Fortescue Metals (ASX: FMG) has received an ASX price and volume 'speeding ticket' after the company's shares jumped 5.5% intra-day today to $4, on increased volume.
Fortescue replied to the ASX stating:
'The company is in incomplete discussions with BC Iron (ASX: BCI) in relation to the partial sale of an interest in the Nullagine joint venture that is not considered material to Fortescue.'
Fortescue also pointed to an overnight increase in iron ore prices and rebar futures in excess of 2% that has seen strong increases in other iron ore stocks, and said that it is not aware of any other explanation for the recent price change.
Fortescue has continued to rise following the ASX query, and last changed hands at $4.03.
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