Block trade reports spook Fortescue share price

Fortescue shares have slumped amid reports a $1 billion sell-down was afoot late on Monday, dragging down the Andrew Forrest-founded business’ share price by more than 4 per cent.

According to the Australian Financial Review, multinational bank JPMorgan was handling the sale of a big parcel of Fortescue shares going for more than a 6 per cent discount on the mining and energy company’s last traded price.

Any change in substantial shareholding will likely need to be disclosed to the ASX in the coming days once the reported transaction has settled.

Shares in Fortescue are already down more than 21 per cent since January, with the company embarking on several ambitious green energy projects as well as churning out iron ore from its anchor operations and revenue-driving mines in the Pilbara.

There’s also been a big spotlight on the series of exits at the company’s upper ranks. This most recently included the departure of Julie Shuttleworth. who had been a key figure in Fortescue’s energy division.

Chinese Premier Li Qiang is expected to visit Fortescue’s green hydrogen and battery-trialling site in Hazelmere on Tuesday, as part of a visit to WA this week.

At 11.56am AWST on the ASX, Fortescue shares were down more than 4.7 per cent to $21.89.