Business
Why Fortescue, Nick Scali, Santos, & Zip shares are charging higher
In late morning trade the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of U.S. markets and is dropping lower. The benchmark index is currently down 0.2% to 6,669.1 points.
Four shares that have not let that hold them back are listed below. Here’s why they are charging higher:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 2% to $25.69. This appears to have been driven by another rise in the iron ore price. According to CommSec, the spot iron ore price rose by a further 1.6% overnight to US$167.15 a tonne. Robust demand for the steel making ingredient in China has helped drive prices higher.
The Nick Scali share price has jumped a further 9.5% higher to $11.51. Investors have been…
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