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ASX 200 recovers strongly, Austal floats higher, Fortescue drops

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The S&P/ASX 200 Index (ASX: XJO) rose by 1.75% today to 6,790 points.

Australian blue chip shares recovered a lot of the ground lost on Friday after the selloff.

Here are some of the highlights from today:

After taking a bit of a pounding last week, the Austal share price roared higher today by 8.4% after announcing a contract win.

It announced that Austal USA has been awarded a US$235 million contract by the US Navy for the detailed design and construction of the 15th expeditionary fast transport (EPF) vessel.

Austal USA has delivered twelve EPFs to the US Navy since 2012 on schedule and under budget, from the company’s Alabama shipyard.

Austal CEO Paddy Gregg said the new contract was a clear demonstration of confidence by the…



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