Australian mining-boom poster boy Fortescue pulls out of its downward spiral, soaring 11.5% in...

|About: Fortescue Metals Group Ltd (FSUMF)|By:, SA News Editor

Australian mining-boom poster boy Fortescue pulls out of its downward spiral, soaring 11.5% in Sydney last night amidst chatter about equity raises and/or asset sales. Commonwealth Bank suggests a deeply discounted rights offering is the best of a tough set of choices. Short a recovery in iron ore prices, UBS pegs fair value for the shares at A$2 (vs. close of $3.31). (previous)