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 – 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. It's down 0.49% at $20.31 at the time of writing.
What might have inspired the stock's rollercoaster of a day? Let's take a look.
What's 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 'Twiggy' Forrest.
The S&P/ASX 200 Materials Index (ASX: XMJ) was among the market's best-performing sectors for much of today. And while it has slipped into the red this afternoon, it's still outperforming the broader market, down 0.34%.
The sector was buoyed as Singapore iron ore futures hit a six-month high. The steelmaking ingredient's 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 Forrest's recent multi-billion acquisition of CWP Renewables, via his privately-owned Squadron Energy, cemented his place on the list.
The buy crowned the billionaire Australia's largest renewable energy investor, operator, and developer.
Today's 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.
