Here’s why Arafura (ASX:ARU) shares are gaining on ASX today

2 min read | September 29, 2022 03:10 PM AEST | By Ritwika

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Here’s why Arafura (ASX:ARU) shares are gaining on ASX today — Image source: © Milslav78 | Megapixl.com

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Highlights:

Arafura Resources’ shares were trading 8% higher at 1:09 PM AEST on ASX on Thursday, driven by the well-performing Materials sector.

The S&P/ASX 200 Materials sector was 2.879% strong around the same time.

Arafura recently got added to the list of companies in the S&P/ASX 300.

Industrial minerals explorer Arafura Resources Limited (ASX:ARU) shares went up 8.196% to trade at AU$0.330 per share at 1:09 PM AEST on ASX today (29 September 2022).

Over the last one year, the share price of Arafura has gone up by 34% on ASX and on a Year-to-date basis, the mineral explorer’s share price gained almost by 46% on ASX (as of 1:09 PM AEST today).

What is driving Arafura’s share price on ASX today?

Today, Arafura did not share any significant update on ASX, which could justify the company’s upward share price march on ASX. However, the influence of the sectoral performance could be a driving factor for Arafura’s share price.

Today all the 11 sectors under the benchmark S&P/ASX 200 index were performing well and were buzzing in the green zone on Thursday afternoon.

The S&P/ASX 200 Materials sector (INDEXASX:XMJ) was spotted 2.879% higher at 15251.1 points after gaining 426.8 points at 1:31 PM AEST today.

What else did happen within Arafura recently?

Recently the S&P Dow Jones Indices announced some changes in the S&P/ASX Indices, followed by a detailed review which came into effect on 19 September 2022. As per the changes, Arafura got added to the list of S&P/ASX 300 companies on ASX.

Things to know about Arafura Resources Limited:

Arafura Resources Limited is an ASX-listed mineral exploration and development company. The company operates only in the Northern Territory of Australia. Arafura is the developer of several commodities, including rare earth elements, phosphate, gold, nickel, and vanadium. At present, Arafura is focused on the development of its wholly-owned project in the Northern Territory, Nolans Rare Earth Project. Currently, Arafura holds a market capitalisation of AU$525.99 million. Arafura’s headquarter is situated in Perth, Australia.

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