Why is the Novonix share price launching 5% higher today?

a man wearing spectacles has a satisfied look on his face as he appears within a graphic image of graphs, computer code and technology related symbols while he concentrates on a computer screena man wearing spectacles has a satisfied look on his face as he appears within a graphic image of graphs, computer code and technology related symbols while he concentrates on a computer screen

The Novonix Ltd (ASX: NVX) share price is taking off on Wednesday despite the company’s silence.

The battery technology and materials stock is joined in the green by many of its S&P/ASX 200 Index (ASX: XJO) tech peers.

At the time of writing, the Novonix share price is $2.26, 4.63% higher than its previous close.

For context, the ASX 200 is currently up 1.56%.

So, what’s helping to boost the ASX 200 technology giant’s stock higher today? Let’s take a look.

Novonix share price takes off on Wednesday

It’s a brilliant day for the S&P/ASX 200 Information Technology Index (ASX: XIJ) and the Novonix share price is riding the hype.

The tech sector is leaping 4% at the time of writing, with Novonix’s stock trading in the middle of the pack.

Out in front is the share price of Megaport Ltd (ASX: MP1) following the release of the company’s latest quarterly update. It’s currently up 19%. Megaport’s revenue for the June quarter was 10% higher than that of the prior comparable period, coming in at $30.6 million.

The tech sector’s strong performance also comes on the back of an equally good session on the tech-heavy NASDAQ index overnight.

The NASDAQ Composite lifted 3.11% on Tuesday, marking its best session in close to four weeks.

Sadly, the Novonix share price has a long way to go before it can break even. The stock is currently trading 75% lower than it was at the start of 2022. It has also slipped 13% since this time last year.

The post Why is the Novonix share price launching 5% higher today? 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 MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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