The Hazer (ASX:HZR) share price is having a bad day but it’s still up 50% in a month

A smiling woman sits in a cafe reading a story on her phone about Rio Tinto and drinking a coffee with a laptop open in front of her.

The Hazer Group Ltd (ASX: HZR) share price is wobbling in and out of the green today. Fortunately, it’s still sporting its recent gains.

At the time of writing, the Hazer share price is $1.68, flat with its previous close.

That leaves the creator of hydrogen and graphite-producing technology‘s gains for the last 30 days at 54%.

While there’s been no price-sensitive news from Hazer in the last 30 days, there have been several happenings that might have piqued the market’s interest.

Let’s take a look at what might have driven Hazer’s shares lately.

Hazer’s great month on the ASX

The Hazer share price has taken off over the last month, seemingly alongside the market’s interest in hydrogen.

This time last month, many shares in the ASX hydrogen sector were boosted when 2 Australian states released plans to kickstart a green hydrogen industry. Green hydrogen is that which is created using only renewable energy.

First, the Queensland government teamed up with Fortescue Metals Group Limited‘s (ASX: FMG) subsidiary Fortescue Future Industries to build a hydrogen equipment manufacturing centre.

Then, days later, New South Wales announced a $3 billion green hydrogen strategy.

The Hazer share price gained 9% on the day the Queensland-based plan was announced and was boosted another 24% when New South Wales released its strategy.

On 18 October, the market’s excitement for Hazer’s stock was renewed when the company released its quarterly activities report.

Finally, the Hazer share price gained 0.9% on Monday amid the announcement of the Australian Government’s Future Fuels and Vehicles Strategy.

The strategy includes providing additional funding for hydrogen refuelling infrastructure. Thus, it could help to increase the uptake of hydrogen-powered vehicles.

Hazer share price snapshot

Including its strong month’s performance, Hazer’s stock has gained 112% year to date.

It has also gained 162% since this time last year.

The post The Hazer (ASX:HZR) share price is having a bad day but it’s still up 50% in a month appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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