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ASX Top 200 Stocks Down Under 10 May 2021: Fortescue Metals Group, Woodside Petroleum, Xero Ltd
Fortescue Metals Group: Declining iron ore price forecast looms large
In today’s edition of ASX Top 200 Cap Stocks Down Under, Since we last wrote about -based Fortescue Metals Group on 2 March 2020, the miner’s share price dug itself out of its pandemic low and climbed to a record high above $25. It has since declined approximately 20% with the market deciding the iron ore producer was in the smelter for too long. We think there may be more downside to come based on an unfavourable long-term outlook for iron ore prices.
Also in today’s edition, a look at oil and LNG producer Woodside Petroleum (ASX: WPL) and accounting software developer Xero Ltd (ASX: XRO).
Click here to read the previous edition of ASX Top 200 Stocks Down Under published 3 May 2021