Tag: Motley Fool

The Bitcoin (CRYPTO: BTC) price is soaring today.

The world’s original crypto is up 10% since this time yesterday, currently trading for US$23,138 (AU$33,109).

Over the past 24 hours, the Bitcoin price hit lows of US$21,112 and peaked at US$23,358, according to data from CoinMarketCap.

Although even with the sizeable rally, BTC has a long way to go before recouping its all-time highs of US$68,790, set on 10 November last year.

Why is the Bitcoin price rocketing?

Crypto investors are bidding up the Bitcoin price alongside a host of other risk assets.

Ethereum (CRYPTO: ETH), the world’s number two crypto by market cap, as one example, is up 14% over the past 24 hours.

In fact, only a single one of the top 100 cryptos by market cap has lost value since this time yesterday. Namely TerraClassic (CRYPTO: USD), which is down just under 2%.

As for another good gauge of investor risk appetite, the NASDAQ closed up a whopping 4.1% yesterday (overnight Aussie time).

“Bitcoin’s correlation to the NASDAQ is rising again, so it’s easy to see why we’ve had this rally,” Josh Gilbert, market analyst at eToro told The Motley Fool.

All this comes on the heels of the 0.75% interest rate hike by the US Federal Reserve.

So, why are risk assets heading higher following the second consecutive outsized rate hike from the world’s leading central bank?

It appears investors are taking heart from some potentially dovish signals issued by Fed chair Jerome Powell, who said it may “likely become appropriate to slow the pace of increases” later in 2022.

That, of course, will all depend on how quickly the central bank can get the inflation genie back in its bottle.

“This Bitcoin price rally comes as we could be nearing the end of red-hot inflation in the US, with the Fed acknowledging softer spending and production,” Gilbert said.

“Inflation is the most important number in markets right now and is the biggest worry amongst investors. If investors believe that we have reached peak inflation, they may look to slowly start adding exposure back to risk assets, such as Bitcoin.”

Risks remain

The Bitcoin price is historically volatile by nature, and risks remain of further downturns in the months ahead.

“We aren’t entirely out of the woods.,” Gilbert told us. “US Q2 GDP released this evening may show the US economy contracted for the second month in a row, which by definition is a technical recession.”

Gilbert added:

Yes, we have rallied off the lows. But plenty of macro risks can still affect crypto in the short to medium term. Markets have had plenty of surprises this year, and I don’t expect we’ve seen them all.

The post The Bitcoin price is leaping 10% higher today. What’s going on? appeared first on The Motley Fool Australia.

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More reading

• Bitcoin or Cardano: which crypto is most widely held among Aussies in 2022?
• Why top cryptocurrencies Bitcoin, Ethereum, and Dogecoin are slumping today
• 2 things need to happen for a sustained Bitcoin price rally: experts
• Why Bitcoin, Ethereum, and Shiba Inu are falling today
• Can Ethereum reach $10,000?

Motley Fool contributor Bernd Struben 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 Bitcoin and Ethereum. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. 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’s been a fairly pleasant day of green for the All Ordinaries Index (ASX: XAO) so far this Thursday. At the time of writing, the All Ords has gained a robust 1.06% at 7,112.9 points. But that’s nothing compared to the Bubs Australia Ltd (ASX: BUB) share price.

Bubs shares have popped a pleasing 6.90% so far today to 62 cents a share. That comes after the baby formula company closed at 58 cents a share yesterday and opened at 59 cents this morning.

So what might be behind this marked outperformance for Bubs shares today?

Why are Bubs shares smashing the All Ords today?

Well, it’s not clear, unfortunately. Bubs haven’t put out any new news or announcements themselves today. Or indeed since 20 July, when the company dropped its quarterly report. This report was received very well by investors. In the two days following its release, the Bubs share price rose by more than 12%.

As we covered at the time, this report did provide some pleasing numbers. For the three months to 30 June, the company reported a 278% rise in gross revenues to $48.1 million.

That helped Bubs bump up its full-year revenues to $104.2 million which was a 123% increase.

The company reported that it has benefitted enormously from the shortage of baby formula in the United States. Bubs also managed to increase its Chinese daigou sales by 1,201% over the quarter.

But these results have been in the public domain for more than a week. So it’s a long bow to say they are responsible for today’s 6% rise in the Bubs share price.

So perhaps investors are just continuing with the momentum Bubs has been enjoying since the release of that quarterly update.

We are seeing a number of smaller-cap ASX shares enjoy some impressive gains on the markets today, despite an absence of fresh news. Bubs’ competitor in the baby formula space – A2 Milk Company Ltd (ASX: A2M) – is enjoying a 2.56% rise today.

And earlier, we covered how some smaller ASX shares like Laybuy Holdings Ltd (ASX: LBY) are seeing gains worth close to 100% today. Perhaps the Bubs share price has been caught up in this euphoria.

Whatever the reason for today’s gains, it’s certainly a good day to be a shareholder.

At the current Bubs Australia share price, this ASX All Ords share has a market capitalisation of $427.8 million.

The post Why is the Bubs share price smashing the All Ordinaries today? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares hitting new 52-week highs on Wednesday
• The A2 Milk share price has bubbled 10% higher in a month. What’s going on?
• Why did the Kogan share price rocket 20% this week?
• Do these 2 All Ords ASX shares offer a hefty upside?
• 3 ASX All Ordinaries shares going great guns on Thursday

Motley Fool contributor Sebastian Bowen has positions in A2 Milk. 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 A2 Milk and BUBS AUST 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 S&P/ASX 200 Index (ASX: XJO) has thrown off the shackles so far this Thursday and is decisively climbing higher.

At the time of writing, the ASX 200 has risen by a healthy 0.95% and is now back above 6,880 points.

But let’s dig deeper into these share market gains and check out the ASX 200 shares currently at the top of the market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Thursday

Pilbara Minerals Ltd (ASX: PLS)

Our first ASX 200 share up today is lithium stock Pilbara Minerals. This Thursday has seen a sizeable 15.87 million Pilbara shares fly around the ASX boards. This is almost certianly a result of the share price movements we have seen with the company.

At present, the Pilbara share price has risen by an eye-catching 5.45% at $2.71 a share. There hasn’t been any news from Pilbara. However, as my Fool colleague James covered earlier, broker Citi has come out with a new buy recommendation for Pilbara, complete with a 12-month share price target of $3.20. Perhaps this is playing a role too.

Lake Resources N.L. (ASX: LKE)

Another ASX 200 lithium stock in Lake Resources is our next cab off the rank this Thursday. So far, a notable 21.8 million Lake shares have been traded on the markets. We haven’t had any news out of this company during today’s trading session.

So this volume is probably a result of the decisive share price moves we have seen with this lithium stock. Lake Resources shares are presently trading at 77.2 cents each, up a pleasing 4.32% today.

Zip Co Ltd (ASX: ZIP)

Our final and most traded share today is not a lithium stock like the other two. But rather a buy now, pay later (BNPL) share in Zip Co. This Thursday has seen a whopping 54.03 million Zip shares bought and sold on the markets.

This is almost certainly the result of the massive share price moves we have once again seen with the Zip share price. Zip is currently up a jaw-dropping 19.52% at $1.482 a share, putting its gains over the past five trading days at almost 90%. It’s perhaps no wonder so many shares have been traded today.

The post Here are the 3 most traded ASX 200 shares on Thursday appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Rio Tinto drops, tech shares jump, Macquarie impresses
• Zip share price rockets again and is now up 225% in four weeks
• Sandfire share price rallies as miner beats production guidance
• ASX 200 shares marching higher on successive US Fed interest rate hike
• Broker gives its verdict on the Pilbara Minerals share price

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 positions in and has recommended ZIPCOLTD FPO. 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 Volpara Health Technologies Ltd (ASX: VHT) share price is rising today after the company released its quarterly results.

The company’s shares lifted 13% in earlier trade before retreating. The Volpara share price is now up 4.65%, trading at 67.5 cents.

Volpara develops software for the early detection of breast cancer. Let’s take a look at what Volpara reported in today’s results.

Volpara share price responds to ‘strong’ update

The Q1 FY23 quarterly cash flow report is likely driving the Volpara share price higher today. Highlights include:

• Customer cash receipts up 35% on Q1 FY22 to NZ $8.7 million
• Net operating and investing cash outflow of NZ$3.6 million, compared to N$2.9 million in the previous quarter
• Subscription receipts lifted 36% on prior corresponding quarter to NZ$8.3 million
• Net cash at hand of NZ$15.2 million. A $10 million undrawn bank facility is also available
• Guidance of NZ$31.5 to $33 million revenue in FY23

What else did Volpara report?

Volpara said cash receipts were the “strongest on record”.

Net outflow was 24% on the previous quarter, due to multiple costs, including performance-related pay. Volpara was expecting this loss but plans to reduce outflows from Q3 onwards.

Volpara described its cash position as “strong” and highlighted it has no debt. Management is confident the cash at hand will help the company break even in the future.

Highlights for the quarter included a partnership with Microsoft, and a ‘best scientific contribution’ award for a scientific paper.

Contracted annual recurring revenue (CARR) lifted by US$1.5 million on the prior quarter to US$23.7 million.

Annual recurring revenue (ARR) also lifted by $1.2 million to US$18.5 million.

Management commentary

Speaking on the results that are giving the Volpara share price a boost today, CEO Teri Thomas said:

This quarter we are pleased with our continued growth. We are delighted about the momentum we’ve gained with large healthcare organisations’ faith in us and our portfolio of products and services.

We are highly focused on continued support of our customers’ successes, while engaging with additional ‘elephant-sized’ organisations for the next quarters

Strategy update

Volpara is aiming to return to profit by FY25 and balance the books by Q4 FY24. Central to this return to profit will be focussing on high revenue geographic regions, including Australia and the United States.

The company said it will prioritise sales opportunities that generate high value, and large revenue. Volpara will also keep investing in science and technology.

Commenting on this strategy, Thomas said: “This time focusing our expertise in both the products and geographical areas that provide maximum value to shareholders will position us well for growth as a profitable company within the foreseeable future.”

Volpara will also freeze or limit investment in low-margin or long lead time products.

Volpara share price snapshot

The Volpara share price has lost 38% in the past year and more than 34% year to date.

However, in the past month, the company’s stock has exploded 69%.

Volpara has a market capitalisation of about $173 million based on today’s share price.

The post Volpara share price leaps 5% following record cash receipts appeared first on The Motley Fool Australia.

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More reading

• Why I think these 2 ASX growth shares could keep marching upwards
• This ASX All Ordindaries healthcare share is ripping 17% higher amid a new contract win

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 positions in and has recommended VOLPARA FPO NZ. The Motley Fool Australia has positions in and has recommended VOLPARA FPO NZ. 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 BHP Group Ltd (ASX: BHP) share price is in positive territory on Thursday afternoon.

This comes despite the company not releasing any price-sensitive announcements since its fourth quarter trading update.

At the time of writing, shares in the world’s largest miner are up 0.72% to $37.79.

What’s lifting BHP shares on Thursday?

There are a couple of reasons why the BHP share price has been heading north throughout the day.

The current uptick in iron ore prices is providing support across the mining sector, with most of the majors edging higher.

Shares in Fortescue Metals Group Limited (ASX: FMG) and Mineral Resources Limited (ASX: MIN) are up 1.10% and 6.21%, respectively.

However, the Rio Tinto Limited (ASX: RIO) share price is down 0.91% after the company announced a weakened quarterly performance and a 52% dividend cut.

Nonetheless, this is leading the S&P/ASX 200 Resources (ASX: XJR) index to completely rub out yesterday’s 1.12% loss.

As such, the benchmark index for Australian resource companies is in the green by 1.59% to 5,141.2 points.

With the price of the steel-making ingredient recovering from a 7-month low of US$100 per tonne, the market is being driven by hopeful demand.

Dwindling steel inventories in China have boosted sentiment amid the gloomy economic outlook by economists.

Currently, the iron ore price is fetching at US$106.24, up 0.22% from yesterday’s close.

Previously, the commodity experienced selling pressure following the establishment of a centralised iron ore buyer in China.

As reported by my Foolish colleague, Zach, the Xi administration is aiming to reduce its reliance on Australia’s biggest export.

The move involves Beijing securing lower iron ore prices through larger bulk purchases from its nationalised company, China Mineral Resources Group.

BHP share price snapshot

Over the last 12 months, the BHP share price has fallen almost 19%.

However, when looking at 2022, the mining outfit’s shares are up around 3%.

Based on today’s price, BHP commands a market capitalisation of roughly $193.74 billion.

The post Why is the BHP share price gaining ground today? appeared first on The Motley Fool Australia.

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More reading

• Top broker issues new warning on outlook for iron ore price
• Why did the BHP share price have such a cracking session today?
• 5 ASX 300 shares this fundie has been buying at bargain prices
• Here’s why I think the BHP share price is a buy right now
• How might China’s $6b Mineral Resources Group impact the iron ore price?

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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When it comes to inflation, the Medibank Private Ltd (ASX: MPL) share price might just jump to mind. After all, the costs of all private health insurance (not just Medibank’s) have been rising by more than the rate of inflation for years now.

But now we’ve just received confirmation that inflation in the Australian economy is at an annualised rate of 6.1% (the highest in decades), ASX investors have inflation to worry about.

Medibank is the largest provider of private health insurance in the country. It used to be a government-owned company, but was privatised back in late 2014 and listed on the ASX.

Since that time, the Medibank share price has appreciated by 58.5%. That’s including the 0.3% loss Medibank shares have clocked so far today, putting the company at $3.44 a share. That works out to be a compounded annual growth rate of approximately 6.34%, not including dividend returns.

So is the Medibank share price a smart buy for rising inflation going forward? Let’s see what one expert investor reckons.

Is the Medibank share price a buy today?

According to Livewire, ASX broker UBS has just upgraded its rating on Medibank shares. The broker has raised its rating on Medibank shares from “neutral” to “buy”. That came with a 12-month share price target of $3.90. That’s up from the previous target of $3.35.

If Medibank shares do rise to $3.90 over the coming year, it would result in an upside for investors of 13.4% from the current share price.

UBS has identified Medibank as a share to buy in these inflationary times. UBS analyst Scott Russell reportedly cited Medibank’s “relatively stable revenues and predictable margins, improving claims trends assisted by [government] policy, and rising investment yields among its attractive attributes”.

“Whilst the stock doesn’t look cheap at around 20 times PE [price-to-earnings ratio], we think these attributes are unique amongst financials and attractive at this point in the cycle,” Russell said.

So that’s a fairly bullish outlook on the Medibank share price. No doubt investors will be happy with that assessment. But we shall have to see what the coming 12 months bring to the table for Medibank shares.

At the current Medibank share price, this ASX 200 healthcare share has a market capitalisation of $9.47 billion, with a dividend yield of 3.78%.

The post Is the Medibank share price a smart buy for rising inflation? appeared first on The Motley Fool Australia.

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More reading

• Why is the Piedmont Lithium share price piling on 6% today?
• Macquarie share price lifts as CEO spruiks ‘very good inflation protection’
• Sezzle share price surges another 40% following speeding ticket response
• 3 ASX lithium shares going gangbusters on Thursday
• Why is the Tyro share price tearing 18% higher 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 Piedmont Lithium Inc (ASX: PLL) share price is surging higher on Thursday despite the lithium developer’s silence.

Though, it’s not alone in the green. Many of its lithium peers are also pushing higher.

At the time of writing, the Piedmont Lithium share price is 59.5 cents, 6.25% higher than its previous close.

The broader market is also in the green right now. The All Ordinaries Index (ASX: XAO) is boasting a 0.98% gain.

Let’s take a closer look at what’s going on with Piedmont Lithium and its peers on Thursday.

Piedmont Lithium share price on the march

The Piedmont Lithium share price is continuing to charge up on Thursday after a period of woes for the stock.

It plunged around 45% between the end of May and the start of June amid a broader lithium sell-off. But last week marked a turnaround for the lithium developer.

Its shares picked up 12% over the course of five days to yesterday. It’s now seemingly building on that strong performance, adding another 6% to its share price.

Meanwhile, S&P/ASX 200 Index (ASX: XJO) materials shares are besting the market’s performance, with the S&P/ASX 200 Materials Index (ASX: XIJ) lifting 1.13%.

Among its best performers are lithium stocks Liontown Resources Limited (ASX: LTR), Pilbara Minerals Ltd (ASX: PLS), and Lake Resources NL (ASX: LKE). They’ve gained 5.4%, 5.1%, and 4.7%, respectively.

Piedmont Lithium is developing a lithium project and lithium hydroxide plant in the United States. Its initial production is yet to be announced.

The company also holds interest in two further projects, located in Ghana and Canada. The latter is expected to begin production in 2023.

Sadly, this year hasn’t been kind to the Piedmont share price. It has fallen 23% since the start of 2022. It’s also currently 12% lower than it was this time last year.

The post Why is the Piedmont Lithium share price piling on 6% today? appeared first on The Motley Fool Australia.

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More reading

• Why has the Piedmont Lithium share price tumbled 30% in a month?
• What’s clamping down on the Piedmont Lithium share price?
• These 3 ASX All Ordinaries shares are hitting new 52-week lows today

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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The Macquarie Group Ltd (ASX: MQG) share price is 2.86% higher today at $178.70 at the time of writing.

Australia’s ‘fifth big four’ bank held its annual general meeting and provided a Q1 FY23 update today.

As my Fool colleague James reported earlier, Macquarie said favourable trading conditions had resulted in a lift to net profit contributions above the prior corresponding period of Q1 FY22.

The highlight was its annuity-style businesses, which delivered a “significantly” stronger result on the pcp.

What did the Macquarie CEO say?

According to reporting in The Australian, Macquarie CEO Shemara Wikramanayake said rising interest rates should not hit infrastructure assets as hard as other investment asset classes.

She said infrastructure assets have historically performed better because operators can pass on the cost of rising rates to consumers.

In a media conference, Wikramanayake said:

Some of the reasoning behind that is these assets have very good inflation protection in them, whether they’re regulated utilities or they are toll roads.

Typically they’re able to capture the inflation aspects in the revenue line.

Despite discount rates going up in a rising rate environment and all asset prices being brought down, infrastructure-like assets have proven more resilient.

Macquarie share price snapshot

Like most ASX shares, Macquarie has declined in value over the year to date due to the market sell-off.

The Macquarie share price is down 13% since the opening bell on 4 January.

The S&P/ASX 200 Index (ASX: XJO) is down 8%. The S&P/ASX 200 Financials Index (ASX: XFJ) is down 4%.

The post Macquarie share price lifts as CEO spruiks ‘very good inflation protection’ appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Rio Tinto drops, tech shares jump, Macquarie impresses
• Macquarie share price on watch following strong Q1 update
• Experts name 2 ASX dividend shares to buy right now
• Own Macquarie shares? Here’s what to expect from its Q1 update
• 5 ASX 300 shares this fundie has been buying at bargain prices

Motley Fool contributor Bronwyn Allen has positions in Macquarie Group 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 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 Sezzle Inc (ASX: SZL) share price has come out of a trading halt to continue its steep ascent after rocketing 96% yesterday.

At the time of writing, the buy-now-pay-later (BNPL) share is up a massive 39.72%, at 98.5 cents.

It’s also worth noting that the Sezzle share price is up almost 360% in the past week.

What’s happened?

As baffling as it might suggest, investors were buying up Sezzle shares in droves regardless of the company keeping a quiet profile.

A sharp turnaround from trading 26 cents on Tuesday, the share price lifted off to hit as high as 79 cents yesterday.

This prompted the stock exchange operator, ASX Ltd (ASX: ASX) to issue a ‘please explain letter’.

Its shares were placed in a trading halt pending a response.

Sezzle didn’t reply until earlier today regarding the ASX price query.

The company said it is “not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities.”

It did note that “on the date in question that the entire sector strongly outperformed the market in terms of price and relative historical trading volume.”

An unusually large number of Sezzle shares were traded – more than 25 million in total for the day. Notably, this is the biggest volume that has exchanged hands since July 2020 during COVID-19.

Sezzle pointed out that it believes “investors led the increase in trading activity, because of the sector having been significantly down in recent weeks.”

The company’s shares hit an all-time low of 18.5 cents on 14 July following significant losses in the days prior.

My Foolish colleague, Brooke spoke about the negative sentiment surrounding Sezzle shares at the time.

Today’s share price movement also appears to be supported by a strong trading session on the NASDAQ overnight.

The benchmark index rose 4.26% to 12,601 points – the highest level it has been since early June.

Sezzle share price snapshot

It has been a difficult 12 months for the Sezzle share price, tumbling by almost 90% despite the recent gains.

The company’s shares have suffered from what most economists are predicting as a gloomy economic outlook for the near term.

Year-to-date, Sezzle shares are down almost 70%.

The post Sezzle share price surges another 40% following speeding ticket response appeared first on The Motley Fool Australia.

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More reading

• Sezzle share price rockets 95% before being frozen. What’s going on?
• Why are ASX buy now, pay later shares rocketing higher today?
• Own Sezzle shares? Here’s why the BNPL company is suing GameStop
• How to beat the market with ‘boring’ ASX shares: fundie
• 3 ASX All Ords shares sidestepping the selling today

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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ASX lithium shares are broadly enjoying a strong run today, with industry heavyweight Core Lithium Ltd (ASX: CXO) up 4.3% during the lunch hour.

The All Ordinaries Index (ASX: XAO) is also up a respectable 0.7% on the back of positive investor reaction to the US Federal Reserve’s 0.75 interest rate hike.

But three ASX lithium stocks leading the charge today are up 13%, 19% and 17% respectively.

ASX lithium shares charging higher

First up we have Neometals Ltd (ASX: NMT).

The Neometals share price is up 13.0% today. The miner closed yesterday trading for $1.04 per share and is currently trading for $1.117 per share. That gives it a current market cap of some $625 million.

There’s been no fresh market sensitive news out from the company since it announced a shakeup in its battery recycling project schedule on 14 July. But investors are continuing to favour the ASX lithium share, which is now up 24% over the past month.

Also charging higher today is Africa-focused battery minerals explorer Prospect Resources Ltd (ASX: PSC).

Prospect Resources finished the day yesterday trading for 8.3 cents and is currently trading for 9.9 cents per share, an intraday gain of 19.3%.

If you’ve been following along with Prospect Resources, you’ll have noticed that the ASX lithium share appeared to crash yesterday, tumbling from $1.01 to close at 8 cents, down 92.1% for the day.

But as the Motley Fool reported yesterday, this crash wasn’t actually bad news for shareholders. It came after the company distributed most the proceeds from the sale of its holdings in the Arcadia Project for the tidy sum of US $342.9 million “by way of a 96 cents per share distribution”.

Yesterday Prospect Resources traded ex-capital return, seeing the share price drop 93 cents as new investors will no longer be eligible for the 96-cent share distribution.

Rounding off today’s leaders list

Rounding off the ASX lithium shares going gangbusters today we have Lithium Power International Ltd (ASX: LPI).

Lithium Power shares closed yesterday at 46 cents and are currently trading for 54 cents, up 17.4% in intraday trading. That gives the explorer a market cap of $185 million.

The last market sensitive news from the company came out more than a month ago.

But as with Neometals, Lithium Power has had a tremendous month, with shares up 31% since 28 June.

That momentum looks to be carrying on today as investors broadly reward ASX lithium shares amid a strong demand outlook for the critical battery metal.

The post 3 ASX lithium shares going gangbusters on Thursday appeared first on The Motley Fool Australia.

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More reading

• Did ASX mining share Prospect Resources really just crash 90%?
• Why is the Neometals share price up 5% today?
• Neometals share price higher on lithium battery recycling update
• Neometals share price soars on ‘compelling’ vanadium recycling results

Motley Fool contributor Bernd Struben 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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