Category: Stock Market

Today, the S&P/ASX 200 Index (ASX: XJO) broke a three-day losing streak following renewed optimism in markets on the back of the Federal Reserve’s rate decision last night. At the end of the session, the benchmark index finished 0.82% higher at 7,364.7 points.

In a refreshing change of scenery, there was almost not a single sector in the red across Aussie markets on Thursday. Unfortunately, the financial sector skimmed below breakeven after disappointing news was delivered by Australia and New Zealand Banking Group Ltd (ASX: ANZ) and National Australia Bank Ltd (ASX: NAB).

On the flip side, tech and energy shares shined the brightest today amid a slightly rosier outlook.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Core Lithium Ltd (ASX: CXO) was the biggest gainer today. Shares in the lithium exploration company surged 8.75% following impressive results from US lithium products business Livent last night. Find out more about Core Lithium here.

The next best performing ASX share across the market today was Liontown Resources Ltd (ASX: LTR). Yes, that’s right — yet another ASX-listed lithium share making the podium on Thursday. Uncover the latest Liontown Resources details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Core Lithium Ltd (ASX: CXO)	$1.305	8.75%
Liontown Resources Ltd (ASX: LTR)	$1.465	7.72%
Pilbara Minerals Ltd (ASX: PLS)	$2.83	7.61%
Yancoal Australia Ltd (ASX: YAL)	$5.66	7.40%
Novonix Ltd (ASX: NVX)	$5.00	7.07%
Paladin Energy Ltd (ASX: PDN)	$0.825	6.45%
Reliance Worldwide Corporation Ltd (ASX: RWC)	$4.30	6.17%
Lake Resources NL (ASX: LKE)	$1.77	5.69%
Amcor Plc (ASX: AMC)	$17.69	5.68%
Home Consortium Ltd (ASX: HMC)	$6.53	5.49%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 mining shares that surged more than 5% today
• Top brokers name 3 ASX shares to buy today
• Here’s why ASX lithium stocks are rocketing higher today
• Core Lithium share price is surging 7% on Thursday. What’s going on?
• These 3 ASX 200 shares are topping the share market’s volume charts on Thursday

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Reliance Worldwide Corporation Limited. The Motley Fool Australia has positions in and has recommended Amcor Limited. The Motley Fool Australia has recommended Reliance Worldwide Corporation Limited. 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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It might seem old hat already, but no doubt the biggest piece of investing news (or just news) out this week was the decision by the Reserve Bank of Australia (RBA) to increase Australia’s interest rates for the first time in 11 years. Naturally, much of the coverage of this decision has focused on the impacts higher rates will have on homeowners. As well as the broader property market. But higher rates have big implications for ASX shares too.

Tuesday’s announcement took the cash rate from the record low of 0.1% to 0.35%. But even so, the RBA has made it clear that we should all expect more rate rises over the rest of the year. So let’s check out how higher rates could make for some ASX winners and losers.

RBA raises cash rate for the first time in 11 years

So the first thing to keep in mind is that higher interest rates mean higher repayments on most loans (not just mortgages). So right off the bat, we can say that any company with a large debt load is potentially in the firing line here.

That view is backed up by our own chief investment officer Scott Phillips. Here’s some of what Mr Phillips told news.com.au this week:

The companies who stand to lose the most are obviously those with a lot of debt whose interest bills will rise (probably meaningfully), hurting margins, profitability and therefore share prices. In a worst-case scenario, some might even collapse under the weight of suddenly more expensive debt.

But it’s not just those companies with large debts that could be in strife under a higher-rate world. Phillips added the following:

Second, companies with little-to-no pricing power will also find themselves in a challenging environment… Third, if interest rates do bite, discretionary economic activity will likely be somewhat curtailed and businesses falling into this category will likely see less demand – although this will vary dramatically depending on the nature of the business.

Something to keep in mind when looking at how your own portfolio might fare under higher interest rates. But what of the winning ASX shares?

Which ASX shares will win from higher rates?

Phillips identified one popular sector as a potential winner: ASX banks. He told the report that “banks might do well if they can use higher rates to fatten their margins”. He also said that “insurers who invest their premiums in cash and bonds will get a higher return on that money” when interest rates rise.

This was backed up by AMP Ltd (ASX: AMP) chief economist Shane Oliver. Mr Oliver told the report the following:

On the whole, banks are also going to feel positive effects from the change — provided all their customers aren’t financially ruined… It’s more positive than negative for banks, if people default on their loans then it’s bad, it could become a negative if there’s lots of defaults. But the RBA is not going to raise interest rates to a point of collapse [for people].

The post Running against rates! Which ASX shares could be the winners and losers? appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 mining shares that surged more than 5% today
• Why these brokers think ARB shares are still a buy after their big crash
• 3 ASX 300 shares rocking new 52-week highs on Thursday
• Vulcan share price pops 5% on future lithium expectations
• Top brokers name 3 ASX shares to buy today

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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The S&P/ASX 200 Resources Index (ASX: XJR) finished in the green today, but three ASX 200 mining shares soared higher than the index.

The ASX 200 Resources Index climbed 1.49% to 5,796.2 points. For comparison, the S&P/ASX 200 Index (ASX: XJO) also jumped 0.82% today.

Let’s take a look at which ASX 200 mining shares had a stellar day.

Pilbara Minerals (ASX: PLS)

The Pilbara Minerals share price surged 7.6% today. The company is one of many ASX lithium shares to enjoy a day in the green.

As my Foolish colleague James reported, this market sentiment appeared to be driven by a strong result from lithium giant Livent Corp (NSYE: LTHM) in the United States. Livent shares exploded 30% after the company performed ahead of market expectations. CEO Paul Graves spoke highly of the global lithium market. He commented: “Strong lithium demand has continued in 2022.”

Pilbara’s share price has surged 141% in a year but is down 11.5% this year to date. The company recently reported lithium prices jumped to record highs in the quarter ended March.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price rocketed 8.75% today. The company’s share price has risen 121% year to date and 392% over the past 12 months.

Core Lithium shares leapt today amid a strong day for ASX lithium shares. Other ASX lithium shares to rise include Allkem Ltd (ASX: AKE), up 4.79%,  Lake Resources N.L. (ASX: LKE), up 5.69%, and Liontown Resources Limited (ASX: LTR), up 7.72%.

Core Lithium has recently received environmental approval for the BP33 underground mine in the Northern Territory.

Chalice Mining Ltd (ASX: CHN)

Chalice Mining shares leapt 5.43% today. Chalice is exploring the Jumilar nickel, copper, and platinum group elements (PGE) project in the Avon region of Western Australia.

Copper prices are up 1.76% to US$4.4045 a pound, Trading Economics data shows. However, nickel prices have fallen 1.18%.

Chalice presented at the Macquarie 2022 Australia conference on Wednesday. The company noted Jumilar has the potential to be a “globally significant” source of class 1 nickel. Chalice said: “Julimar’s proximity to WA’s world-class power grid and infrastructure make it uniquely positioned to deliver low carbon intensity metals.”

The Chalice Mining share price has gained 5% over the past 12 months but is down 25% so far this year.

The post 3 ASX 200 mining shares that surged more than 5% today appeared first on The Motley Fool Australia.

More reading

• Here’s why ASX lithium stocks are rocketing higher today
• Core Lithium share price is surging 7% on Thursday. What’s going on?
• These 3 ASX 200 shares are topping the share market’s volume charts on Thursday
• Why Alliance Aviation, Amcor, Core Lithium, and QBE shares are storming higher
• Why is the Pilbara Minerals share price rocketing 7% today?

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 recommended Macquarie Group Limited. 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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The ARB Corporation Limited (ASX: ARB) share price tumbled again today but some experts reckon this is a buying opportunity.

Shares in the four-wheel-drive accessories maker lost a further 1.13% today as they crashed to a more than one-year low of $33.23.

Today’s losses are on top of the 11.2% fall yesterday after the company’s disappointing trading update. It also follows smaller falls on Monday and Tuesday, meaning the ARB share price has slumped 17% since Friday’s close.

ARB hits earnings speed bump

The update showed slowing sales momentum in the quarter ended March across all segments when compared to the first half of 2022.

Importantly, a further slowdown is likely at the group level in the current quarter based on management’s FY22 guidance, according to Citigroup.

However, the broker isn’t put off and has reiterated its “buy” recommendation on the ARB share price.

“While slowing sales momentum is not positive for a stock which trades at an above-market multiple, we see attribute the slowdown to supply issues which should resolve in time and see demand holding up for now,” said Citi.

But this doesn’t mean it’s a smooth road ahead for ARB either. Supply chain disruptions continue to impact new car sales, labour shortages to install ARB accessories are still an issue, and rising interest rates could dent consumer demand.

However, Citi thinks the ARB share price still looks cheap. Management’s decision to double the capacity of its Thai manufacturing plant and its partnership with Ford give the broker reasons to feel confident about ARB’s future.

Nonetheless, Citi lowered its 12-month target price to $46.63 from $48.15 a share.

ARB share price can overcome temporary obstacles

Another broker that believes the ARB share price is looking cheap is Wilsons. It repeated its “overweight” recommendation on the shares with a 12-month price target of $43 a share. That implies a more than 30% upside if dividends are included.

“Demand remains strong, underpinned by a ‘consistently high’ order book and, in our view, the ongoing structural shift to 4X4s/SUVs,” said Wilsons.

 “Once supply constraints ease and supply chains improve, we expect structural sales growth to resume and note the incremental distribution capability available through ARB’s global collaboration with Ford.

“Recent price increases and favourable currency movements should support elevated margins in the near-term.”

The ARB share price has reversed over 11% in the past year compared to a 4% increase in the S&P/ASX 200 Index (ASX: XJO).

The post Why these brokers think ARB shares are still a buy after their big crash appeared first on The Motley Fool Australia.

More reading

• Why ANZ, ARB, Janus Henderson, and Temple & Webster shares are falling
• Why ARB, AVZ, Temple & Webster, and Zip shares are sinking
• Here’s why the ARB Corporation share price is plunging 10% today
• Here are the ASX retail share winners and losers of the last quarter
• Why Andromeda Metals, ARB, BCI Minerals, and WiseTech shares are tumbling lower

Motley Fool contributor Brendon Lau 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 recommended ARB Corporation Limited. 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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The S&P/ASX 300 Index (ASX: XKO) may have enjoyed a day in the green, but three ASX 300 shares outperformed the index while recording multi-year highs.

The ASX 300 ended the day up 0.87% at 7,361.9 points. It was a similar story for the S&P/ASX 200 Index (ASX: XJO), which closed 0.82% higher at 7,364.7 points.

So which ASX 300 shares leapt to yearly highs today?

Coronado Global Resources Inc (ASX: CRN)

The Coronado Global Resources share price climbed 3.36% today to close at $2.46. However, in afternoon trade, it hit $2.48. This is the highest price for Coronado shares since August 2019.

A possible catalyst could be the price of coal, which soared 9% to US$355 per tonne in one day, Trading Economics data reveals. Coronado produces metallurgical coal from projects in Queensland and the United States.

Challenger Ltd (ASX: CGF)

The Challenger share price rose 3.09% today to end the day’s trading at $7.68. In afternoon trade, the investment management company’s share price reached $7.725. That is the highest this ASX 300 share has been since early March 2020.

Challenger managing director and CEO Nick Hamilton presented at the Macquarie Australia conference in Sydney today. Hamilton reflected on the success of the company’s diversification strategy. He said this strategy is driving significant momentum across the business. He highlighted the company’s Our Life business has achieved a 30% increase in sales to $7.6 billion.

Amcor CDI (ASX: AMC)

The Amcor share price surged 5.68% today to close at $17.69. In earlier trade, the company’s share price leapt 8% to $18.11 — an all-time high.

This ASX 300 share followed in the footsteps of its US listing. The Amcor PLC (NYSE: AMCR) share price surged 9.61% on the New York Stock Exchange on Wednesday.

Investors appeared to be responding positively to the company’s financial results. Net sales for the quarter soared 15.6% to $3,708 million. For the nine months ended March 31, sales surged 13% to $10,635 million. Adjusted earnings before interest and taxes (EBIT) jumped 6% in the quarter compared to the prior corresponding period.

The post 3 ASX 300 shares rocking new 52-week highs on Thursday appeared first on The Motley Fool Australia.

More reading

• Why Alliance Aviation, Amcor, Core Lithium, and QBE shares are storming higher
• 3 ASX All Ordinaries shares that smashed new 52-week highs today
• ‘Outlook bright’: expert picks 2 ASX shares to buy right now
• Up 80% in 2022, are Coronado shares heading for the ASX 200?
• Why City Chic, Coronado, South32, and Syrah shares are charging higher

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 positions in and has recommended Amcor Limited. The Motley Fool Australia has recommended Challenger Limited and Macquarie Group Limited. 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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The Vulcan Energy Resources Ltd (ASX: VUL) share price is benefitting from a surge in positive investor sentiment today.

Upon inspection, the lithium explorer went toe-to-toe with some of the best performers on the ASX on Thursday. The Vulcan share price finished the session up 5.53% at $8.02.

Interestingly, there were no announcements percolating through from Vulcan to the market today. So, what could be grabbing the attention of ASX investors?

Mapping out the future of lithium

Investors know all too well that the future is more important than the past. It is not where the share price currently is that defines our returns, it’s where it will be years from now.

Because of this, estimates and forward projections become the driving force in the short term. As for the Vulcan Energy share price, today came with a set of important forecasts regarding the commodity of focus — lithium.

Recently, analysts at Goldman Sachs pencilled in their projections for lithium prices. They believe lithium carbonate prices will average US$46,640 per tonne this year. However, the analysts project a decline in prices for future years — falling from US$20,500 per tonne in 2023 to US$14,468 per tonne in 2025.

While Vulcan is not yet producing lithium, the value of its future cash flow is reliant on the commodity’s value. Considering this, it might not make sense why the Vulcan share price is in the green today.

One reason might be a renewed focus on potential profitability. Noted by Ben Cleary of Tribeca Global Natural Resources Fund, if lithium prices do retreat, investors still wanting exposure to the sector might congregate around cash-positive companies.

Essentially, the premise of Vulcan Energy’s goal is to produce lithium at a substantially lower cost than is traditional by using its Direct Lithium Extraction method. Although, this is still undergoing assessment.

Vulcan share price snapshot

Vulcan was one of the best performing ASX shares in 2020 and 2021. However, that performance hasn’t been replicated so far this year.

Since hitting an all-time high price of $16.65 in September last year, Vulcan shares have been steadily declining. Looking at the year-to-date performance, the Vulcan share price is down 26%.

The post Vulcan share price pops 5% on future lithium expectations appeared first on The Motley Fool Australia.

More reading

• Here’s why ASX lithium stocks are rocketing higher today
• What will the lithium price be in 2025?
• Why is the Vulcan share price lagging the ASX 200 today?
• Down 13% in a month, is the Vulcan share price a buying opportunity?
• Analysts name 3 top ASX lithium stocks to buy now

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

According to a note out of Citi, its analysts have retained their buy rating and $30.75 price target on this banking giant’s shares. This follows the release of ANZ’s half-year result earlier this week. Although the broker was disappointed to see the bank rethink its FY 2024 $8 billion cost base target and is now forecasting a $9.3 billion cost base, it remains positive. This is because Citi still expects >10% earnings per share and dividends per share growth in FY 2023 and FY 2024 as the cash rate rises. The ANZ share price is trading at $26.91 on Thursday.

Cochlear Limited (ASX: COH)

A note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on this hearing solutions company’s shares to $244.50. This follows news that Cochlear has agreed to acquire Oticon Medical for A$170 million. Morgans believes the acquisition is a good one and will fortify the company’s position in the bone-anchored hearing aid segment. The Cochlear share price is fetching $229.08 today.

Liontown Resources Limited (ASX: LTR)

Analysts at Macquarie have retained their outperform rating and $2.50 price target on this lithium developer’s shares. This follows the company’s appearance at the broker’s investor conference this week. Macquarie is positive on Liontown, highlighting that it has offtake agreements with Tesla and LG Energy Solutions, is fully funded for stage one production, and will ultimately be targeting production of 500,000 tonnes per annum in FY 2026. The Liontown share price is trading at $1.46 this afternoon.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Here’s why ASX lithium stocks are rocketing higher today
• Why ANZ, ARB, Janus Henderson, and Temple & Webster shares are falling
• What will the lithium price be in 2025?
• Up 250% in a year, the Liontown share price surges 6% higher again today
• Top brokers explain why not all ASX lithium shares are created equal

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and Macquarie Group Limited. 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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Although the statistics consistently show that exchange-traded funds (ETFs) covering Australian ASX shares are the most commonly held amongst ASX investors, the Vanguard MSCI International Share Index ETF (ASX: VGS) is still a popular choice. In fact, VGS is the second-most popular ASX ETF that covers international shares on the market. This means that this ETF is a go-to choice for many investors who want to diversify an ASX share portfolio to include some exposure to countries and companies that lie outside Australia.

But how far does the Vanguard International Shares ETF go in this regard? Is this ETF really a good choice for ASX diversification? Let’s take a look under the hood of this ETF.

VGS ETF: Diversified or not diversified?

So VGS is an ETF that is extremely wide in its scope. It aims to track a basket of international shares listed across the advanced economies of the world. That means that VGS houses shares from countries ranging from the United States, Canada, and the United Kingdom to Singapore, Japan and most of Europe. At the latest count, this ETF houses close to 1,500 individual underlying shares within it.

In saying that, it is the United States that unambiguously dominates this ETF. On the latest data, 70.5% of VGS’s underlying portfolio consists of US shares. Indeed, so do its top ten investments. All ten of these are US companies, which in turn are dominated by tech giants like Apple Inc (NASDAQ: AAPL), Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL), Amazon.com Inc (NASDAQ: AMZN) and Tesla Inc (NASDAQ: TSLA).

So we have something of a dualling narrative here. Yes, VGS has exposure to more than 20 different countries’ markets. Yet more than 70% of its portfolio weighting is to the US. Yes, VGS has almost 1,500 underlying shares in its portfolio. But its top ten positions make up just over 20% of its entire portfolio.

So the Vanguard International Shares Index ETF can arguably be thought of as both diversified and concentrated. VGS charges a management fee of 0.18% per annum.

The post How diversified is the Vanguard International Shares ETF? appeared first on The Motley Fool Australia.

More reading

• Here are 2 top ETFs for ASX investors to buy next week
• What’s impacting the Vanguard MSCI Index International Shares ETF price in 2022?
• 3 high quality ETFs for ASX investors to buy today
• Is the Vanguard International Shares ETF just a big bet on the FANG stocks?
• How did the Vanguard MSCI Index International Shares ETF fare in March?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Alphabet (A shares), Amazon, Apple, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, Tesla, and Vanguard MSCI Index International Shares ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, and Vanguard MSCI Index International Shares ETF. 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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The S&P/ASX 200 Index (ASX: XJO) is on form on Thursday and charging higher. At the time of writing, the benchmark index is up 0.8% to 7,366.1 points.

However, as positive as this is, this gain pales in comparison to one area of the market – the lithium industry.

Lithium stocks race higher

In afternoon trade, a number of ASX lithium stocks are on course to record very strong gains. Here’s a summary of how they are performing:

• The Allkem Ltd (ASX: AKE) share price is up 5%.
• The Core Lithium Ltd (ASX: CXO) share price is up 7%.
• The Lake Resources N.L. (ASX: LKE) share price is up 6%.
• The LionTown Resources Limited (ASX: LTR) share price is up 7%.
• The Pilbara Minerals Ltd (ASX: PLS) share price is up 6.5%.
• The Sayona Mining Ltd (ASX: SYA) share price is up 11%.
• The Vulcan Energy Resources Ltd (ASX: VUL) share price is up 5%.

Why are they rising?

Today’s gain appears to have been driven by the release of an impressive result from lithium giant Livent overnight.

The NYSE-listed lithium miner saw its shares hurtle 30% higher after reporting a 17% increase in revenue to US$143.5 million and a 94% quarter on quarter jump in EBITDA to $53.2 million. This was well-ahead of the market’s expectations.

In addition, Livent’s CEO, Paul Graves, spoke very positively about current trading conditions, which seems to have given investor sentiment a big boost.

He commented:

Strong lithium demand growth has continued in 2022.  Published lithium prices in all forms have increased rapidly amid very tight market conditions and Livent continues to achieve higher realized prices across its entire product portfolio.

In light of this positive outlook, Livent has upgraded its full year revenue guidance by over US$200 million and its EBITDA guidance by over US$130 million.

It now expects revenue of US$755 million to US$835 million and EBITDA of US$290 million to US$350 million. The midpoint of this guidance implies year on year growth of 89% and 360%, respectively.

It certainly is a boom time for lithium stocks.

The post Here’s why ASX lithium stocks are rocketing higher today appeared first on The Motley Fool Australia.

More reading

• Core Lithium share price is surging 7% on Thursday. What’s going on?
• These 3 ASX 200 shares are topping the share market’s volume charts on Thursday
• Why Alliance Aviation, Amcor, Core Lithium, and QBE shares are storming higher
• Why is the Pilbara Minerals share price rocketing 7% today?
• What will the lithium price be in 2025?

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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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The Core Lithium Ltd (ASX: CXO) share price is back on the horse on Thursday to recover some of its losses for the week so far.

And while there’s been no news from the company to explain its surge, it’s far from alone in its gains. Many of its fellow ASX lithium shares are also taking off today.

At the time of writing, the Core Lithium share price is $1.285, 7.08% higher than its previous close.

For context, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are both in the green too. They’ve gained 1% and 0.82% respectively.

Let’s take a look at what’s been going on with the Core Lithium share price lately.

What’s boosting the Core Lithium share price today?

The Core Lithium share price has made its triumphant return to the green today. It’s currently 102% higher than it was at the start of 2022.

That’s despite the stock’s poor performance for the week so far. It tumbled 5% on Monday, before slipping another 4.5% and 5.1% on Tuesday and Wednesday.

As a result, the lithium developer’s stock is still 9% lower than it was at the end of last week.

Those falls came despite the company releasing two pieces of good news to the market.

First, it announced it had signed a crushing services contract for its Finniss Lithium Project. Then, an underground mine at the project was granted environmental approval.

It stands to reason that today’s gains could be the market’s way of correcting after the sell-off earlier this week.

It’s also worth noting that today is proving to be a good day for many ASX lithium shares.

The share prices of Liontown Resources Limited (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS) are both up around 7%. Meanwhile, that of Sayona Mining Ltd (ASX: SYA) is up 11%.

The post Core Lithium share price is surging 7% on Thursday. What’s going on? appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the share market’s volume charts on Thursday
• Why Alliance Aviation, Amcor, Core Lithium, and QBE shares are storming higher
• What will the lithium price be in 2025?
• Top brokers explain why not all ASX lithium shares are created equal
• Core Lithium share price gives up early gains to close 5% lower

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 Scott Phillips.

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