The S&P/ASX 200 rose by 0.92% to 8,070.6 points today, with energy the driving factor on the day, up 2.46%. This bounce back above the 8,000 level could prove to be a turning point for the index.
With a gain of 3.2% having been achieved over the past 4 trading sessions, a return to green on the year may not be too far away (1.59%).
Notable gainers included Mineral Resources (+13.15%), Paladin Energy (+8.5%), Pilbara Minerals (+6.21%), and Fortescue (+5.82%).
Boss Energy (ASX: BOE) saw a significant rise in its share price, increasing by 14.29% to $3.20. This surge is attributed to the company’s successful generation of free cash flow from its Honeymoon Project, which has been reported to deliver strong margins. This positive financial update has been a substantial driver for the increase in the company’s share value.
Fortescue’s share price (ASX: FMG) increased by 5.82%, reaching $16.37. The company reported shipping 46.1 million tonnes in the recent quarter, marking a 6% increase compared to the same period last year. This growth in shipments indicates improved operational efficiency and market demand, boosting investor confidence in the company’s future performance.
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On the other end of the spectrum; Northern Star Resources (-4.74%), Auckland International (AIA, -4%), and Mercury NZ (MCY, -3.07%) were laggards on the day.
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