Closing Bell 7th September: Mining Giants Face Declines Amidst Falling Iron Ore Prices

the materials sector experiencing the most significant decline. Major mining companies such as Fortescue Metals, BHP, and Rio Tinto have all seen a drop of over 1%. This decline aligns with the falling iron ore prices, which are currently priced at $US113.75 a tonne, a decrease from $US116 earlier in the week. In corporate updates, AMA Group shares plummeted by 47% following the conclusion of their $55 million equity raise. The shares were priced at 7.5¢, a notable 37.5% discount from the 12¢ price on August 30. Meanwhile, Orora shares have continued their downward trend, dropping by 2.9%. This decline comes after the company’s $1.3 billion equity raise intended to finance the acquisition of France’s Saverglass. Orora’s shares have decreased by 17.8% this week.

Platnium Fund Redemptions

Platinum Asset Management reported a net fund outflow of $912 million in August, coinciding with the resignation of CEO Andrew Clifford. By the end of August, their funds under management stood at $16.7 billion, down from $17.8 billion in July. Broker Barrenjoey criticized the company’s performance, setting a share price target of $1, down from its last closing at $1.37.