The AVZ Minerals Ltd (ASX: AVZ) share price is soaring this week. It’s gained 35.98% over the last week.
That brings the company’s stock to trade at $1.12 at the time of writing – 8.25% higher than its previous close.
However, that’s down on its intraday high – and new 52-week high – of $1.14.
For context, the S&P/ASX 200 Index (ASX: XJO) has gained 0.09% at the time of writing.
So, what’s been pushing the AVZ Minerals share price higher lately? Let’s take a look.
What’s boosting the ANZ Minerals share price this week?
There are 2 happenings that have likely helped spur the AVZ Minerals share price to gain more than 30% this week.
The first is the company’s newly instated inclusion in the ASX 200. It was welcomed among the ASX bigwigs before the market opened on Monday.
Of course, that meant any fund tracking the ASX 200 had to buy into the company to continue mirroring the index.
Additionally, managers of funds mandated to only trade ASX 200 shares were able to consider the stock for the first time this week.
Potentially as a result, the AVZ Minerals share price gained 8.28% on Friday.
Not to mention, more than 287 million of the company’s shares swapped hands that day. That made Friday the company’s most active session ever.
The other factor that has likely helped boost the newly minted ASX 200 share’s value is the rising price of lithium.
As The Motley Fool Australia’s Tristan Harrison reported yesterday, the Pilbara Minerals Ltd (ASX: PLS) share price is also surging higher this week. It’s in the green amid strong lithium prices and a bullish broker outlook.
Other lithium-focused stocks gaining alongside the AVZ Minerals share price this week include Core Lithium Ltd (ASX: CXO), Sayona Mining Ltd (ASX: SYA), and Mineral Resources Limited (ASX: MIN).
The post The AVZ Minerals (ASX:AVZ) share price has boomed a whopping 36% in a week. What’s the deal? appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most heavily traded ASX 200 shares this Wednesday
- These 3 ASX 200 shares are topping the volume charts on Tuesday
- These 3 ASX 200 shares are topping the volume charts this Monday
- These are the top performing ASX lithium stocks so far in 2022
- Here are the top 10 ASX shares today
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 Bruce Jackson.
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