The Fortescue Metals Group Limited (ASX: FMG) share price spent much of Friday outperforming before dipping into the red on the home stretch.
Stock in the iron ore giant started the day in the red before soaring â peaking at $20.73, 1.57% higher than its previous close.
That was despite the S&P/ASX 200 Index (ASX: XJO) tumbling over the course of the day following a brutal overnight session on Wall Street. Right now, the ASX 200 has dropped 0.53%.
Meanwhile, the Fortescue share price has sadly dropped into the red in late afternoon trade. Itâs down 0.49% at $20.31 at the time of writing.
What might have inspired the stockâs rollercoaster of a day? Letâs take a look.
Whatâs going on with the Fortescue share price today?
The Fortescue share price has been up, down, and all around today amid surging iron ore prices, strength in the materials sector, and recognition of its boss, billionaire Andrew âTwiggyâ Forrest.
The S&P/ASX 200 Materials Index (ASX: XMJ) was among the marketâs best-performing sectors for much of today. And while it has slipped into the red this afternoon, itâs still outperforming the broader market, down 0.34%.
The sector was buoyed as Singapore iron ore futures hit a six-month high. The steelmaking ingredientâs value surged amid reports from official Chinese media stating the nation will target economic growth by bolstering consumption and demand.
Meanwhile, Fortescue shares might have been front of mind today after the Australian Financial Review revealed Forrest has been included in its Business People of the Year list.
The publication wrote Forrestâs recent multi-billion acquisition of CWP Renewables, via his privately-owned Squadron Energy, cemented his place on the list.
The buy crowned the billionaire Australiaâs largest renewable energy investor, operator, and developer.
Todayâs moves included, the Fortescue share price is 2.5% higher than it was at the start of 2022. It has also gained 8% since this time last year.
The post Whatâs going on with the Fortescue share price on Friday? appeared first on The Motley Fool Australia.
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More reading
- Why is the Fortescue share price having another day to forget?
- Lithium, miners, and tech shares, oh my! Hereâs where Aussies put their ASX money in 2022
- Why Chalice Mining, Fortescue, Mincor, and Zip shares are dropping today
- Why is the Fortescue share price tanking on Tuesday?
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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 Scott Phillips.
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