Why did Core Lithium shares just crack a new all-time high?

Young businessman standing on the top of the mountain punching fist in the air.Young businessman standing on the top of the mountain punching fist in the air.

The Core Lithium Ltd (ASX: CXO) share price is rocketing higher on Monday. Indeed, the stock surged to an all-time high earlier today.

That’s despite no price-sensitive news having been released by the S&P/ASX 200 Index (ASX: XJO) lithium favourite.

Right now, the Core Lithium share price is $1.82, 8.98% higher than its previous close.

However, earlier today it leapt nearly 9.6% to $1.83 – the highest it’s ever been.

For comparison, the ASX 200 has lifted 0.02% right now while the S&P/ASX 200 Materials Index (ASX: XMJ) leads the market with a 3.6% gain.

So, what might be going right for the Core Lithium share price today? Let’s take a look.

Core Lithium share price hits new all-time high

The Core Lithium share price is among the best performers on the ASX 200 materials sector today.

While there’s been no price-sensitive news from the lithium developer today, it did release an announcement to the market.

The company revealed its chief financial officer Simon Iacopetta is stepping down after nearly four years in the job. He has committed to supporting the company while it undergoes a global search for his replacement. Iacopetta said:

My tenure at Core Lithium has been the highlight of my career to date. It has been hugely rewarding to see the Company move from an exploration opportunity to a project and now an operating mine … I am pleased to be leaving the business in very sound financial shape.

Meanwhile, the mining sector appears to be surging amid reports China will ease some of its COVID-19 restrictions.

While it hasn’t gone so far as to abolish its COVID-zero policy, the nation will ease quarantine times for close contacts and stop recording secondary contacts, BBC News reports.

The Core Lithium share price’s surge makes it the second-best-performing ASX 200 materials stock at the time of writing. It’s underperforming the Champion Iron Ltd (ASX: CIA) share price, which has soared 10% today.

The post Why did Core Lithium shares just crack a new all-time high? 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 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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