Business
These ASX shares have more than doubled in 2020
Despite the negative impact of the COVID-19 pandemic on the share market this year, a good number of shares have recorded very impressive gains.
Three that have even managed to double in value in 2020 are listed below. Here’s why they are on fire this year:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up a sizeable 120% since the start of the year. Investors have been buying the mining giant’s shares following a sharp rise in the iron ore price. Due to supply concerns in Brazil and robust demand for the steel making ingredient in China, the iron ore price recently hit a nine-year high of US$176.90 a tonne. This compares to the company’s C1 production cost of just US$12.74 per wet metric tonne.
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