Overshadowed by the general market weakness, FMG has announced a $500 million on-market share buy back plan earlier this week.
Once completed it will be 4 – 5% earnings accretive by 2020.
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Shares in FMG have risen over 6% since the announcement and we see the next significant price resistance level near the July 25th high at $4.60
Fortescue Metals Group
