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Ferrexpo drops 9% after halting operations

10:18 AM 11 October 2022

Shares of Ferrexpo (FXPO.UK), a Ukrainian iron-ore miner listed on the London Stock Exchange, are dropping over 9% today following a decision to halt operations. Company said that it was forced to temporarily halt output due to a limited power supply following Russian missile strikes on Monday, which has damaged energy infrastructure among others. Ferrexpo, however, said that it has sufficient volume of products on hand to meet expected sales volumes.

A look at Ferrexpo chart at D1 interval shows that share price retested lows from the turn of September and October in the 1.12 area this morning. Stock may remain under pressure as Russia continues strike on Ukrainian critical infrastructure and extent of the damage is hard to quantify. 

Source: xStation5

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