It’s a good day on the market for ASX commodities shares, and these 3 All Ordinaries Index (ASX: XAO) stocks are making the most of it.
These commodity-producing shares have each taken off to hit new multi-year or all-time highs.
So, what’s been driving them upwards on Friday? Let’s take a look.
3 ASX All Ords commodities shares beating records on Friday
Firefinch Ltd (ASX: FFX)
The Firefinch share price has been flying higher lately, having gained 64% over the last 30 days.
That gain has continued today, with the company’s stock surging 9.5% to a new multi-year high of $1.15 in intraday trade.
Today’s boost has been driven by news of the company’s Goulamina Lithium Project.
The project’s joint venture company has received US$130 million of funding from its 50% owner Jiangxi Ganfeng Lithium.
Firefinch is planning to ultimately devest its holding in the project as part of a proposed demerger.
Neometals Ltd (ASX: NMT)
The Neometals share price is also taking off on Friday, launching 11.9% to reach $1.97 at its highest point of today’s session so far.
That gain also saw the ASX All Ords commodity stock reach an all-time high.
The last time the market heard news from the vanadium producer and lithium recycler was on Tuesday.
Then, it released news of its joint venture, Primobius, which had opened its German commercial lithium-ion battery recycling facility.
However, the company’s latest gains might be more to do with its work in the vanadium sphere.
As The Motley Fool Australia’s Sebastian Bowen reported yesterday, the element has been the talk of the town on the ASX.
That might be drawing attention to the stock and potentially buoying its share price.
Argosy Minerals Limited (ASX: AGY)
The final ASX All Ords commodity share to be reaching new heights on Friday is Argosy Minerals.
The lithium miner’s stock surged 8.5% earlier today to trade at a new all-time high of 51 cents.
The gains followed news of the company’s Rincon Project – its lithium carbonate production operation.
67% of the development works at the project have now been completed and production is on track to begin in the middle of this year.
The post 3 ASX All Ords commodities shares smashing new highs today appeared first on The Motley Fool Australia.
Should you invest $1,000 in Firefinch right now?
Before you consider Firefinch, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Firefinch wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- Why Allkem, Argosy Minerals, Firefinch, and Tabcorp shares are charging higher
- Neometals (ASX:NMT) share price shoots to new 52-week high
- Here’s why lithium miner Argosy Minerals’ (ASX:AGY) share price is leaping 9% today
- Why is the Firefinch (ASX:FFX) share price charging higher again?
- The US is backing Aussie critical minerals projects, and these ASX mining shares could be set to reap the rewards
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/kUJD8F3
Leave a Reply