The Fortescue Metals Group Limited (ASX: FMG) share price is having a good day’s trade on the ASX for no obvious reason.
In fact, the spot price of the company’s major commodity, iron ore, is flat at US$93.40.
At the time of writing, the Fortescue Metals share price is $15.95, 1.24% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.33% right now. The All Ordinaries Index (ASX: XAO) is also up, having gained 0.4%.
Let’s take a look at what’s going on with this ASX mining share today.
What’s driving the Fortescue share price?
While the Fortescue share price’s gains are unexplained, it isn’t alone in having a good day on the ASX.
Many of the company’s peers are in the green, boosting the S&P/ASX 200 Materials Index (ASX: XJM) higher in early trade.
Incitec Pivot Ltd (ASX: IPL) is one of the sector’s winners today. It’s posting a 5% gain on the back of its full-year results.
Meanwhile, Fortescue’s fellow iron ore giants aren’t fairing so well.
Right now, the BHP Group Ltd (ASX: BHP) share price is down 0.89%. Rio Tinto Limited (ASX: RIO) shares aren’t doing much better, showcasing a 0.55% tumble.
There’s been no news to explain Fortescue’s gains today. However, the company’s chair did appear in the media yesterday.
Fortescue chair Andrew ‘Twiggy’ Forrest was interviewed by Sydney Morning Herald columnist and author Peter FitzSimons on Thursday. The resulting conversation was published yesterday.
The interview focused on Fortescue’s moves toward producing green energy and hydrogen power in Australia.
FitzSimons’ interview (and Forrest’s condemnation of Australia’s diesel fuel rebate) was quickly critiqued by Australian Financial Review columnist Joe Aston.
Perhaps, the media attention might have shifted the market’s focus back onto Fortescue Metals’ green ambitions – expected to be realised through its subsidiary, Fortescue Future Industries.
Right now, the Fortescue Metals share price is 11% higher than it was this time last month. However, it’s still 32% lower than it was at the start of 2021.
The post Iron ore prices are flat, so why is the Fortescue (ASX:FMG) share price jumping higher today? appeared first on The Motley Fool Australia.
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More reading
- These were the best performing ASX 200 shares last week
- Why are ASX 200 resources shares booming again on Friday?
- Why Calix, Fortescue, Link, and Zip shares are jumping today
- ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition
- Fortescue (ASX:FMG) share price climbs 5% as iron ore rebounds
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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