Why is the Lake Resources share price leaping 10% on Thursday?

The Lake Resources N.L. (ASX: LKE) share price is surging ahead during Thursday afternoon trading.

Shares of the lithium explorer are currently at their intraday high of $1.33 each, 9.92% higher.

Other ASX lithium shares are also performing brilliantly on Thursday, including a couple reaching new all-time highs.

Pilbara Minerals Ltd (ASX: PLS) reached a new all-time high of $4.22 per share this afternoon, with the company’s shares currently trading at $4.21 each, up 6.58%.

Meanwhile, shares of Allkem Ltd (ASX: AKE) also reached a new record high of $15.02 today. The Allkem share price is currently $14.955, a gain of 6.21%

And finally, Mineral Resources Limited (ASX: MIN) is also well in the green, up 6.47% at the time of writing with its shares currently trading for $63.35 each.

The S&P/ASX 200 Materials Index (ASX: XMJ) is up 2.41% for the day so far.

What’s stunning is that there’s no news today from Lake Resources — or about lithium shares in general — to make sense of the price surge. But yesterday, some major developments occurred. Let’s cover the highlights.

What happened?

Yesterday, Lake Resources appointed a new CEO and managing director, David Dickson, to lead the company.

Lake Resources executive chairman Stuart Crow commented on the appointment:

David combines proven leadership experience and engineering expertise with a deep strategic understanding of off-taker and investor perspectives on energy supply chains. David knows all the major oilfield services and EPCM contractors who are looking to expand into the renewable economy … including those companies skilled in environmentally friendly drilling and reinjection – a key to Lake expanding at scale.

And as reported by ABC News, electric vehicle sales are reported to have hit a record high. The Federal Chamber of Automotive Industries (FCAI) stated that 95,236 new vehicles were sold in August, up 17.3% from the same month last year.

A total of 717,575 vehicles have been purchased so far in 2022 with electric vehicles accounting for 13.27% of the total.

Lake Resources share price snapshot

The Lake Resources share price is up 29% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 10.5% over the same period.

The company’s current market capitalisation is $1.81 billion.

The post Why is the Lake Resources share price leaping 10% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• 4 ASX lithium shares hitting all-time highs on Thursday
• Why are ASX lithium stocks having such a stellar run today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• 2 ASX All Ordinaries shares that defied today’s sell-off to crack new highs
• 2 fantastic ASX growth shares to buy now according to analysts

Motley Fool contributor Matthew Farley 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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