ASX lithium shares and ASX graphite shares dominated the ASX 200 on Friday.

Five of the 10 best-performing shares were battery materials producers or explorers.

Leading the pack was graphite miner Syrah Resources Ltd (ASX: SYR). Syrah had a share price gain of 6.35% to $1.017.

Syrah owns the biggest natural graphite deposit in the world — the 350 ktpa Balama mine in Mozambique.

It is also building a downstream processing plant in Louisiana in the United States, where it intends to produce graphite-based active anode material for the North American lithium battery supply chain.

Demand for graphite is expected to soar as the world continues to decarbonise.

Graphite is key for the anode part of a lithium battery. Lithium is key for the cathode part.

Last week, Syrah announced it had completed a definitive feasibility study (DFS) to expand its Louisiana plant from 11 ktpa to 45 ktpa.

Next was junior lithium explorer Lake Resources N.L. (ASX: LKE) with a share price bump of 4.2% to 50.5 cents.

Then it was lithium producer Pilbara Minerals Ltd (ASX: PLS) up 4% to $4.39. Fellow producer Allkem Ltd (ASX: AKE) was next, with its shares up 3.7% to $12.45.

Lithium explorer Liontown Resources Ltd (ASX: LTR) rounded out the five ASX lithium shares, up 3.6% to $2.84.

Why are ASX lithium shares dominating on Friday?

Lithium commodity prices have been on a steady decline since peaking in November 2022.

The primary catalyst for the fall was China ceasing cash subsidies for people who bought electric vehicles (EVs).

This reduced demand for EVs and their battery components for a period.

Suppliers with large inventories of lithium batteries began selling them for heavy discounts. This put a further drag on commodity prices.

The lithium carbonate price reached a 19-month low of just under US$24,000 last week.

However, there’s been something of a turnaround since the big news from Chile last week.

The government of the world’s second-largest producing country announced it will nationalise its industry and take a controlling stake in all new producers.

This may have ramifications for the supply chain and encourage customers to shop elsewhere for lithium.

Trading Economics analysis says Chile’s decision to nationalise “is expected to hamper long-term output growth …”.

Since 24 April, the lithium carbonate price has rebounded to above US$26,000 per tonne. This is the first sizeable increase since November 2022.

There has been no official news relating to any of these ASX lithium shares and graphite shares today.

Therefore, it is likely this new momentum in commodity prices caused today’s share price increases.

The post Why did ASX lithium shares dominate the market on Friday? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why ANZ, Block, Pilbara Minerals, and SSR Mining shares are storming higher
• 3 ASX 200 mining stocks leaping to new 52-week highs today
• Buy Pilbara Minerals and these ASX growth shares for 40%+ returns: analysts
• Goldman Sachs is selling off its Liontown shares. Here’s the lowdown

Motley Fool contributor Bronwyn Allen has positions in Allkem. 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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The S&P/ASX 200 Index (ASX: XJO) broke a three-day losing streak on Friday, lifting 0.37% to close at 7,220 points. That leaves it 1.22% lower week-on-week.

Today’s gains were driven by the S&P/ASX 200 Real Estate Index (ASX: XRE), which rose 2%.

The S&P/ASX 200 Financials Index (ASX: XFJ) also ended the day 0.3% higher amid earnings from market giants Macquarie Group Ltd (ASX: MQG) and ANZ Group Holdings Ltd (ASX: ANZ).

The Macquarie share price slumped 0.2% on the bank’s full-year earnings, while stock in ANZ lifted 1.4% after the smallest of the big four posted its half-year results.

But it wasn’t a good day for all sectors. The S&P/ASX 200 Information Technology Index (ASX: XIJ) fell 0.3% despite the Block Inc (ASX: SQ2) share price gaining 3.3% on the company’s quarterly results.

So, with all that considered, let’s take a look at which ASX 200 share took out the top spot on the index on Friday.

Top 10 ASX 200 shares countdown

The Brainchip Holdings Ltd (ASX: BRN) share price posted the biggest gain of all ASX 200 stocks today, rising 8.9%. That’s despite no news having been released by the artificial intelligence-focused software developer.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
Brainchip Holdings Ltd (ASX: BRN)	$0.43	8.86%
Syrah Resources Ltd (ASX: SYR)	$1.015	7.41%
Inghams Group Ltd (ASX: ING)	$2.96	4.59%
Lake Resources NL (ASX: LKE)	$0.50	4.17%
Pilbara Minerals Ltd (ASX: PLS)	$4.40	4.02%
Johns Lyng Group Ltd (ASX: JLG)	$6.76	3.84%
Allkem Ltd (ASX: AKE)	$12.44	3.75 %
Liontown Resources Ltd (ASX: LTR)	$2.85	3.64%
Block Inc (ASX: SQ2)	$93.20	3.35%
Paladin Energy Ltd (ASX: PDN)	$0.635	3.25%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Why ANZ, Block, Pilbara Minerals, and SSR Mining shares are storming higher
• 3 ASX 200 mining stocks leaping to new 52-week highs today
• Block share price charges higher on strong Q1 result and guidance
• Buy Pilbara Minerals and these ASX growth shares for 40%+ returns: analysts
• Goldman Sachs is selling off its Liontown shares. Here’s the lowdown

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 Block and Johns Lyng Group. The Motley Fool Australia has positions in and has recommended Block and Macquarie Group. The Motley Fool Australia has recommended Johns Lyng Group. 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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The S&P/ASX 200 Index (ASX: XJO) is having a better session on Friday. In afternoon trade, the benchmark index is up 0.3% to 7,215.3 points.

Four ASX shares that are climbing more than most are listed below. Here’s why they are rising:

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is up 2% to $23.92. Investors have been buying this banking giant’s shares after it impressed with a record half-year cash profit. ANZ’s first-half cash earnings from continuing operations came in 12% higher at $3,821 million thanks to solid performances across the board. This allowed the bank to declare an 81 cents per share fully franked dividend.

Block Inc (ASX: SQ2)

The Block share price is up almost 3% to $92.68. This has been driven by the release of a strong quarterly update from the payments giant. For the first quarter, Block reported a 32% increase in gross profit to US$1.71 billion. This was driven by a 49% increase in Cash App gross profit to US$931 million and a 16% lift in Square gross profit to US$770 million.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up almost 4% to $4.39. Investors have been buying Pilbara Minerals and other ASX lithium shares today despite there being no news out of them. However, there is optimism around the market that lithium prices may have bottomed now after some recent positive movements.

SSR Mining Inc (ASX: SSR)

The SSR Mining share price is up 8.5% to $25.02. This follows the release of the gold miner’s quarterly update this morning. SSR had a solid quarter, reporting an operating performance in line with expectations. In light of this, management believes it is on track to achieve its guidance for the full year.

The post Why ANZ, Block, Pilbara Minerals, and SSR Mining shares are storming higher appeared first on The Motley Fool Australia.

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More reading

• Banking crisis continues: What’s up (and down) with ASX 200 bank shares today?
• Everything you need to know about the 81 cents ANZ dividend
• ANZ shares gain as simplification strategy pays off
• Block share price charges higher on strong Q1 result and guidance
• Buy Pilbara Minerals and these ASX growth shares for 40%+ returns: analysts

Motley Fool contributor James Mickleboro 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 Block. The Motley Fool Australia has positions in and has recommended Block. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.35% to 7,218.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

Alumina Limited (ASX: AWC)

The Alumina share price is down 1% to $1.49. This decline appears to have been driven by a note out of Citi. That note reveals that its analysts have downgraded the alumina producer to a sell rating with a $1.50 price target. This follows production issues and alumina price weakness.

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is down almost 2.5% to $5.07. This is despite there being no news out of the miner. However, it is worth noting that most coal miners are under pressure on Friday and are weighing on the performance of the energy sector.

Virgin Money UK (ASX: VUK)

The Virgin Money share price is down over 5% to $2.75. A disappointing first half update has been weighing on this UK bank’s shares. Virgin Money fell short of expectations due to higher costs and bad debts.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price is down 16% to $5.15. Investors have been selling this lithium developer’s shares after it completed a capital raising. The company has raised 66 million euros (A$109 million) via a fully underwritten institutional placement at $5.10 per new share. This represents a 17.2% discount to its last close price. The proceeds will be used to progress Vulcan’s integrated renewable energy and lithium project execution strategy, as well as phase two project development activities.

The post Why Alumina, New Hope, Virgin Money, and Vulcan Energy shares are falling appeared first on The Motley Fool Australia.

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More reading

• Why is the Vulcan Energy share price crashing 17% today?
• ASX 300 lithium stock Vulcan Energy halted amid cap raise
• Directors are still buying the dip in New Hope shares. Should you?
• How I’d invest $1,000 in May to make easy passive income
• ASX 200 dividend stocks: Here’s a diamond in the rough yielding 18%!

Motley Fool contributor James Mickleboro 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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