Global Lithium share price shrugs off inflation woes to leap higher

The Global Lithium Resources Ltd (ASX: GL1) share price is lifting today despite the broader market’s sell-off.

Interestingly, its gain comes just one day after the stock slumped 2% on news of a major lithium discovery.

The Global Lithium share price is up 3.75% at the time of writing to trade at $2.49.

That’s despite the broader market’s suffering. The All Ordinaries Index (ASX: XAO) is down 2.34% right now following a dire night on Wall Street in which US markets were weighed down by disappointing inflation data.

So, what might be driving Global Lithium’s stock higher on Wednesday? Let’s take a look.

What’s buoying the Global Lithium share price?

The Global Lithium share price is joining some of its lithium peers in defying the market’s pain.

The S&P/ASX 200 Materials Index (ASX: XMJ) has fallen 1.88% right now.

Meanwhile, many of the market’s smaller lithium stocks, including Anson Resources Ltd (ASX: ASN), Piedmont Lithium Inc (ASX: PLL), and Latin Resources Ltd (ASX: LRS), are recording gains.

They’re up 5.95%, 2.75%, and 4.35% respectively at the time of writing despite only Anson Resources having released news today.

It’s also worth noting Global Lithium’s stock has been on a roll lately. It has gained 44% since the end of August.

Interestingly, the company has only released one announcement during that time. It revealed drilling had returned the highest-grade lithium intercept at its Manna Lithium Project to date yesterday.

On top of that, ongoing exploration mapping has identified a new pegmatite target area at the project.

Drilling is continuing at the project while its update mineral resource estimate is on track to be released in the December quarter.

Today’s gain included, the Global Lithium share price is 117.5% higher than it was at the start of 2022. It has also gained 520% since this time last year.

The post Global Lithium share price shrugs off inflation woes to leap higher appeared first on The Motley Fool Australia.

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More reading

• Global Lithium share price backtracks despite ‘highest ever grade’ discovery
• 2 ASX lithium shares leaping more than 9% on Monday
• Why is the Global Lithium Resources share price rocketing 27% this week?
• 3 little-known ASX lithium shares that rocketed today
• Global Lithium shares edged higher today amid ‘very promising’ results

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 Scott Phillips.

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