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Home Business News Why the Fortescue (ASX:FMG) share price is storming higher today

Why the Fortescue (ASX:FMG) share price is storming higher today

The Fortescue Metals Group Limited (ASX: FMG) share price has started the week strongly.

In afternoon trade the iron ore producer’s shares are up 5% to $25.51.

This latest gain means the Fortescue share price is now up 120% since this time last year.

Why is the Fortescue share price charging higher today?

Investors have been buying Fortescue shares on Monday after a leading broker responded positively to its update at the end of last week.

That update revealed that Fortescue has been benefiting greatly from the sky high iron ore price.

So much so, the mining giant revealed that, based on unaudited management accounts, its net profit after tax for the month of December came to a whopping US$940 million.

To put that into context,…

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