Fortescue shares slump to 21-month low on $1.24bn discounted block trade
Shares of Australia's Fortescue fell more than 9% on Tuesday to hit their lowest levels in 21 months, after stocks worth A$1.9-billion ($1.24-billion) were sold in a discounted block trade overnight.
The stock declined as much as 9.2% to A$18.47, its lowest since November 2022, and looked set to mark its worst session since June 2022 amid weakness across the mining sector.
The stock was the top loser on the benchmark index, which fell more than 1% by 0119 GMT.
Fortescue shares were offered in a variable price range of A$18.55 to A$19.10 apiece, reflecting a discount of 8.8% to 6.1% to the stock's last close, a spokesperson for JPMorgan said without giving further details.
Fortescue declined to comment on the block trade, which was first reported by the Australian Financial Review.
A sale of about A$1.9-billion in Fortescue reflects around 3.2% of the shares on issue. Only four shareholders, including founder and chairperson Andrew Forrest, own 3% or more in the world's fourth-largest iron ore miner.
The other three shareholders are Valin Investments of Singapore, Capital Research Global Investors and Emichrome.
Fortescue shares have fallen more than 17% since the miner said on July 17 it was scaling back plans for a green energy transformation due to high energy prices.
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