The Core Lithium Ltd (ASX: CXO) share price has hit its all-time high in Tuesday morning trading, touching $1.30.
It’s since settled at $1.267, up 4.28% at the time of writing.
Core Lithium shares are rebounding from a levelling-off period that’s weighed on the company’s share price since late February.
But whilst it may have been compressed lately, zooming out, Core Lithium shares have gained more than 135% over the past three months.
What’s up with the Core Lithium share price lately?
The company’s shares were rocked last week amid the shock resignation of managing director and CEO Stephen Biggins.
Biggins announced he will step down from the role by the end of the year after a tenure of nearly 12 years.
He advised he was proud of his achievements with the company’s Finniss Lithium Project. He said: “Core is in perfect position to reach its next stage of growth as a lithium producer.”
Despite some initial turbulence, investors have obviously taken the news in their stride. They’re buying in droves today at a huge volume of 21.88 million shares so far.
The Core Lithium share price has since staged a comeback rally and is up 4% since the news was announced, boosted by its gains today.
Aside from that, lithium carbonate continues to soar to new heights on global commodity markets, currently trading at an all-time high of around $104,000 per tonne.
As can be seen on the chart below, what the market is willing to pay for lithium and for Core Lithium’s stock have travelled very closely over the past year.
Core Lithium share price snapshot
In the past 12 months, the Core Lithium share price has climbed 507% and is up 116% this year to date.
During the previous month, the company’s shares have spiked another 69% and are now up 3% in the last week of trading.
At its current share price, the company has a market capitalisation of around $2.2 billion.
The post Core Lithium (ASX:CXO) shrugs off sector falls to notch up all-time high appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow 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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