ASX copper shares have broadly outperformed the market, spurred on by soaring copper prices.

Copper hit all-time highs last month, trading for US$10,417 (AU$13,355) per tonne on 7 May.

Prices have retraced a touch since then, down 1.7% to US$10,245 at time of writing.

That decline has largely been blamed on China’s attempts to put a lid on soaring commodity prices, including iron ore. Talk that the US Fed may begin to wind down its quantitative easing (QE) program also dragged on investor sentiment.

Nonetheless, the red metal has gained 114% since 27 March 2020, when it traded for US$4,790 per tonne following the pandemic driven global asset fire sale.

Why is copper at near all-time highs?

Demand for the red metal has grown rapidly as the world emerges from a lengthy lockdown and nations turn to infrastructure spending to stimulate their economies. Copper is used in all sorts of construction work, from plumbing to roofing to electric wiring.

Speaking of electric wiring, it’s copper’s high conductivity that looks to really see demand ramp up as the globe attempts to decarabonise its power sources and increasingly turns to electric vehicles. EVs use roughly 4 times as much copper as combustion engine cars. And copper is also in high demand for the roadside charges you’ll find them hooked onto.

Richard Adkerson, the CEO of United States’ based copper mining giant Freeport-McMoRan Inc, calls the long-term outlook for copper demand “extraordinarily strong”.

At the same time, he notes that the copper supply is quite restricted, with new discoveries far and few between.

Speaking to Bloomberg television, Adkerson said:

There’s no shale oil for copper. Unlike the oil industry, where you have an ongoing flow of discoveries and now with a new element of shale coming in, copper mines of size are very rare to find.

How have these 2 ASX copper shares performed?

All kinds of factors will determine the returns from ASX copper shares, including management, their debt levels, and how much it costs them to dig the red metal from the ground.

But undoubtedly higher prices offer ASX copper shares a welcome lift.

Oz Minerals Limited (ASX: OZL) shares, for example, are up 271% since copper’s low on 27 March 2020. The Sandfire Resources Ltd (ASX: SFR) share price is up 130% since the low.

By comparison, the S&P/ASX 200 Index (ASX: XJO) has gained 49% in that same time.

And both ASX copper shares have continued to do well in 2021.

Sandfire’s shares have gained 31% year-to-date, while OZ Minerals’ shares are up 36% in the calendar year.

More reading

• What has been happening with ASX copper shares?
• The ASX shares poised to benefit from new spending in the 2021 federal budget
• The ASX miners caught in the FOMO trade as copper smashed record highs
• Brokers say “buy” these 3 ASX shares even as they trade near 52-week highs
• Broker sees upside for these ASX 200 mining shares

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The Nanosonics Ltd (ASX: NAN) share price struggled in May.

During the month, the healthcare technology company’s shares shaved off 8%.

What happened to the Nanosonics share price in May?

Unfortunately for Nanosonics’ shareholders, weakness in the healthcare sector broadly doesn’t appear to be the fault. In fact, the S&P/ASX 200 Health Care Index (ASX: XHJ) outpaced the broader market, delivering a return of 3.5% in May. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) climbed 1.9%.

The disappointing month for Nanosonics might be due to the absence of catalysts. During May, the only announcements from the company pertained to a change in director’s interests. CEO, Michael Kavanagh exercised his performance rights to acquire 342,735 shares in Nanosonics.

Without any new information, investors could still be focusing on the decrease in first half revenue. Total revenue for H1 FY21 fell 11% year-over-year following a reduction in purchases by GE Healthcare due to COVID-19.

Looking forward

While the first half looked to be challenging for the company, it instilled confidence for the second half. Further vaccination rollouts and improved access to hospitals formed the basis of the optimistic outlook.

Referring to Nanosonics’ second half expectations, Mr Kavanagh said:

Based on current market improvements the company is anticipating ongoing growth in total revenue and profitability into the second half, driven by increasing installed base growth and increased usage of consumables across all regions.

However, this statement was made back in February. Since then, Australia has suffered vaccination rollout issues and additional lockdowns. This has potentially made investors uneasy regarding a second-half rebound.

Healthcare shares that had a better month

May was a good month for the large-cap ASX-listed healthcare shares. For example, CSL Limited (ASX: CSL) added 7% as data indicated a rise in foot traffic at plasma collection centres. Furthermore, Hearing device maker Cochlear Ltd (ASX: COH) rose 2% during May, with Macquarie analysts giving it a $245 price target.

Will June be a better month for the Nanosonics share price, or will the large-cap trend continue? Shareholders will be watching eagerly.

More reading

• The ALS (ASX:ALQ) share price gained 17% in May. Here’s why
• How did the CSL share price fare in May?
• ASX 200 up 0.65%: BHP & Rio higher, energy shares jump
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 drops, Nine rises and Centuria Industrial REIT falls

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Shares in Betmakers Technology Group Ltd (ASX: BET) plummeted 24% since the company announced its interest in acquiring the Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business on Friday.

The Betmakers share price has gained some lost ground this morning, and is now trading at $1.14, up 2.7% today.

What’s the plan?

According to Betmakers’ indicative proposal, Tabcorp would receive $1 billion in cash and $3 billion in BetMakers shares. The number of shares on offer has not been determined. Once the initial cash payment is made, the remainder would be determined when the deal was signed and priced at a 15% premium to the traded price. 

As it now stands, the sudden decrease in the Betmakers share price would mean Betmakers would likely have to issue more shares to fund the deal.

We take a look at the market reaction.

‘Proceed with caution’, commentators say

Gabriel Radzyminski from investment firm Sandon Capital questioned the value Betmakers would bring to Tabcorp. In an interview on Friday with the Australian Financial Review (AFR), he urged Tabcorp shareholders to consider that the value of the Betmakers share price may not reflect the true value of the company.

The reality is with a company at the stage of BetMakers’ development, that is a challenging assessment for Tabcorp shareholders to make.

Matt Williams, portfolio manager at Tabcorp shareholder Airlie Funds Management, also urged shareholders to evaluate the Betmakers share price.

In an interview with the Sydney Morning Herald (SMH), Williams asked stakeholders to consider whether they thought BetMakers’ shares were fairly valued.

A headline in the AFR today described the Betmakers takeover proposal as ‘audacious’. The article referred to the degree of difficulty for a small company with a market capitalisation of $897.54 million to digest the much larger Tabcorp, which has a market cap of $11.35 billion.

The bull case 

The architect of the deal is Betmakers CEO Matt Trip. He cites many opportunities for Tabcorp shareholders, one being Betmakers’ growing presence in international markets. Tripp said in Friday’s release:

Building on BetMakers’ success to date, the combined entity would be a compelling investment proposition as one of the most broadly deployed global racing networks in the market. We are uniquely placed to pursue commercial opportunities globally, and in particular, in the United States.

According to the proposal, Tripp also promises a technology upgrade that would introduce a second brand to allow punters to bet in sports instead of just horse racing. According to Tripp, this would revive Tabcorp’s wagering arm.

Tripp has had the runs on the board when it comes to the wagering industry, having helped turn Sportsbet into the country’s second largest bookmaker behind Tabcorp and then partnered with Crown Resorts to set up Bet Easy.

“I am happy with the bid and where we’ve landed. It’s a real win for shareholders every way I look at it,” he told AFR Weekend.

Tabcorp has acknowledged the proposal, but has yet to respond.

More reading

• ASX 200 down 0.5%: A2 Milk rises, Woolworths completes Quantium transaction
• News Corp (ASX:NWS) share price slides amid FOX Bet rumours
• Why BetMakers, CSR, EOS, & Fisher & Paykel Healthcare are tumbling
• Why Inghams, Latitude, Rio Tinto, & Tabcorp shares are charging higher
• ASX 200 up 1.1%: Tabcorp receives $4bn offer, KKR wants Link’s PEXA business

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May was an exciting time for Ampol Ltd (ASX: ALD) share price, which gained 11.5% over the course of the month.

The fuel and convenience brand’s shares were driven by the Federal Government’s announcement of a new Fuel Security Package (FSP) and a decarbonisation strategy.

Let’s take a look at the month that’s been for the Ampol share price.

What got the Ampol share price powered up in May?

Fuel Security Package

The FSP is being implemented to protect Australia’s two remaining oil refineries, one of which is Ampol’s Lytton refinery.

Upon receiving the news, Ampol committed to keeping the Lytton refinery open until 2027 – a condition of receiving FSP funding.

The FSP will see the refineries receiving government support if their margin of profit falls to, or becomes lower than, $10.20 per barrel of oil.

The Federal Government will also be providing grants of up to $125 million. The grants are designed to help pay for the upgrades needed for Ampol to produce ultra-low sulphur gasoline.

Additionally, annual variable support payments of up to $108 million are on offer. These are to help Ampol operate the refinery through times of low income.

On the day the FSP was announced, the Ampol share price closed 6% higher than it had the previous session.

Decarbonisation strategy

Ampol also announced a comprehensive decarbonisation strategy in May. The company’s strategy involves multiple partnerships and a goal to source 50% of its energy needs from renewables by 2030.

As part of the strategy, Ampol will partner with Tesla Inc (NASDAQ: TSLA) to build Tesla virtual power plants – a network of solar panels and Tesla Powerwall battery systems – at 3 Ampol retail sites.

The partnership will mean Ampol can generate, store, and use solar power across its sites and potentially integrate fast electric vehicle charging to its service stations nation-wide

Ampol will also partner with an unnamed Australian company to develop hydrogen energy solutions to compete with diesel generators – giving Ampol’s customers a low carbon diesel option.

Additionally, the company will be installing a green hydrogen production plant at the Lytton refinery.

Ampol has also created 3 emissions reduction goals. These will increase over the coming years.

Initially, the company aims to have 40% of its operations powered by renewable energy by 2025. It also plans to reduce its convenience retail’s emissions by 25% and its fuel and infrastructure’s emissions by 5% by 2025.

By 2040 Ampol aims to have zero net scope 1 and scope 2 emissions.

Ampol share price snapshot

Its good performance through May has put the Ampol share price back into the ASX green.

Currently, the Ampol share price is 0.74% higher than it was at the beginning of 2021. It’s also gained 3.22% since this time last year.

The fuel company has a market capitalisation of $6.8 billion, with approximately 238 million shares outstanding.

More reading

• The Ampol (ASX:ALD) share price is rising on Tesla partnership news
• Latest 2 ASX shares to be upgraded by brokers to “buy” today
• Federal support package targets Ampol (ASX:ALD) and Viva (ASX:VEA)

The post Here’s why the Ampol (ASX:ALD) share price gained 11.5% last month appeared first on The Motley Fool Australia.

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The ALS Ltd (ASX: ALQ) share price was one of the S&P/ASX 200 Index (ASX: XJO)’s best performers of last month. Shares in ALS ended May 17.4% higher than where they started.

The global testing, inspection and certification company’s shares were driven by a debt refinancing agreement and its full-year results.

Let’s take a look at the month that was for the ALS share price.

A productive May for the ALS share price

Debt refinancing

Early in May, ALS stated it had agreed to refinance its bank debt with multi-currency, “geographically diverse” revolving facilities.

The company’s debt is valued at US$350 million.

The banks involved in the new facilities include ASX-listed Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corporation (ASX: WBC).

JP Morgan and the Bank of America (NYSE: BAC) are also involved in the facilities.

ALS stated the refinancing would provide more liquidity, and better support its growth strategy and funding requirements.

Full-year results

On the day ALS released its full-year results, the company’s share price closed 12.8% higher than it did in the previous session.

ALS’ results included 25% more earnings before interest, tax, depreciation, and amortisation (EBITDA) than the previous year.

A fall in both revenue and expenses saw ALS bring in $421.1 million over the 12 months ended 31 March 2021.

ALS said its decreased revenue was mainly caused by the Australian dollar’s gains.

After expenses, ALS recorded a $174.1 million profit for the period.

The company will provide its shareholders with a fully franked interim dividend of 8.5 cents per share and a final 70% franked dividend of 14.6 cents.

The company also announced it has committed to repaying any COVID-19-related subsidies it has been given from various governments.

ALS share price snapshot

The ALS share price’s performance over May continues its solid streak across 2021.

Currently, the ALS share price has gained 26.9% since the start of the year. It’s also 70.6% higher than it was at this time last year.

The company has a market capitalisation of around $6 billion, with approximately 482 million shares outstanding.

More reading

• How did the CSL share price fare in May?
• ASX 200 up 0.65%: BHP & Rio higher, energy shares jump
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 drops, Nine rises and Centuria Industrial REIT falls
• Why are Lynas Rare Earths (ASX:LYC) shares dropping today?

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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Altium Limited (ASX: ALU)

According to a note out of Citi, its analysts have retained their buy rating and $33.50 price target on this electronic design software provider’s shares. The broker notes that Altium has been lifting its prices on perpetual licences but not on its subscriptions. It believes this is a sign that the company is aiming to shift customers to subscriptions, which it feels is a positive move. In the meantime, it also expects the company to benefit from the customers paying more to stick with perpetual licences. The Altium share price is fetching $27.91 today.

Healius Ltd (ASX: HLS)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this healthcare company’s shares to $4.45. According to the note, the broker believes Healius is benefiting greatly from strong COVID-19 testing volumes. Particularly given the recent lockdown in Victoria. This has led to the broker upgrading its earnings estimates for FY 2021 and FY 2022. The Healius share price is trading at $4.34 today.

Sonic Healthcare Limited (ASX: SHL)

Analysts at Morgan Stanley have retained their overweight rating and $38.60 price target on this healthcare company’s shares. According to the note, industry data is pointing to robust demand for its services in the second half. This is positioning it to deliver a strong full year result in FY 2021. And looking ahead, the broker is expecting the company to grow its earnings by a CAGR of 11% through to FY 2023. In light of this, it feels its valuation is attractive in comparison to other healthcare shares. Especially given its dividend yield and strong balance sheet. The Sonic share price is trading at $34.76 today.

More reading

• Why BHP, Healius, Inghams, & Santos are charging higher
• The Altium (ASX:ALU) share price makes a comeback in May
• 2 still-cheap ASX shares we’ve made buckets of money from: analyst
• 2 quality ASX dividend shares
• Are Altium (ASX:ALU) shares a buy right now?

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May was not a pretty month for the Nearmap Ltd (ASX: NEA) share price.

After surging to $2.38 at the start of May, shares in Nearmap closed the month more than 24% lower. Despite encouraging sector tailwinds, shares in the aerial imaging company were hammered on the back of legal issues in the US.

Why did the Nearmap share price tumble in May?

The Nearmap share price burst out of the blocks at the start of May. Investors were jumping to get their hands on Nearmap shares after the company upgraded its guidance for FY21.

In an update released after market hours, Nearmap revealed that its strong performance in the first half had continued into the second half of FY21. As a result, the company increased its full-year guidance for annual contract value (ACV).

However, things quickly turned sour for the aerial imaging company. The following day, shares in Nearmap were placed in a trading halt in response to potential legal proceedings.

In another announcement, Nearmap informed investors that legal proceedings had been filed on behalf of competing aerial imagery firm, Eagle View Technologies.

According to the complaint, Eagle View and its subsidiary, Pictometry International Corp, allege patent infringements on certain roof estimation technologies.

Nearmap’s management vigorously defended the complaint and assured investors that the company remained unaffected by the complaint. Despite the assurance, investors were quick to dump shares in Nearmap.

Outlook

Nearmap offers subscription-based aerial imaging technologies that capture multiple viewpoints to create 3D representations. The company has demonstrated great growth potential in the US, with ACV surging 41% to $US35.1 million for the first half.

Nearmap derives about 41% of its US sales from roof reports for the insurance sector. However, the company has noted that its roof estimation software is not a core part of the business. As a result, the legal action invoked by Eagle View does not involve its other technologies.

Recently, analysts at Morgan Stanley reiterated their bullish outlook on Nearmap. According to a research note from the broker, analysts agreed that patent infringement claims only relate to Nearmap’s roof imaging and not all elements of its product.

According to analysts at Morgan Stanley, estimates roof imaging accounts for less than a quarter of Nearmap’s US operations. As a result, analysts noted that no material sales impacts had been experienced by the company, reiterating a $3.20 target for the Nearmap share price.

More reading

• 2 ASX mid cap growth shares rated highly
• Brokers name 3 ASX shares to buy now
• Broker tips Nearmap (ASX:NEA) share price to climb 77%
• The Nearmap (ASX:NEA) share price is down 15% this month
• 2 ASX tech shares sold off amid legal concerns

The post Why the Nearmap (ASX:NEA) share price tanked in May appeared first on The Motley Fool Australia.

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Codan Limited (ASX: CDA) shares are inching lower during afternoon trade on Wednesday. At the time of writing, the Codan share price is trading 1.35% lower at $18.27.

This comes following news the technology company is selling one one of its businesses.

What did Codan announce?

Investors are pushing the Codan share price lower after the company updated the ASX with its latest release.

In its announcement, Codan advised it has entered into an agreement to sell its wholly-owned subsidiary, Minetec, to Caterpillar Holdings Australia.

Minetec was established in 2000 and “provides unique high-precision tracking, productivity and safety solutions for underground hard-rock mines”. The company uses its patented TRAX technology to allow real-time monitoring and control of mining operations. In essence, this gives miners a snapshot of the whole mine, identifying areas that can be improved in productivity and safety performance.

The deal will see 100% of Minetec shares transferred to Caterpillar for US$14 million and a volume-based earnout over the next five years. The latter relates to Codan providing manufacturing services to Caterpillar, ensuring a smooth handover.

The sale is subject to the usual customary conditions and is expected to be completed in July this year.

Why did Codan sell Minetec?

In February 2018, Minetec partnered with Caterpillar, signing a master development and marketing agreement. The two parties worked on integrating Minetec’s technology into Caterpillar’s systems and saw a value-added benefit.

Codan stated that Minetec has not grown to repay back the ongoing investment made on the technology business. As a result, the board undertook a strategic review of the company and decided to offload it to Caterpillar.

Codan managing director Donald McGurk commented:

As we evaluated our strategic options, we concluded that the best outcome for Minetec to achieve its potential was to discuss the transfer of the business to Caterpillar, this being seen as a logical progression following the partnership agreement put in place in 2018.

We believe that Caterpillar is the more appropriate owner, as they continue to be the market leading supplier to the mining industry, with an extensive global dealer network covering 172 dealers across 190 countries.

Codan will use the funds received from the sale to pay down its existing debt facilities. In addition, the company will focus its efforts on the recently acquired businesses of Domo Tactical Communications, and Zetron.

About the Codan share price

It’s been a positive 12 months for Codan investors, with the company’s share price rising more than 150%. Year-to-date performance has also tracked impressively, with the Codan share price up by around 63%.

Codan shares reached a 52-week high of $19.43 on Monday this week.

The company has a market capitalisation of roughly $3.3 billion, with approximately 180 million shares outstanding.

More reading

• ASX 200 up 0.65%: BHP & Rio higher, energy shares jump
• 3 ASX shares hitting 52-week highs this week
• Codan (ASX:CDA) share price tops performance on ASX Tech Index in 2021
• Codan (ASX:CDA) share price wobbles on news of a completed acquisition

The post Codan (ASX:CDA) share price edges lower following divestment news appeared first on The Motley Fool Australia.

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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.

The stock market got off to a mixed start to the new month. After the Memorial Day holiday, investors initially seemed ready to continue the bull market, but gains quickly evaporated. By the close of trading, the Dow Jones Industrial Average (DJINDICES: ^DJI) managed to hold on to a slight advance, but the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) eased lower.

Index	Percentage Change (Decline)	Point Change
Dow	+0.13%	+46
S&P 500	(0.05%)	(2)
Nasdaq Composite	(0.09%)	(12)

Data source: Yahoo! Finance.

Even as much of the stock market struggled for direction, there was one sector of the economy that performed extremely well on Tuesday. Energy stocks moved sharply higher, and it appears that the economic recovery is having the biggest impact on traditional oil and gas companies that are aiming to meet the suddenly voracious demand for energy products.

Driving the sector

As often happens, oil stocks took their cue from the commodities markets. Prices of crude oil surged higher by 2.5%, approaching $68 per barrel. That’s the highest level in a couple of years, and natural gas pushed above the $3 level as well, adding to bullishness.

Refined products saw even stronger performance. Gasoline prices at $2.18 per gallon hit their highest levels in seven years, as people tired of being stuck at home took to the roads for the Memorial Day weekend. Market specialists see heavy demand continuing all summer long, which could prompt even further price gains.

Pushing energy stocks higher

It’s therefore not surprising to see stocks throughout the energy arena do well. Exploration and production companies were notably higher, with Contango Oil & Gas, Devon Energy, and Marathon Oil leading the way with gains of 14% to 15%. Drilling companies also saw solid gains, with Nabors Industries jumping 16% and Transocean settling for a 7% rise.

Oil-field equipment makers also did well. Schlumberger posted a 5% rise, while NOV and Tidewater climbed more than 5% as well. Refinery companies had more-muted gains, but HollyFrontier managed to climb almost 5%, while Valero Energy pushed upward by 2%.

Can oil keep rising?

One thing that energy investors are watching closely is the emerging area of shareholder activism. Major oil companies saw historic shareholder votes last week, with ExxonMobil (NYSE: XOM) losing control of several board seats to an activist energy hedge fund seeking change following massive losses in 2020. Chevron (NYSE: CVX) saw more than 60% of shareholders vote to cut certain emissions.

Many energy experts believe the result of these moves could be lower production from U.S. companies, giving more power over the oil and gas markets to OPEC nations. OPEC has done a reasonably good job holding the line on production targets in the face of greater supply from the U.S., and continued discipline could support further gains for crude.

As many trends move toward renewable energy sources worldwide, investors will want to watch how the world handles the inevitable transition period between now and full electrification. If environmental regulation outpaces technological innovation, then commodity shortages could cause dramatic price swings that’ll keep things interesting for energy investors.

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

More reading

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• Why BHP, Healius, Inghams, & Santos are charging higher
• How did the CSL share price fare in May?
• ASX telco penalised $2.5m for misleading NBN speed claims
• Costa (ASX:CGC) shares dropped 27% in May. Here’s why

The post This is the hottest sector in the stock market right now appeared first on The Motley Fool Australia.

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

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3 ASX 200 iron ore shares are gaining today as the commodity’s price rallies once more, despite China’s attempts to cool it.

While most of Australia slept last night, the price of iron ore gained 4.9%. This also follows a 4.3% gain seen on Monday.

The commodity’s price is now back over the US$200 mark, with a tonne of iron ore currently selling for US$208.67.

Let’s take a look at what’s driving the iron ore price upwards, as well as 3 ASX 200 shares that deal with the commodity.

China’s attempts to lower the iron ore price

China is the world’s largest iron ore importer, and its surging construction levels have seen the country solidify its holding on the title in recent years.

China’s construction boom has increased its appetite for steel – of which iron ore is a key component.

Despite recent attempts by the People’s Republic to cool iron ore prices, they’ve skyrocketed this week. Earlier this month, China’s cabinet called for the implementation of export tariffs for some iron and steel products and the removal of export tax rebates for certain steel products.

According to today’s Australian Financial Review, yesterday the China Iron and Steel Association stated the nation plans to cut its steel capacity by 236 million tonnes by 2025.

China hoped these measures would relax the price of commodities but, so far, this doesn’t seem to have been the case.

3 ASX 200 iron ore shares on the rise today

BHP Group Ltd (ASX: BHP) 

BHP is currently the second-largest company by market capitalisation on the ASX. And, as the ASX’s largest iron ore miner, the BHP share price is often of interest to investors. This is particularly the case during an upswing in the price of iron ore.

In fact, when the commodity’s price hit US$209 per tonne last month, the BHP share price reached a new all-time high.

At the time of writing today, the BHP share price is up by 3.09%, with its shares trading at $49.39 each. But it’s not just the price of iron ore putting the focus on the company’s shares today.

BHP shares are also in the spotlight amid reports economists are about to upgrade their gross domestic product (GDP) forecasts following the surge in the iron ore price.

Fortescue Metals Group Limited (ASX: FMG) 

The Fortescue share price experienced volatility last month following fluctuations in the price of iron ore and China’s attempts to bring it lower.

But today, following iron ore’s positive price action overnight, Fortescue shares are having a robust trading session. Currently, they’re swapping hands for $23.34 – 2.28% higher than yesterday’s close.

Champion Iron Ltd (ASX: CIA)

Champion Iron is one of the ASX 200’s smaller iron ore shares.

The company has a market capitalisation of around $3.4 billion. For comparison, BHP’s market capitalisation is approximately $145 billion.

The Champion Iron share price has had a great year so far, pushing more than 40% higher. And, at the time of writing today, Champion Iron shares are trading 2.62% higher at $6.67 apiece.

More reading

• Why BHP, Healius, Inghams, & Santos are charging higher
• ASX 200 up 0.65%: BHP & Rio higher, energy shares jump
• Why all eyes are on the BHP (ASX:BHP) share price today
• 5 things to watch on the ASX 200 on Wednesday
• Imugene and Zip were among the most traded ASX shares last week

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