How are ASX lithium shares faring amid Wednesday’s carnage?

ASX lithium shares are a bit of a mixed bag amid the rout across the Aussie stock market today.

At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 2.48% following heavy declines on Wall Street overnight.

The Dow Jones tanked 3.94%, along with the tech-heavy Nasdaq losing 5.54% and the S&P 500 shedding 4.32%.

This marked the biggest one-day loss in two years for Wall Street following the release of the consumer price index report for August.

Subsequently, around $60 billion has been wiped off the ASX as global markets reel from the disappointing inflation data.

The US Federal Reserve could lift interest rates by 100 basis points as opposed to the previously forecasted 75 basis points.

It appears the market is bracing for such a move by the US central bank.

While there’s mostly a sea of red on the ASX, some lithium shares are defying the sell-off.

How are these ASX lithium shares faring today?

The Anson Resources Ltd (ASX: ASN) share price touched an all-time high on the back of the company’s assay results from its Paradox Lithium Project.

While its shares have retraced since, they are currently up 7.14% to 45.5 cents apiece.

In addition, the Leo Lithium Ltd (ASX: LLL) share price is cracking 7.41% higher to 72.5 cents following late night’s release of its half-year accounts.

The lithium producer has had a busy 6 months with the completion of the Goulamina Joint Venture.

Leo Lithium is aiming to develop and operate the world-class Goulamina Lithium Project in Mali.

Lastly, the Latin Resources Ltd (ASX: LRS) share price is also pushing upwards despite no company announcements.

The lithium explorer’s shares are up 4.35% to 12 cents.

On the other hand, the Lake Resources NL (ASX: LKE) share price is tumbling 14.57% to $1.085 due to a project dispute.

Conversely, shares in Vulcan Energy Resources Ltd (ASX: VUL) are down 6.52% to $8.17, reversing a majority of its 9.94% gain yesterday.

According to Trading Economics, the price of lithium carbonate is steady at US$71,200 per tonne, up 0.4% in a week.

When looking at year-on-year, lithium prices are up 245%, which isn’t far off from its record high of US$71,800 per tonne.

The post How are ASX lithium shares faring amid Wednesday’s carnage? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why Lake Resources, Lovisa, Megaport, and St Barbara shares are dropping
• Why Leo Lithium, Myer, Neuren, and Peter Warren shares are rising today
• Anson Resources share price surges to ASX all-time high on lithium news
• Lake Resources share price slides 18% amid market rout and project dispute

Motley Fool contributor Aaron Teboneras 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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