Stocks of the Hour: Fortescue Metals, Iress & Macquarie Group

Iron ore giant Fortescue Metals (ASX:FMG) smashed record shipments for the June quarter exceeding their benchmark, thanks to commodity prices. The miner posted record results in their iron ore shipments spilling over its guidance by 0.1 per cent to 182.2 million tonnes for FY21. Looking ahead, the single commodity miner is looking bullish upgrading its outlook. Shares are trading 1.5 per cent higher at $26.19.

Trading platform provider Iress (ASX:IRE) knocked back an unsolicited takeover bid from private equity firm, EQT as they present to investors their plans to expand globally. The $2.4 billion giant has tabled growth strategies to dominate the superannuation and investment infrastructure space in the United Kingdom and announced a share buy-back of up to $100 million to start after their half-year results in August. Shares are trading 14.3 per cent higher at $14.30.

Macquarie Group (ASX:MQG) is looking to pour capital back into the business as they cut back on dividend payouts to “support business growth”. The bank flagged that they would taper back its dividend payout range from 50 to 70 per cent of net profit each year, down from their usual dividend policy of 60 to 80 per cent. Macquarie’s change to their payout came as it seeks to take advantage of “improved trading conditions”. Shares are trading 0.2 per cent higher at $157.02.

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Source: Finance News Network