Why These 10 Firms Soared on Monday

8. Frontline PLC (NYSE:FRO)

Frontline PLC, a Cyprus-based oil shipping company, saw its share prices grow by 3.85 percent on Monday to close at $17.79 apiece, as investors snapped up shares following news that oil-producing countries agreed to ramp up production next month.

According to the Organization of the Petroleum Exporting Countries (OPEC)+, members agreed to hike production by another 411,000 barrels per day after boosting production by the same amount this month.

Following the news, prices of Brent crude and WTI declined by 1.63 percent and 1.97 percent, respectively.

Meanwhile, the move spelled good news for Frontline PLC (NYSE:FRO) as more oil production would result in further crude oil shipment orders.

Meanwhile, Frontline PLC (NYSE:FRO) is expected to release the results of its first quarter earnings performance on May 30.

Investment firm Zacks Research recently assigned the company a “strong buy” triggered by an upward trend in its earnings estimates.