Back baby! 5 ASX lithium shares smashing all-time highs today

Yesterday’s carnage on the ASX share market seemed to finally put a stop to the relentless march of ASX lithium shares. Yesterday, we saw lithium shares like Pilbara Minerals Ltd (ASX: PLS) and Allkem Ltd (ASX: AKE) lose more than 3%. This dented the recent rise of the shares, which have seen outsized gains over the past month or so.

But today, all seems forgiven.

ASX lithium shares are once again on fire. And even that’s a slight understatement. We have seen not one, not two, but five of these shares hit all-time highs during this Thursday’s session so far.

First up is Pilbara Minerals, the arguable flagship lithium share of the ASX. Pilbara Minerals took a 3.16% hit yesterday. But today, the company has made up for that, and then some. Pilbara shares hit a new record high of $4.79 each just before midday today.

That puts the Pilbara share price up an extraordinary 48% over the past month alone. The company is currently up a healthy 4.14% at $4.78 a share at the time of writing.

But it doesn’t stop there.

More ASX lithium shares hitting record highs on Thursday

We’ve also seen a new high from Allkem. Allkem shares also took a 3.06% haircut yesterday. But again, all is forgotten today, with Allkem shares currently up 2.81% at $15.935 each. The company touched a new record high of $16.08 earlier in the session.

Some lesser-known ASX lithium shares are also riding the coattails today. Let’s look at Leo Lithium Ltd (ASX: LLL). This company was immune to yesterday’s market carnage, gaining more than 7%.

It has backed this up today with another gain worth 9.66%, putting it at 79 cents a share. This company’s new high is 81 cents though, which Leo Lithium hit this morning.

Turning to Global Lithium Resources Ltd (ASX: GL1), we have yet another lithium company at a new all-time high. This company is up an extraordinary 17.89% so far today, currently at its record high of $2.90 a share.

Our final share to check out is IRIS Metals Ltd (ASX: IR1). IRIS Metals shares are also burning hot today. This ASX lithium share is currently up by 11.57% at $2.17 each. The company’s new record high stands at $2.19 a share, which happened earlier this afternoon.

So it’s unclear what is sparking this rush into lithium today. Maybe investors are keen to get back in after getting spooked yesterday. It’s worth pointing out though that earlier this week, we looked at one ASX expert’s opinion that ASX lithium shares are the “buy now, pay later of 2022”. Perhaps that explains what is going on.

Either way, it’s quite a party for ASX lithium shares on the markets today.

The post Back baby! 5 ASX lithium shares smashing all-time highs today appeared first on The Motley Fool Australia.

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More reading

• Pilbara Minerals share price rebounds, wiping all of Wednesday’s losses
• Why is the Global Lithium Resources share price rocketing 11% today?
• Mineral Resources share price lifts amid lithium stock buy-up
• The Vulcan share price sank 7% today in ASX sea of red
• How are ASX lithium shares faring amid Wednesday’s carnage?

Motley Fool contributor Sebastian Bowen 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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