Australian iron ore producer Fortescue rallied on Monday as it tripled its full-year dividend after improved iron ore prices boosted annual earnings.
Fortescue lifted its full-year dividend to $0.45 from $0.15 in 2016 as it reported net profit of $2.1bn in the twelve months to June, up 112 per cent on the same period last year.
The company said that in November 2016 it became the lowest cost provider of seaborne iron ore to China and provides 17 per cent of the country’s seaborne iron ore.
Fortescue shares jumped as much as 6.7 per cent in Sydney on Monday morning. The benchmark S&P/ASX 200 was down 0.6 per cent.
Source: www.ft.com
