Iron ore miner Arrium is on a tear today with stock trading up more than 15% on the ASX.
The miner has been a notable underperformer in recent times and the crashing iron ore price hasn’t helped.
Although speculation iron ore may have found its bottom could be pushing the surging price. A lower Aussie dollar has also probably helped the exporter.
Iron ore was down 0.7% overnight to $US70.96 a tonne. The Australian dollar was sitting at .8109 a short time ago.
Arrium closed at $0.295 a share and was the most traded stocks today with solid volumes of more than 50 million shares changing hands.
Although it’s still well off it’s one-year high of $1.875 a share and is down more than 82% compared to 12 months ago.
The miner has been climbing back since the end of 2014 after it got hammered earlier in 2014 when iron ore prices fell off the cliff.
Here’s the chart.