Category: Stock Market

The Lake Resources N.L. (ASX: LKE) share price is charging into the green during afternoon trading on Monday.

At the time of writing, the lithium miner’s shares are swapping hands 11.29% higher at $1.04.

In broad market moves, the S&P/ASX 200 Materials Index (ASX: XMJ) is also up more than 180 basis points on the day.

What’s up with Lake Resources lately?

Investors have bid up Lake Resources shares today on no news. Despite this, there are various supportive factors in place.

Firstly is the price of lithium – it still trades near record highs, having held the fort over the past few months while most other commodity markets whipsawed.

It remains up 430% year on year. The reopening of Shanghai in China from lockdowns “prompted a 129% annual and 63% monthly surge in new energy vehicles sales during June,” Trading Economics says.

“The increase in turnover followed the rewarding of cash subsidies by local Chinese governments including Beijing, Shanghai, and Wuhan, for customers replacing petrol cars with new EV purchases,” it added.

Both of these moves have been accretive to the price of lithium these past few weeks.

Meanwhile, ASX materials and mining shares have caught a bid lately, surging back towards previous highs.

Judging from the chart below, which looks at the Lake Resources share price versus the ASX materials and mining benchmarks this year to date, strength and/or weakness in these sectors is resembled in the stock as well.

All three instruments are seeing some upside after finding a bottom in July. The question is then, where to next for the Lake Resources share price. In reality, only the market will decide.

Lake Resources share price snapshot

Lake shares have clipped a 57% gain in the past 12 months. Though most of those gains can be attributed to the last month.

While the Lake Resources share price has seen a gain of only 2.48% year to date, it has gained 28% in the last week and 48% in the last month.

The post Why is the Lake Resources share price leaping 11% today? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• Why did the Lake Resources share price lag the ASX 200 in July
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Here are the top 10 ASX 200 shares today
• Why are ASX lithium shares having such a top run on Wednesday?

Motley Fool contributor Zach Bristow 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small gain. At the time of writing, the benchmark index is up 0.1% to 7,024.3 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

Alliance Aviation Services Ltd (ASX: AQZ)

The Alliance share price is down almost 5% to $3.43. This follows the release of a fleet update by the airline operator this morning. Alliance has concluded a review on the Fokker 50 fleet and determined that customers overwhelmingly prefer jet aircraft rather than Fokker 50s on their charter services. As a result, the company will retire early and sell the turboprop fleet. This will result in a non-cash accounting write down of $12.1 million.

Aurizon Holdings Ltd (ASX: AZJ)

The Aurizon share price is down 3% to $3.91. This morning the rail freight operator released its full year results. Aurizon reported a 2% decline in net profit after tax to $525 million and a 24% decline in its final dividend to 10.9 cents per share.

Medical Developments International Ltd (ASX: MVP)

The Medical Developments International share price has sunk 18% to $1.96. This follows the completion of the healthcare company’s institutional placement this morning. Medical Developments International raised a total of $20 million. These funds were raised at a sizeable discount of $2.00 per new share. The company will now seek to raise $10 million from retail investors.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is down 4% to $11.14. Investors have been selling this insurance giant’s shares after its FY 2022 results fell short of expectations. Suncorp reported a 34% decline in net profit after tax to $681 million and declared a final dividend of 17 cents per share. This compares to consensus estimates of $699 million and 23 cents per share, respectively.

The post Why Alliance, Aurizon, MVP, and Suncorp shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Here’s why the Medical Developments share price is sinking 17% on Monday
• Aurizon share price slips as dividend cut by 24%
• Suncorp share price slides following softer-than-expected FY2022 results
• Suncorp share price on watch after FY22 profit falls 34%
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Medical Developments International Limited. The Motley Fool Australia has recommended Alliance Aviation Services Ltd., Aurizon Holdings Limited, and Medical Developments International Limited. 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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It’s been a tough year for the Seven Group Holdings Ltd (ASX: SVW) share price. Seven shares are now down a painful 20.2% year to date in 2022 thus far, not helped by the 0.56% the company has currently lost this Monday.

The S&P/ASX 200 Index (ASX: XJO) has not had a top year so far in 2022 of course. The ASX 200 remains down by more than 7.5% over this year so far. But the Seven share price has still performed far worse than that.

It’s even worse if we zoom out a little. Over the past 12 months, Seven shares have gone backwards by close to 27%. The company also remains around 15% from the all-time high of $24.55 that we saw back in August 2021.

So with all of these nasty falls under the belt, what might be next for the Seven share price. Is the diversified company a case of a falling knife, or a value investor’s dream?

Are Seven Group shares a buy today?

Well, according to one expert investor, it is unequivocally the latter. Joe Wright of Airlie Funds Management recently penned a piece for Livewire, in which he argued that Seven shares are currently going for “a price we believe is more than fair”.

Wright points to the fact that three of Seven’s key underlying businesses are quality businesses undervalued by the markets. They are Caterpillar dealer WesTrac, equipment renter Coates, and construction company Boral Limited (ASX: BLD).

Wright calls all three of these businesses “quality businesses that we believe are undervalued by the market”.

Let’s go through them.

Seven’s trifecta of growth?

So with WesTrac, Wright points out that it is the exclusive dealer of the heavy industrial vehicles maker Caterpillar in several states:

It’s the earnings visibility of WesTrac alongside the strong returns that come as a function of its privileged competitive position that make the business a standout for us in the mining services sector.

In Coates’ case, Wright says that it has scale, a trusted brand, management with an “exceptional track record: and top-notch operating metrics.” He also pointed out that Coates was able to double its earnings between 2015 and 2021 from $100 million to $212 million, even though it only increased its sales by $25 million:

It’s the strong track record of management, the market-leading position and a robust earnings outlook that makes Coates attractive to us as at Airlie.

Boral is an interesting one. The construction materials company is still listed on the ASX in its own right. But Seven has managed to amass a 70% stake in the company.

This, Wright says, forms “the majority of our Seven Group valuation”. He names Boral’s opportunity to lift margins as a reason to be bullish on this company, as well as Boral’s “extensive portfolio of surplus property”.

All in all, this is why Airlie’s Joe Wright is so bullish on the Seven Group share price at the moment. No doubt this will be music to shareholders’ ears. So let’s see what the first of 2022 brings for Seven Group shares.

The post Down 20% so far this year, why this ASX 200 share is now ‘incredibly compelling’: Airlie appeared first on The Motley Fool Australia.

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More reading

• Why is the Lake Resources share price leaping 11% today?
• Why Alliance, Aurizon, MVP, and Suncorp shares are dropping today
• Andromeda share price leaps 10% on ‘another significant milestone’
• Why Appen, Imugene, OZ Minerals, and Paradigm shares are charging higher
• Now’s the time to play defense if you have retirement on the horizon

Motley Fool contributor Sebastian Bowen has positions in Caterpillar. 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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The Andromeda Metals Limited (ASX: ADN) share price is lifting off on Monday amid a major announcement from the minerals exploration company.

Andromeda shares are currently trading 10.23% higher at 9.7 cents each after closing at 8.8 cents a share on Friday

Let’s look into why investors are buying up Andromeda’s stock today.

Why Andromeda shares are taking off today

The company announced another binding offtake agreement today, this time with Japanese porcelain manufacturer Plantan Yamada.

The multi-generational porcelain manufacturer will purchase 43,000 tonnes of Andromeda’s semi-refined kaolin concentrate from its Great White Kaolin Project over the first three years of its operation.

Significantly, the binding agreement is for a price above Andromeda’s feasibility study pricing.

The company’s Managing Director James Marsh said it was an important milestone for the company:

This Agreement with a multi-generational leading Japanese porcelain producer [is] yet another significant milestone for Andromeda and the Great White Kaolin Project. It is the second binding agreement for our initial Great White KCM 90 product and provides excellent support for the strategic decision to start with this in Stage 1 of operations. 

In July, the company signed an agreement with Asia Minerals Resources to supply 38,500 tons of halloysite-kaolin.

Andromeda also said it’s in negotiations with other undisclosed partners to finalise additional strategic offtake agreements.

The company’s Great White Kaolin Project is located in the Eyre Peninsula of South Australia with an estimated 34.6 metric tonnes worth of mineral resource deposits. 

Andromeda Metals share price snapshot

Despite today’s good news, the Andromeda share price is down 48% year to date and almost 40% over the last 12 months. 

As such, the company’s shares are significantly underperforming the S&P/ASX 300 Metals and Mining Index (ASX: XMM). It’s dropped 3.62% year to date and 12% since this time last year.

However, it’s been a good month for the company, with its shares gaining almost 30%. At the current share price, Andromeda’s market capitalisation is $298 million.

The post Andromeda share price leaps 10% on ‘another significant milestone’ appeared first on The Motley Fool Australia.

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• Andromeda Metals share price surges 15% on ‘significant milestone’

Motley Fool contributor Matthew Farley 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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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is trading relatively in line with the broader market despite the bank’s latest push to fund Australia’s energy transition.

It’s extended a $200 million funding program with the government’s Clean Energy Finance Corporation (CEFC), offering businesses cheap loans to finance activities designed to reduce carbon emissions.

The ANZ share price is $22.90 at the time of writing. That’s 0.22% lower than it was at Friday’s close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.09%. Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFJ) has slumped by 0.11%.

Let’s take a closer look at today’s news from the smallest ‘big four’ bank.

ANZ to help provide cheap funding for decarbonisation

The ANZ share price appears unfazed by the ASX bank’s latest move to help drive Australia’s decarbonisation transition.

As part of its program with CEFC, ANZ business customers will be able to receive a 0.5% discount on loans of up to $5 million to fund investment in activities designed to cut their emissions.

Such investments could vary from renewable energy to recycling technologies or electric vehicles.

The two entities will each contribute a 0.25% discount to make up the offer.

ANZ managing director of commercial and private banking Isaac Rankin commented on today’s announcement, saying:

We are seeing many of our customers are changing the way their businesses operate, moving towards a more sustainable future. Whether it be an electric truck or solar panels, we want to give Australian businesses access to finance, services, and advice to invest in equipment which will help them shift to low carbon business models and operations that put them on a path to net zero emissions.

ANZ aims to be the leading Australian and New Zealand-based bank when it comes to supporting customers’ transition to net zero.

CEFC CEO Ian Learmonth also commented:

Small to medium businesses are a critical part of Australia’s economy. As the cost of energy and other inputs continues to rise, it is important to help them access the benefits that renewable energy, battery storage, and energy efficient equipment can deliver. 

ANZ share price snapshot

The ANZ share price has been underperforming in 2022 so far.

It has fallen 18% since the start of the year while the ASX 200 has exhibited an 8% tumble.

Over the past 12 months, the bank’s stock has plunged 20%. Meanwhile, the index has dumped 7%.

The post ANZ share price unfazed amid bank’s latest move to finance decarbonisation appeared first on The Motley Fool Australia.

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More reading

• Here is the RBA interest rate outlook according to ASX 200 banks
• Guess how much ANZ shares have paid in dividends over the last 5 years
• ANZ share price best of bad bunch after pocketing extra $2.3b
• How are ASX 200 bank shares responding to the RBA rate increase?
• Is the ANZ share price an ASX banking buy for the next 12 months?

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 7,017.1 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Appen Ltd (ASX: APX)

The Appen share price is up 10% to $4.84. This morning the artificial intelligence data services company was the subject of a mixed note out of Citi. The broker has looked at the result of rival Telus and suspects that Appen is losing market share. However, it also feels that Appen could still be a takeover target.

Imugene Limited (ASX: IMU)

The Imugene share price is up almost 8% to 28 cents. This follows the release of new data from the non-small cell lung cancer patients in the Phase I IMPRINTER trial at the IASLC 2022 World Conference on Lung Cancer. The clinical stage immuno-oncology company revealed that it is seeing positive signals with correlative biomarker data at an early stage in its PD1-Vaxx Phase I trial.

OZ Minerals Limited (ASX: OZL)

The OZ Minerals share price has rocketed 35% higher to $25.55. This morning the copper miner revealed that it received and rejected a $25.00 per share non-binding takeover approach from mining giant BHP Group Ltd (ASX: BHP). The OZ Minerals board believes the offer undervalues the company.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm share price is up over 10% to $1.90. This follows news that the company is planning to present data from the open-label phase 2 study of pentosan polysulfate sodium (PPS) for mucopolysaccharidosis type I (MPS-I) at the 2023 ICLD meeting. Management will also provide an update on the ongoing multi-centre double-blind randomised phase 2 study comparing PPS to placebo in mucopolysaccharidosis type VI (MPS-VI) patients.

The post Why Appen, Imugene, OZ Minerals, and Paradigm shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• Why is the Appen share price jumping 10% on Monday?
• Why is the Paradigm Biopharmaceuticals share price up 12% on Monday?
• ASX copper shares explode by up to 34% following BHP takeover bid
• Why is the Copper Mountain share price surging 30% on Monday?
• The OZ Minerals share price is rocketing 35% after BHP bid

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Even with the current bear market and fears of a recession, that doesn’t mean you have to abandon stocks entirely, but you should reconsider which types of stocks you own. Small-cap stocks may offer higher return potential, but they’re also way more susceptible to volatility and carry more risk. Mid-cap stocks can often fill that sweet spot — small enough to have room for growth but large enough to weather periods of economic weakness.

Many things in life follow a high-risk, high-reward system but few more so than stock investing. There are no guaranteed returns, and there’s always a chance you could lose a lot of your investment over a short period of time. There are “safe” stocks that offer a greater degree of stability in the long run, but even then, historical performance does not guarantee future results.

Investments like bonds and certificates of deposit (CDs) typically carry less risk, but as a result, their returns may not even be high enough to keep up with inflation, much less provide decent long-term growth. Conventional investment wisdom tells us that in our younger years, we should be comfortable taking on more risk (investing in stocks) to grow our wealth rather than playing it safe (holding bonds, CDs, or cash) and risk falling short of our savings goals for retirement.

But this guidance only applies when you have time on your side to ride out market volatility. Unfortunately, that’s just not the case when you’re close to retirement. With so much uncertainty in the stock market and economy right now, if you have retirement on the horizon, here’s why it’s time to play defense.

You don’t have to ditch stocks

A few decades later, with retirement on the horizon, the above scenario may pose more risk than they want to take on. Instead, their portfolio has gradually evolved with the allocations below:

But as you near retirement, you typically want small-cap and mid-cap stocks to make up less of your portfolio, instead letting large-cap and blue-chip stocks lead the way. Large-cap stocks will be even more stable than mid-cap companies, though that comes at the cost of reduced growth potential. Blue-chip stocks are well established, household names that have stood the test of time as leaders in their industries.

How your stock portfolio might be broken down

You want your overall investment portfolio to become more conservative as you near retirement — more bonds, CDs, cash, etc. — but you want to reallocate the stock portion of your portfolio as well. Remember, though: Just because your focus switches to defense doesn’t mean you have to quit playing offense altogether. To illustrate, someone in their 30s might break down their stock holdings as follows:

• Large cap: 50%
• Mid cap: 15%
• Small cap: 15%
• International: 20%
• Large cap: 70%
• Mid cap: 5%
• Small cap: 5%
• International: 20%

That’s just enough exposure to small-cap and mid-cap stocks that they reap some of the benefits from the greater growth potential, but it’s also small enough that in a down market like the one we’re experiencing in 2022, any losses are unlikely to have an outsized impact on their portfolio or set their retirement plans back tremendously. Any financial setback can be scary, but not all financial setbacks are created equal. By playing defense closer to retirement, you can help ensure your decades of hard work and saving aren’t thrown off by a single bear market.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Now’s the time to play defense if you have retirement on the horizon appeared first on The Motley Fool Australia.

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More reading

• 4 key traits Warren Buffett uses to pick the best stocks
• Why is the Paradigm Biopharmaceuticals share price up 12% on Monday?
• What are you getting when you buy Wesfarmers shares on the ASX today?
• The OZ Minerals share price is rocketing 35% after BHP bid
• Is the Northern Star share price on the way back up?

Stefon Walters 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Arafura Resources Ltd (ASX: ARU) share price is making up some lost ground today.

Shares in the ASX rare earths explorer and near-term producer closed on Friday trading for 28 cents per share and are currently trading for 30 cents, up 9%.

This comes following a 15.6% drop on Friday.

What have ASX investors been considering?

The Arafura share price came under selling pressure on Friday after the mine emerged from a trading halt in the wake of its capital raising announcement.

The miner announced a placement of 156.7 million new shares at an issue price of 26.5 cents to raise $41.5 million.

Before entering the trading halt, Arafura shares closed at 32 cents on Tuesday, 17.2% higher than the new share issue price. Hence Friday’s sell-off.

Today investors are bidding up shares, perhaps taking into account that the miner said it will use the funds to help accelerate the completion of its Nolans Project, located in the Northern Territory.

The miner says that Nolans, which is under development, has the potential to supply “a significant proportion” of global neodymium and praseodymium (NdPr) demand. Some of the new funds will also be deployed to increase Arafura’s capacity to secure neodymium oxide as part of the project.

Arafura share price snapshot

Despite some big ups and downs, the Arafura share price remains up 127% over the past 12 months. That compares very favourably to the 7% full year loss posted by the All Ordinaries Index (ASX: XAO).

The post Arafura share price rebounds 9% following last week’s sell-off appeared first on The Motley Fool Australia.

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More reading

• Why did the Arafura share price plunge 19% today?
• Why Amcor, Arafura, Block, and Janus Henderson shares are dropping
• Why has the Arafura share price jumped 25% so far in July?

Motley Fool contributor Bernd Struben 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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The Woodside Energy Group Ltd (ASX: WDS) share price is back with a bang after a mostly downhill run last week. And its rebound likely has the same instigator as its recent falls – oil prices.

The Woodside share price is $31.66 at the time of writing. That’s 1.77% higher than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.01% while the S&P/ASX 200 Energy Index (ASX: XEJ) has lifted 1.26%.

Let’s take a closer look at what’s going on with the ASX 200 oil producer on Monday.

What’s driving the Woodside share price today?

The Woodside share price is lifting on Monday, likely on the back of rising oil prices.

On Friday, Australia woke up to news oil prices had continued their recent falls to reach their lowest point since Russia invaded Ukraine.

But the commodities’ value picked back up after the Australian market closed on Friday.

The Brent crude oil price lifted 0.8% to US$94.92 a barrel in the final session of last week while US Nymex crude oil price rose 0.5% to US$89.01 a barrel.

It’s worth noting that, despite the gains, they still ended 13.7% and 9.7% lower week-on-week.

Comparatively, the Woodside share price got off relatively unscathed. It fell just 2.7% over the course of last week.

And investors will be glad the stock still has a long way to fall before it reaches the long-term red. It’s currently 44% higher than it was at the start of 2022 and almost 44% higher than it was this time last year.

Meanwhile, the ASX 200 has fallen 8% so far this year and 7% over the last 12 months.

The post Why is the Woodside share price having such a strong start to the week? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Monday
• Sick of high petrol prices? Then buy this ASX share: analyst
• Why is the Woodside share price in a slump on Friday?
• 5 things to watch on the ASX 200 on Friday
• Which ASX 200 shares will prove to be dividend heavyweights this earnings season?

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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Following Friday’s 2.72% gain, the Fortescue Metals Group Limited (ASX: FMG) share price is climbing to an 8-week high today.

This comes despite the iron ore mining magnet not releasing any price-sensitive announcements since its quarterly report in late July.

At the time of writing, Fortescue shares are in the green by 4.24% to $18.91.

Wobbling iron ore prices? No worries for Fortescue

Investors are continuing to bid up the Fortescue share price regardless of iron ore prices tumbling of late.

Currently, the steel making ingredient is fetching for US$111.50 per tonne – a decline of 0.5% from Friday’s trading session.

It appears that iron ore prices are seesawing by lingering concerns regarding a potential global recession and China’s property crisis.

In addition, the recent tensions between the United States and China over Taiwan haven’t helped either.

However, even though Fortescue is closely tied with the movement of iron ore prices, a broader uplift in the sector is providing strong support.

The S&P/ASX 200 Resources Index (ASX: XJR) is up 1.54% to 5,309.6 points.

Shares in other miners, BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are up 0.18% and 1.71%, respectively.

Fortescue boasts one of the lowest costs positions to produce iron ore with C1 costs averaging US$15.91 per wet metric tonne.

Even if the steel making ingredient heads considerably lower, the company will still be churning out a healthy profit.

You might want to keep an eye out on 29 August when Fortescue is scheduled to report its FY22 results.

Fortescue share price snapshot

A volatile 12 months brought on by COVID-19 and depressed iron ore prices led the Fortescue share price to drop 18%.

Although, year-to-date has been far better despite the current external market challenges, down 2%

Fortescue has a price-to-earnings (P/E) ratio of 4.32 and commands a market capitalisation of roughly $55.85 billion.

The post What’s driving the Fortescue share price to an 8-week high today? appeared first on The Motley Fool Australia.

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More reading

• The iron ore price has slumped 10% in 5 days. Here’s how ASX 200 mining shares have responded.
• Up 5% in a month, is the current Fortescue share price a buy or a sell?
• ‘World’s greatest concern’: Can Fortescue really help the planet AND its profit margin?
• Is the iron ore price entering a bear market?
• Why Appen, Credit Corp, Fortescue, and Santos shares are dropping

Motley Fool contributor Aaron Teboneras 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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