We recently published a list of 10 Firms Dominate Monday Upsurge. In this article, we are going to take a look at where Frontline plc (NYSE:FRO) stands against other firms that dominated Monday upsurge.

Ten companies—predominantly in the healthcare sector—kicked off Monday’s trading with notable gains amid a series of business updates, earnings, and acquisition deals that have fueled investor confidence.

Their gains outperformed mixed trading on Wall Street, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.

In this article, we will take a look at what buoyed the companies’ share prices.

To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A fleet of oil tankers sailing across the open sea under a clear sky.

Frontline plc (NYSE:FRO)

Frontline plc (NYSE:FRO) saw its stock prices grow by 6.21 percent to finish at $18.3 apiece as investors took heart from outgoing president Joe Biden’s official imposition of tariffs against Russia’s oil and gas sectors and its “shadow fleet.”

According to Biden, the taxes were sanctions slapped on Russia in a bid to reach a deal for peace in Ukraine.

Cyprus-based Frontline plc (NYSE:FRO), currently the fourth largest oil tanker shipping firm globally, stands to benefit from the imposition of tariffs on Russian firms on expectations that oil buyers will look elsewhere for supply, including areas that it services.

Other oil-producing countries such as the Middle East and Africa may step in to fill the gap left by Russian exports.

Overall, FRO ranks 8th on our list of firms that dominate Monday upsurge. While we acknowledge the potential of FRO, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FRO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.