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Why is the Emeco Holdings share price rocketing today?

The Emeco Holdings Limited (ASX: EHL) share price is up 10.29% on Monday, bouncing back from a dismal performance last week.

The past seven days have been a rollercoaster for Emeco investors. The earthmoving equipment hire company was the worst performer on the ASX 200 last week, down by more than 9.7% to hit a new 52-week low. This coincided with a fresh wave of negative sentiment surrounding China’s economic growth, brought to light by a Chinese manufacturing survey which showed evidence of a contraction in factory activity.

It appears that the sentiment has shifted, however.

With a slew of ASX 200 stocks in the green today, Emeco is leading the charge. Very positive US payroll figures combined with a less hawkish message from US Federal Reserve Chair Jerome Powell have fueled a rally in markets. With this swing in investor attitudes, it’s no surprise that the Emeco Holdings share price is bouncing back today.

Motley Fool contributor Cale Kalinowski has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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