What’s boosting the Ioneer share price 14% higher?

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price todayA graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today

The Ioneer Ltd (ASX: INR) share price is leaping higher on Friday despite the company’s silence. However, the stock did tumble more than 20% over the course of Wednesday and Thursday

At the time of writing, the Ioneer share price is 52 cents. That’s 14.29% higher than its previous close but 3.7% lower than it was at the end of last week.

For context, the All Ordinaries Index (ASX: XAO) has gained 0.94% today and 0.77% since last Friday’s close.

Let’s take a closer look at what’s been going on with the lithium and boron producer and its peers today.

What’s driving the Ioneer share price higher today?

 The Ioneer share price is the ASX All Ordinaries’ top performer on Friday.

The S&P/ASX 200 Materials Index (ASX: XMJ) is also having a good day today. While the company isn’t a constituent of the S&P/ASX 200 Index (ASX: XJO) many of its lithium-producing peers are among the sector’s leaders.

Right now, the share prices of fellow lithium stocks Liontown Resources Limited (ASX: LIO), Pilbara Minerals Ltd (ASX: PLS), and Mineral Resources Limited (ASX: MIN) are up 6.3%, 6.1%, and 5.2% respectively.

The lithium miners’ share prices’ gains might represent a rebound after Wednesday’s disastrous session.

Then, the market appeared to react to bearish sentiment from Goldman Sachs and news a major Chinese electric vehicle manufacturer could bypass lithium markets.

The Ioneer share price tumbled 16% on Wednesday and another 6% on Thursday. Thus, today’s movements might be a simple correction following the sell-off.

Though, the gain hasn’t been enough to boost the stock back into the longer term green.

The Ioneer share price is still nearly 37% lower than it was at the start of 2022. However, it is 38% higher than it was this time last year.

The post What’s boosting the Ioneer share price 14% higher? appeared first on The Motley Fool Australia.

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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 positions in and has recommended Goldman Sachs. 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 Scott Phillips.

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