There is no getting around the fact that ASX growth shares have performed terribly this year.

However, over the longer term, as the market works its way through entire economic cycles, a business can grow sufficiently to eventually put investors ahead.

Some ASX shares involved in health technology are prime examples. 

Those companies have a foot each in two sectors that have been hammered in 2022. But a long-term perspective might prove fruitful, as is the case with these two stocks:

Long-term growth and short-term defence

Imaging software provider Pro Medicus Limited (ASX: PME) has seen its shares dive 11.5% year to date.

However, over the past five years, its shareholders have been celebrating a remarkable 727% rise in their investments, excluding dividends.

For Medallion Financial Group private client advisor Stuart Bromley, the stock is both a long-term growth story and a short-term defensive holding.

“We believe future growth justifies a relatively high price-earnings ratio,” Bromley told The Bull.

“Existing clients are renewing contracts, providing Pro Medicus with defensive, long-term revenues.”

In recommending the ASX share as a buy, Bromley noted the 2022 financial year saw underlying revenue increase 38% to $93.5 million.

“This medical imaging technology business is taking impressive market share, primarily at the top end of the big and lucrative US market.”

Admittedly other professionals are more lukewarm on Pro Medicus than Bromley. According to CMC Markets, eight out of 13 analysts currently rate the health tech stock as a hold.

New CEO from big pharma

The Polynovo Ltd (ASX: PNV) share price has plunged more than 8% since mid-August.

But, similar to Pro Medicus, it has rewarded investors handsomely over the long term. The ASX share has rocketed up 456% over the past five years.

“The company provides dermal regeneration solutions via its NovoSorb biodegradable polymer technology,” said Bromley.

“The company posted unaudited record first quarter sales of $12.5 million in fiscal year 2023.”

For Bromley, a big catalyst and endorsement for Polynovo shares came a few months ago.

“We’re encouraged that Swami Raote, a former US Johnson & Johnson (NYSE: JNJ) veteran of 30 years, was appointed chief executive in July,” he said.

“Raote brings a lot of connections to Polynovo.”

The advisor admitted Polynovo has had a long run as a cash-burning business, but he can see the light at the end of the tunnel.

“Breakeven is now closer for this business, with a net loss after tax of just $1.19 million in fiscal year 2022.”

Bromley’s peers are more convinced about this ASX share, with four out of five analysts currently surveyed on CMC Markets recommending Polynovo as a strong buy.

The post Two 5-bagger health tech ASX shares ready to rocket again: expert appeared first on The Motley Fool Australia.

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• If you invested $5,000 in each of these ASX shares 10 years ago, you’d be a millionaire today
• Guess which ASX All Ords share turned a $30,000 investment into $1 million
• How to find wealth compounders inside the ASX 200 right now
• The ASX All Ords share that’s a better, cheaper buy than Polynovo: Wilsons
• This ASX 200 share turned $10k into $1 million in just 10 years

Motley Fool contributor Tony Yoo 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 POLYNOVO FPO and Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Johnson & Johnson. The Motley Fool Australia has positions in and has recommended Pro Medicus Ltd. 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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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) stormed higher after the RBA raised rates in line with expectations. The benchmark index rose 1.65% to 6,976.9 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to edge lower

The Australian share market looks set for a subdued day on Wednesday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 1 point lower this morning. In late trade on Wall Street, the Dow Jones is down 0.25%, the S&P 500 is down 0.4%, and the Nasdaq is down 0.8%.

Oil prices higher

Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 2.1% to US$88.36 a barrel and the Brent crude oil price has risen 2% to US$94.64 a barrel. A softer US dollar offset Chinese demand concerns.

Iron ore price steadies

The good news for mining giants BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) is that after some very heavy declines recently, the iron ore price has started to steady. According to Fastmarkets, the spot iron ore price has recovered 0.8% to US$80.15 a tonne.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.6% to US$1,650.7 an ounce. Gold rose thanks to softness in the US dollar.

Domino’s AGM

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price could be one to watch today. The pizza chain operator is holding its annual general meeting and could provide a trading update to the market. Last week, Morgans commented: “The AGM next week will update on sales growth rates and store rollout. October 2022 trading will look better than the 3 months prior and may mark a long-awaited turning point.”

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

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More reading

• Why did Santos and Woodside shares outperform the ASX 200 today
• Here are the top 10 ASX 200 shares today
• Here are the 3 most traded ASX 200 shares on Tuesday
• Why is the Dreadnought share price struggling despite successful drill program
• Why is the Zip share price up 5% on Tuesday?

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Dominos Pizza Enterprises 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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Are you looking for dividend shares to buy? If you are, then the two listed below could be quality options.

Analysts have recently rated these ASX 200 dividend shares as buys. Here’s what you need to know about them:

Coles Group Ltd (ASX: COL)

The first ASX dividend share that analysts rate as a buy is supermarket operator Coles.

It has been named as a buy by analysts at Morgans. The broker was pleased with the company’s first quarter update, noting that it was slightly ahead of expectations.

It also highlights that its “sales, volumes and transactions strengthened through 1Q23 and has continued into 2Q23.”

In light of this, the broker has retained its add rating on its shares with a slightly trimmed $19.50 price target.

As for dividends, the broker is now forecasting a 64 cents per share dividend in FY 2023 and a 66 cents per share dividend in FY 2024. Based on the current Coles share price of $16.44, this will mean yields of 3.9% and 4%, respectively, for investors.

Super Retail Group Ltd (ASX: SUL)

Another ASX 200 dividend share that has been tipped as a buy is Super Retail.

Last week, the retailer behind the Rebel and Super Cheap Auto brands released a trading update and revealed like for like sales growth of 20% for the first 16 weeks of FY 2023.

This update went down well with analysts at Citi, particularly given that its “gross margins are stable and in line” with expectations.

As a result, the broker retained its buy rating and $13.50 price target on the company’s shares.

In respect to dividends, Citi continues to forecast fully franked dividends per share of 71 cents in FY 2023 and 66 cents in FY 2024. Based on the latest Super Retail share price of $10.42, this will mean yields of 6.8% and 6.3%, respectively.

The post These are the ASX 200 dividend shares to buy: analysts appeared first on The Motley Fool Australia.

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• Brokers name 2 ASX dividend shares to buy
• Brokers name 3 ASX shares to buy today
• Batten down the hatches as RBA may hit households with ‘supersized’ interest rate hike on Melbourne Cup day
• 3 ASX 200 shares rising after Q1 trading updates
• Broker says the Coles share price is great value post-Q1 update

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 Super Retail Group Limited. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET and Super Retail 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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Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) shares jumped again today.

Woodside shares leapt 2.31%, while Santos shares jumped 1.95%. The S&P/ASX 200 Index (ASX: XJO) climbed 1.65% today.

Let’s take a look at what impacted these two energy companies today.

What happened?

Woodside and Santos are both major oil and gas producers.

US natural gas futures surged as much as 10% to a two-week high overnight in America.

Despite record output, cooler weather and predictions that demand would be higher than expected impacted the market, Reuters reported.

In other news, the Organization of the Petroleum Exporting Countries (OPEC) lifted its forecasts for world oil demand on Monday. OPEC believes $12.1 trillion of investment is required to meet global demand, Reuters reported. OPEC Secretary General Haitham Al Ghais said in quotes cited by the publication:

The overall investment number for the oil sector is $12.1 trillion out to 2045.

However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on ending financing in fossil fuel projects, is a major cause of concern.

WTI crude oil is currently up 0.81% to US $87.23 a barrel, while Brent Crude Oil is down 0.98% to US $94.83 a barrel, according to Bloomberg.

Woodside advised last week it delivered record production of 51.2 MMboe in the third quarter of 2022, up 52% on the previous quarter.

Santos meanwhile, delivered third-quarter production of 26.1 MMboe, up 12% on the second quarter.

Share price snapshot

Woodside shares have exploded 68% year to date, while Santos shares have risen 24%.

For perspective, the ASX 200 has fallen 6.28% year to date.

The post Why did Santos and Woodside shares outperform the ASX 200 today appeared first on The Motley Fool Australia.

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More reading

• These ASX 200 energy shares are leading the market higher on Tuesday
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• Are Woodside shares the ‘most loved’ among the ASX energy giants?
• 5 things to watch on the ASX 200 on Monday
• ‘Some market trends are now entrenched’: Why this expert tips greatness for Santos shares

Motley Fool contributor Monica O’Shea 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 Flight Centre Travel Group Ltd (ASX: FLT) share price has been on a tear in recent weeks. Flight Centre shares gained an impressive 18% or so over the month of October. Indeed, the company is up more than 20% since 3 October.

And yet, Flight Centre is still on the most-shorted ASX shares list. Just yesterday, my Fool colleague James covered the ASX’s most short-sold shares. And there Flight Centre was. In the number one position with 15.3% of its share count shorted.

So why might this be the case? Well, in simple terms, there are still many investors (or a few with deep pockets) betting that there is more pain ahead for the Flight Centre share price.

Short selling works by allowing investors to borrow shares and sell them with a promise of returning that same number of shares to the original owner at a later date.

If the share price of the shorted share falls during this borrowing period, the short seller makes money. It can be thought of as the opposite of investing in a company, sometimes called ‘going long’.

Why are Flight Centre shares getting short-sold?

So Flight Centre’s presence on the most shorted list tells us that there are significant investors out there who are anticipating the company’s shares are in for a rough time over the next few months at least.

Until October, Flight Centre shorters would have been doing very well. Between the start of 2022 and 3 October, Flight Centre shares dropped around 25% in value. Even after the stellar month the company enjoyed during October, the ASX 200 travel share remains down 9.7% in 2022 thus far.

Perhaps some investors are anticipating the travel sector isn’t in for as rosy a recovery as some suggest.

As we covered last week, booking statistics have reportedly shown “an influx of new business travellers in the construction, engineering, and healthcare sectors”.

Construction workers are reportedly Flight Centre’s ” third most important source of passengers”. So it’s almost certainly good news for the company that business travel in this industry has grown by 145% against the numbers seen in 2019.

So perhaps short sellers are missing something?

Looking at Flight Centre’s calendar, the company is scheduled to hold its next annual general meeting later this month on 14 November. It’s possible short sellers are betting that the company will have some bad news to tell the markets at this AGM.

Whatever the reasons for this company’s high short-seller interest right now, only time will tell if this pessimism is well founded.

In the meantime, Flight Centre has just closed at a share price of$16.92, up 1.62% for the day.

The post Why are Flight Centre shares still the most shorted on the ASX? appeared first on The Motley Fool Australia.

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More reading

• Here are the 10 most shorted ASX shares
• If you’d spent $1,000 buying Flight Centre shares at the start of October, guess how much you’d have now
• Why is the Qantas share price so volatile today?
• Could this tailwind fuel Flight Centre’s share price into the future?
• Here are the top 10 ASX 200 shares 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 recommended Flight Centre Travel 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 S&P/ASX 200 Index (ASX: XJO) gained on Tuesday as the Reserve Bank of Australia (RBA) hiked interest rates once more. The index closed 1.65% higher at 6,976.9 points.

The RBA lifted the nation’s cash rate by 0.25% to 2.85% at its November meeting in a bid to crush soaring inflation. That was in line with the more dovish prediction thrown around by analysts, with others tipping a 0.5% hike.

The Australian consumer price index (CPI) rose to a 32-year high of 7.3% in the September quarter.  

And the RBA doesn’t appear to be done yet. It flagged further rate hikes in coming months while inflation is forecast to peak at around 8% later this year.

Back to the market, the S&P/ASX 200 Materials Index (ASX: XMJ) led the way today, gaining 2.6%.

The S&P/ASX 200 Energy Index (ASX: XEJ) was hot on its tail, lifting 2.1% despite falling oil prices.

The Brent crude oil price fell 1% to US$94.83 a barrel on Monday while the US Nymex crude oil price dropped 1.6% to US$86.53 a barrel.  

The S&P/ASX 200 Utilities Index (ASX: XUJ) and the S&P/ASX 200 Real Estate Index (ASX: XRE) both also outperformed, lifting 2.5% and 2.1% respectively.

At the end of Tuesday’s trade, all 11 of the ASX 200’s sectors were higher. But which share outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

The top-performing ASX 200 share today was none other than Imugene Limited (ASX: IMU).

Stock in the healthcare favourite jumped another 11% today, adding to the 6% surge it posted on Monday on the back of a clinical trial update.

Today’s biggest gains were made by these shares:

ASX-listed company	Share price	Price change
Imugene Limited (ASX: IMU)	$0.195	11.43%
Nickel Industries Ltd (ASX: NIC)	$0.785	7.53%
United Malt Group Ltd (ASX: UMG)	$3.30	6.11%
Graincorp Ltd (ASX: GNC)	$8.88	6.09%
Adbri Ltd (ASX: ABC)	$1.67	6.03%
Megaport Ltd (ASX: MP1)	$6.44	5.75%
Fortescue Metals Group Limited (ASX: FMG)	$15.50	5.44%
Ramelius Resources Limited (ASX: RMS)	$0.775	5.44%
NextDC Ltd (ASX: NXT)	$8.77	5.41%
Pinnacle Investment Management Group Ltd (ASX: PNI)	$8.57	5.28%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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• Here are the 3 most traded ASX 200 shares on Tuesday
• Why is the Dreadnought share price struggling despite successful drill program
• Why Graincorp, Nanosonics, NextDC, and Readytech shares are racing higher
• Why is the Zip share price up 5% on Tuesday?
• These ASX 200 energy shares are leading the market higher on Tuesday

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 positions in and has recommended MEGAPORT FPO and PINNACLE FPO. The Motley Fool Australia has positions in and has recommended PINNACLE FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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 Macquarie Group Ltd (ASX: MQG) share price was on form on Tuesday.

The investment bank’s shares rose 1.5% to $172.00.

This means the Macquarie share price is up almost 4% since this time last week.

Can the Macquarie share price keep rising?

The good news for investors is that the team at Morgans believes the Macquarie share price can keep rising from here.

According to a recent note, the broker has responded to Macquarie’s half-year results by retaining its add rating with a trimmed price target of $214.30.

Based on the current Macquarie share price, this implies potential upside of almost 25% for investors over the next 12 months.

In addition, Morgans is forecasting a partially franked 4% dividend yield over the next 12 months, stretching the total potential return to approximately 29%.

What did the broker say?

Morgans was pleased with Macquarie’s half-year results. It commented:

MQG’s 1H23 NPAT of A$2.3bn was +13% on the pcp and 9% above Bloomberg consensus (A$2.15bn). We would describe MQG’s 1H23 result as a solid, clean performance, with the company again finding a way to better market expectations, highlighting the strength of the franchise. We lift FY23F/FY24F EPS by 1.2%/0.2% reflecting slightly improved earnings forecasts across most divisions. Our PT is largely unchanged. We maintain our ADD call with >10% TSR upside to our price target.

Outside the result, the broker likes the company due to its exposure to structural growth areas and believes the Macquarie share price is trading at an undemanding level. It concludes:

MQG is a quality franchise, well exposed to structural growth areas, and the company is managing a more difficult FY23 environment well. With MQG’s share price having pulled back since the start of the year, we see its current PE multiple of 14.5x as undemanding given the sustainable competitive advantages of the business.

The post Broker tips Macquarie share price to rise 25% appeared first on The Motley Fool Australia.

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• Leading brokers name 3 ASX shares to buy today
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• 5 things to watch on the ASX 200 on Monday
• Is the Macquarie share price in the buy zone? Here’s what Goldman Sachs thinks
• Everything you need to know about the super-sized Macquarie dividend

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 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 Lynas Rare Earths Ltd (ASX: LYC) share price gained 3.72% in today’s trading session.

Shares of the rare earths producer ended the day at $8.64 each.

Lynas’s share price could have received a boost by movements of the materials sector, which was the best-performing sector on the ASX on Tuesday.

The S&P/ASX 200 Materials Index (ASX: XMJ) finished 2.64% higher. For comparison, the S&P/ASX 200 Index (ASX: XJO) closed up 1.65%.

Meanwhile, a few of Lynas’s peers also received a boost this afternoon. Here’s a look at how these companies performed:

• BlueScope Steel Limited (ASX: BSL) up 2.73%
• Incitec Pivot Ltd (ASX: IPL) up 2.4%
• OZ Minerals Limited (ASX: OZL) up 0.58%

So while Lynas’s share price movement could arguably be chalked up to movements by the broader market, there is also some evidence to suggest that the company could have as much as a 15% upside in the future.

This is according to a broker note published by UBS this afternoon. So let’s cover what the broker said as well as some other expert commentary the company has received in the recent past.

Experts think Lynas shares could be on the rise

A UBS broker gave Lynas shares a price target of $9.95 as well as a buy rating on Tuesday, thus warranting the 15% potential upside.

One expert, BW Equities salesperson Tim Bleakley, agrees with the broker that Lynas could be ripe for the picking.

As the Fool reported earlier today, Bleakley praised Lynas’s outlook, FY22 result, and crucially the fact that it’s one of the few rare earth producers outside of China.

As an aside from Bleakley’s comments, China’s mounting aggression towards Taiwan could make rare earth producers outside of China such as Lynas and Arafura Resources Limited (ASX: ARU) much more valuable to the world economy as geopolitical tensions escalate.

This is according to comments contained in Arafura’s most recent quarterly activities report in which its geographics were stated as being one of its key advantages.

On a different note, Lynas expects strong demand for its neodymium and praseodymium output in the future. This is despite its quarterly sales revenue falling 44% in its quarterly activities report for Q1 FY23.

Lynas share price snapshot

The Lynas share price is down 16% year to date but up 14% over the past year.

Meanwhile, the ASX 200 is down around 7% and 6% over the same periods.

The company’s market capitalisation is around $7.53 billion.

The post Could the Lynas share price have another 15% upside from here? appeared first on The Motley Fool Australia.

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• 2 ASX companies producing minerals the whole world wants: expert
• Here are the top 10 ASX 200 shares today
• Why Champion Iron, Lynas, Newcrest, and Sayona shares are storming higher
• Lynas share price jumps despite 44% revenue fall
• Is the Lynas share price a buy ahead of tomorrow’s update?

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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The WA1 Resources Ltd (ASX: WA1) share price entered a trading halt today after soaring more than 60% this morning.

Shares in the ASX mineral explorer rocketed up 60.48% to $1.99 a share before being placed on ice. The company’s previous closing price was $1.24.

Let’s take a look at what’s going on at WA1 Resources.

What’s going on?

WA1 Resources was placed in a voluntary trading halt pending the release of a statement to the market.

The company expects to resume trading on the release of this announcement, or by market open on Thursday.

Commenting on the freeze, WA1 said:

The company requests a trading halt, pending the release of an announcement to the market in relation to a price query from the ASX.

WA1 Resources shares have soared an incredible 1374% from 13.5 cents each at market close on 21 October to the current share price of $1.99.

On Wednesday, the company released maiden drilling results from the West Arunta Project in Western Australia.

They showed significant mineralisation at drill hole PARC003. This included 54m at 0.62% niobium pentoxide, 0.18% total rare oxides, and 3.85% phosphorus pentoxide from 162 metres.

Managing director Paul Savich hailed the discovery as the first of its kind in the region. He said:

Niobium has been identified as a critical mineral by a number of countries and is a key input to future global technology needs, with ferroniobium metal (65% Nb) selling for US$45,000/tonne.

On Thursday, WA1 Resources released a corporate presentation highlighting its focus on “essential metals for a clean energy future”. Niobium improves battery performance via improved chargeability and stability.

WA1 Resources listed on the ASX on 8 February.

Share price snapshot

WA1 Resources shares have soared 895% year to date, while they have risen 1,184% in the last month.

For perspective, the ASX 200 has lost 7% in 2022 so far.

This ASX mining share has a market capitalisation of nearly $58 million based on the current share price.

The post Why was this ASX mining share placed on ice after exploding 60% today?  appeared first on The Motley Fool Australia.

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More reading

• 3 ASX mining shares going gangbusters on Thursday

Motley Fool contributor Monica O’Shea 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 lithium industry was a great place to be again in October.

During the month, a number of ASX lithium shares recorded strong gains for their shareholders.

Among the highlights are the four All Ords shares listed below. Here’s how they performed:

Liontown Resources Limited (ASX: LTR)

The Liontown share price was a very strong performer last month and recorded a gain of 26.8%. Investors were buying the lithium developer’s shares after the Western Australia government gave the thumbs up to the mining proposal for a 4Mtpa operation at the Kathleen Valley Lithium Project. This allowed major site works to commence, bringing production ever closer.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price also smashed the market last month with a 25% gain. This was driven by news that its Finniss lithium mine in Darwin was officially opened. This comes at a time when lithium prices are booming thanks to insatiable demand for the battery making ingredient in the electric vehicle market.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price charged 14.3% higher last month. A good portion of this gain was made late in the month after the lithium developer announced that it had been selected for a US$141.7 million (A$226 million) grant from the US Department of Energy (DOE). These funds will be used to support the construction of the company’s US$600 million (A$958 million) Tennessee Lithium project, which is aiming to expand the US supply of lithium hydroxide by 30,000 metric tonnes per year.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price was on form again and jumped 11.6% in October. Investors were buying this lithium miner’s shares thanks to the release of another solid quarterly update and the results of two online lithium auctions. The latter revealed prices of US$7,830/dmt (on an SC6.0 CIF China basis) and then ~US$8,000/dmt.

The post These were the best ASX lithium shares to buy in October appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most traded ASX 200 shares on Tuesday
• These were the best-performing ASX 200 shares in October
• The Core Lithium share price surged 25% in October. Here’s why
• Top ASX shares to buy in November 2022
• Here are the 3 most traded ASX 200 shares on Monday

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 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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