The Piedmont Lithium Inc (ASX: PLL) share price is powering ahead during late morning trade.
This comes despite the company not making any price-sensitive announcements on the ASX since its North American Lithium project update.
At the time of writing, the Australian lithium minerâs shares are fetching for 91.2 cents apiece, up 15.44%.
Whatâs driving Piedmont shares higher today?
Investors are buying up the Piedmont share price following positive news surrounding the company.
According to ABC News, the US House of Representatives has approved a US$430 million (A$604 million) bill tackling climate change.
The package is aimed at providing long-term federal subsidies for investors seeking to transition into renewable energy products. This includes receiving tax credits for wind and solar and new credits for energy storage, biogas and hydrogen.
In particular, US consumers who buy an electric vehicle built in North America will be eligible for a $7,500 tax credit.
US President Joe Biden is expected to sign the bill into law sometime next week.
US House of Representatives speaker Nancy Pelosi illustrates the legislation as a ârobust cost-cutting package that meets the moment, ensuring that our families thrive and that our planet survives.â
The historic win has put a number of lithium producers who are based in North America into the spotlight.
As such, shares in Sayona Mining Ltd (ASX: SYA) and Anson Resources Ltd (ASX: ASN) are up 5.46% and 3.33%, respectively.
About the Piedmont share price
After hitting a 52-week low of 48.5 cents on 15 July, the Piedmont share price has surged by 88%.
When looking at year to date, the companyâs shares are up 24% for the period.
Based on valuation grounds, Piedmont commands a market capitalisation of approximately $416.78 million.
The post Why is the Piedmont Lithium share price rocketing 15% on Monday? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Piedmont Lithium Ltd right now?
Before you consider Piedmont Lithium Ltd, 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 Piedmont Lithium Ltd wasn’t one of them.
The online investing service heâs 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.
See The 5 Stocks
*Returns as of August 4 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Why is the Piedmont Lithium share price off to such a great start in August?
- Why are ASX lithium shares having such a top run on Wednesday?
- Why is the Piedmont Lithium share price piling on 6% today?
- Why has the Piedmont Lithium share price tumbled 30% in a month?
Motley Fool contributor Aaron Teboneras 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 Scott Phillips.
from The Motley Fool Australia https://ift.tt/cUvg6Po
Leave a Reply