The iron ore giant’s stock looks to be enjoying a boost from the commodity’s rising price.
At the time of writing, the Fortescue share price is $20.80, 3.23% higher than its previous close.
For context, the ASX 200 is up just 0.08% right now.
Let’s take a look at what might be helping bolster the ASX materials giant on Monday.
What’s boosting the Fortescue share price today?
The Fortescue share price is outperforming today. Its gains come after iron ore futures surged 2.5% to US$134.36 a tonne on Friday.
The steel-making ingredient’s value rose amid news China cut its benchmark reference rate for mortgages, according to CommSec.
And Fortescue’s stock isn’t alone in the green on Monday. The S&P/ASX 200 Materials Index (ASX: XMJ) is the index’s best performing sector today. It has gained 1.2% at the time of writing.
The Fortescue share price has outperformed the ASX 200 to gain 8.38% over the course of 2022 so far. Though it has slipped around 6% since this time last year.