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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