Tag: Motley Fool

The S&P/ASX 200 Resources Index (ASX: XJR) is 0.29% in the red in late afternoon trade, but these three ASX resources shares are pushing higher.

The Besra Gold Inc (ASX: BEZ), Voltaic Strategic Resources Ltd (ASX: VSR), and Chesser Resources Ltd (ASX: CHZ) share prices are all rocketing more than 50% today.

Let’s take a look at what is going on with these ASX resources shares.

Voltaic Strategic Resources

Voltaic shares are exploding 152% at the time of writing. Investors are buying up this lithium share amid drilling results released today.

Several thick pegmatites have been intercepted at the Andrada prospect at the Ti Tree Project in Western Australia.

Drilling showed “key structural trends” connected to favourable lithium, caesium, and tantalum (LCT) pegmatoids close to granitic contacts.

Commenting on the news, CEO Michael Walshe said:

We now have a much-improved model of the regional pegmatites at Ti Tree in terms of structure, down-hole continuity and zonation, all of which are critical data for vectoring towards an LCT discovery.

Besra Gold

Besra Gold shares are soaring 93% at the time of writing to 42.5 cents. The gold company is exploring the Bau Goldfield in East Malaysia. Besra has finalised a binding gold purchase agreement with major shareholder Quantum Metal Recovery. This will enable Besra to fund production at the Bau project and evaluate other deposits in the Bau goldfield corridor.

Former CEO Dr Ray Shaw will be moving to the role of chief operating officer, stepping down as CEO. Jocelyn Bennett will take on the role of executive chair. Commenting on today’s news, Bennett said:

The announcement of progress this landmark agreement, as well as the accompanying corporate changes, moves Besra’s 3Moz Bau Gold Project closer to production.

Chesser Resources

Chesser shares are flying 65% higher today to 12 cents on the back of takeover news. Fortuna Silver Mines Inc (NYSE: FSM, TSE: FVI) is proposing to acquire 100% of Chesser shares at an implied value of 14.2 cents per Chesser share.

This is a 95% premium to Chesser’s closing price of 7.3 cents on 8 May. However, Chesser shares are now catching up to the offer price.

In a statement today, Chesser said the board “unanimously recommends” shareholders support the acquisition at the scheme meeting. This is due to be held in August 2023.

Chesser managing director Andrew Grove said:

Chesser’s strategy has focused on the standalone development of the Diamba Sud project and we have made excellent progress in this regard through exploration success, resource delineation and the delivery of a highly attractive Scoping Study late last year.

The post 3 ASX resources shares exploding over 65% on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX mining stock is booming 126% on a new lithium discovery

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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Last week, AGL Energy Limited (ASX: AGL) revealed that yet another insider has been buying its shares.

According to the release, non-executive director, Mark Twidell, picked up 7,500 AGL shares for an average of $8.85 per share.

This represents a total consideration of just over $66,000. It also means that this is the ninth time that insiders have bought shares this year.

Given that insider buying is often seen as a bullish indicator, should you be following their lead and doing the same?

Should you be buying AGL shares?

While the insider buying is encouraging, most analysts don’t see a lot of value in AGL shares at current levels.

For example, although Macquarie has an outperform rating on the company’s shares, its price target of $8.31 has now been surpassed.

Elsewhere, last week, the team at Morgan Stanley retained their equal-weight rating with an $8.88 price target. This is broadly in-line with where AGL shares are trading this afternoon.

And over at Morgans, its analysts currently have a hold rating and $6.89 price target. This implies potential downside of 22% for AGL shares from current levels.

The broker is sitting on the fence until it has confidence that the company is moving onwards and upwards from its troubles. It said:

We anticipate increasing dividends as earnings begin to recover in the next 12 months however we think the market will want to see clear evidence of this before it regains confidence in the company and the sector.

The post 9 directors have bought up AGL shares in 2023. Should you jump in too? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 300 shares being bought up by insiders
• Are AGL shares the most underrated ASX 200 stock opportunity?
• 6 excellent ASX 200 dividend shares that aren’t banks or miners
• Here’s how much I would need to invest in AGL shares to achieve $150 in monthly income
• 3 things that could tank the AGL share price

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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Ah, Budget Day.

It’s pretty much Christmas for those of us who are both finance and politics nerds (you can send my wife your pity).

I’ve written before about why I enjoy it so much and value it so highly, but it boils down to two things – all of the government’s planned income and expenditure in one place, and the fact that no matter how imperfect our system is, we are able to vote for our preferred candidate and then the government of the day is required to stand up and outline how they plan to handle the nation’s finances over the next year (with projections further out).

Does that make me Pollyanna? Probably. But when we stop valuing those things we risk losing them. So, I’m happy to be a nerd, and I’ll be watching the Treasurer’s speech tonight.

And what are we to expect tonight?

Well, we know some things, thanks to the stage-managed Budget ‘pre-announcements’, designed to maximise coverage for the government.

And a good old-fashioned Budget ‘leak’ (read: off-the-record phone call to select journos so you can grab this morning’s headlines) of a $4 billion Budget surplus.

It seems to be a ‘nip and tuck’ Budget, with some targeted spending, likely offset by a welcome (at least, from the national balance sheet perspective) jump in tax revenue thanks to higher commodity prices, company profits and personal income tax collections, and less welfare spending, specifically on unemployment benefits as the unemployment rate remains at historic lows.

Those are the numbers, at least.

Whether the changes in each line item are justified is in the eye of the beholder, of course.

It strikes me as hard to complain about a boost to JobSeeker, given how far it has fallen below average earnings over the past couple of decades. And raising the eligibility age for the Sole Parent pension (it used to cut out when the child turned 8, and is being lifted to 14) seems logical, given the care needed by kids when they’re between 9 and 13.

And I reckon as a very wealthy country the least we can do is make sure people can afford to heat their homes over winter.

Some readers will disagree. Others will say it doesn’t go far enough. As I said, the eye of the beholder.

And what do I hope for?

I’m not sure I’m prepared to hope for things that seem remarkably unlikely. That just feels like setting ourselves up for disappointment.

But what should the Budget offer?

That’s easier.

The government should do what successive governments over the past couple of decades have been unwilling to do: chart a course back to structural balance, where the deficits in the bad years and offset by surpluses in the good years.

And it should go further: finding a way back to a modest structural surplus, using the extra funds to pay down the government debt.

Why? Two reasons. Firstly, the interest on that debt is getting expensive. Second, the more debt we carry, the less flexibility we’ll have to respond to future crises without dire consequences.

Is debt always bad? No. Is there a case for keeping some? Yes.

But is it prudent? And the right thing to leave for our kids? No. No, it’s not.

There are lots of other things worth addressing, too. I’d meaningfully cut back the dog’s breakfast of deductions, subsidies and programs, most of which are a combination of vote-buying and unsupported ideology.

I’d increase resource rents further (and put them in a sovereign wealth fund), collect more tax from multinational corporations, remove negative gearing from future residential property purchases, re-index CGT (scrapping the 50% discount) and completely overhaul the NDIS, which has become a honeypot for fraud and gold-plating (the recipients deserve support, but we can do it without the bureaucracy and middlemen).

And here’s the thing. I think Australians probably pay too much income tax. But I don’t think the government collects too much tax revenue. The difference? The abovementioned boondoggles, deductions, minimisation and avoidance. I have a suspicion that if we got serious about that stuff, there’d be more than enough extra money (after structurally balancing the budget and paying back most of the debt) for income tax cuts, too.

But to finish, I want to go back to where we started.

What I really want from tonight’s Budget is a document that sets out the sort of country we want to be – incentivising effort, while looking after those who need assistance; offering both a fair go and a helping hand.

That outcome is within our grasp. What we lack is the vision and guts, right across the parliament. Will tonight be a new page? I don’t know. I’m not prepared to hope, but it’s what I think we deserve.

Tomorrow, I’ll be back with a summary of my thoughts from Budget night (and, well, something else that I can’t talk about yet…).

Fool on!

The post Do we dare hope, when it comes to the Budget? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX resources shares exploding over 65% on Tuesday
• 9 directors have bought up AGL shares in 2023. Should you jump in too?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Just how much further can BrainChip shares fall?
• Why Arafura Rare Earths, Imugene, Pilbara Minerals, and Worley are charging higher

Motley Fool contributor Scott Phillips 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 Index (ASX: XJO) seems to have taken a turn for the worse today. After yesterday’s positive start to the trading week, the ASX 200 has retreated so far this session. At the time of writing, the index has gone backwards by 0.21%, leaving it at just over 7,260 points. 

But let’s try not to dwell on all of that. So instead, it’s time for a look at the shares that are currently at the top of the ASX 200’s share trading volume charts right now, according to investing.com. 

The 3 most traded ASX 200 shares by volume this Tuesday

Stockland Corporation (ASX: SGP)

First up today is a rare appearance on this list in ASX 200 real estate investment trust (REIT) Stockland. So far today, a notable 13.69 million Stockland units have been exchanged on the ASX boards. There’s been no news out of this ASX 200 REIT itself today.

However, the Stockland unit price has had a bit of a rough time of it today. At present, Stockland is down by a nasty 2.62% at $4.46 a unit, well underperforming the broader market. It seems that this rather steep fall is what’s behind this high volume that we are seeing.

Pilbara Minerals Ltd (ASX: PLS)

Next up we have a more familiar face in Pilbara Minerals. Today’s session has seen a sizeable 21.78 million Pilbara shares swap hands as it currently stands. This looks like it is a result of Pilbara’s market-defying gains.

This lithium producer, like most of its peers, is comfortably in the green so far this Tuesday. Pilbara shares are presently up by 1.41% at $4.66. As we covered earlier today, the strength in the ASX lithium space seems to be due to optimism that lithium prices might be on the rebound.

Sayona Mining Ltd (ASX: SYA)

Another ASX 200 lithium stock in Sayona Mining rounds out our top three most traded shares this Tuesday. In Sayona’s case, investors have watched as a chunky 26.81 million shares have been bought and sold today. However, unlike Pilbara, it hasn’t been all smooth sailing for Sayona.

This lithium share has spent time in both positive and negative territory this session, going as high as 20.6 cents a share and as low as 19.8 cents. At present, the company has met the middle and is trading flat at 20 cents. All of this bouncing around probably explains why so many Sayona shares are soaring around the share market.

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

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More reading

• Why Arafura Rare Earths, Imugene, Pilbara Minerals, and Worley are charging higher
• What’s with ASX 200 lithium stocks today?
• No savings at 40? Here’s how I’d aim to build a passive income of $3,000 a month
• What’s going wrong for ASX 200 share A2 Milk today?
• Down 25% in a year, why this fundie thinks you should buy Sayona Mining shares now

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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Brainchip Holdings Ltd (ASX: BRN) shares are having another poor session on Tuesday.

In afternoon trade, the struggling semiconductor company’s shares are down 2% to 42 cents.

This means that Brainchip shares are now down 44% since the start of the year.

That’s despite its shares recently rebounding from a 52-week low of 35 cents.

Where next for Brainchip shares?

Unfortunately, given that no major brokers cover Brainchip, which is highly unusual for an ASX 200 stock and a potential red flag, it is difficult to say where its shares are heading from here.

However, with a market capitalisation approaching $750 million and quarterly cash inflows of just US$40,000 during the last quarter, clearly there is scope for its shares to come crashing down to earth.

And while it is fair to say that some companies are valued on their potential rather than their earnings, Brainchip has not demonstrated that it has the ability to deliver on any supposed potential.

If you trace the Brainchip story back long enough, you will find countless times where the company believed it was on the cusp of making it big in a huge market. But all its announcements led to nothing.

Unfortunately, there’s nothing to say that it will not be the case again this time around. Particularly after, in many respects, the company recently admitted that the much-hyped original Akida platform was not good enough for its target market.

If the same happens with the new Akida platform, it wouldn’t be surprising to see Brainchip shares fall materially.

All eyes will be on Brainchip later this month when management comes face to face with its shareholders at its annual general meeting. It certainly will be interesting to see if shareholders vote in favour of the very generous share issues after its abject performance.

The post Just how much further can BrainChip shares fall? appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares today
• Who owns BrainChip shares right now?
• 3 ASX 200 stocks I’ll be watching like a hawk in May
• Why Aeris, Brainchip, Pointsbet, and Syrah shares are falling today
• Why did the BrainChip share price crash 16% today?

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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The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Tuesday. In afternoon trade, the benchmark index is down 0.2% to 7,262.3 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura Rare Earths share price is up 2% to 41.8 cents. This morning, FYI Resources Ltd (ASX: FYI) revealed that it has signed a non-binding co-operation agreement with Arafura to investigate the joint development of the Minhub Mineral Sands Processing facility in Australia’s Northern Territory.

Imugene Limited (ASX: IMU)

The Imugene share price is up 6% to 12.2 cents. This is despite there being no news out of the immuno‐oncology company since last week. That announcement was that its onCARlytics technology was featured in an abstract ahead of the American Society of Gene and Cell Therapy’s Annual Meeting on 16 May to 20 May. That event is getting closer.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 1.5% to $4.66. Investors have been buying Pilbara Minerals and other ASX lithium shares today amid optimism that prices of the battery making ingredient are rebounding.

Worley Ltd (ASX: WOR)

The Worley share price is up 2% to $16.33. This follows the release of the engineering company’s investor day presentation. At the event, Worley revealed that its expectations for FY 2023 remain consistent with the outlook presented with its half-year results. It also advised that its pipeline was up 36% year-to-date at the end of March. Another positive is that sustainability wins were up 115% on the prior corresponding period year-to-date.

The post Why Arafura Rare Earths, Imugene, Pilbara Minerals, and Worley are charging higher appeared first on The Motley Fool Australia.

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More reading

• 2 ASX All Ords shares defying Tuesday’s slump to crack multi-year highs
• What’s with ASX 200 lithium stocks today?
• Up 6%, guess which ASX 200 stock is the best performing so far today
• How big will the Pilbara Minerals dividend be next year?
• Here are the top 10 ASX 200 shares today  

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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Mention Tesla Inc (NASDAQ: TSLA) shares to any group of active investors and you’re likely to get two strikingly different reactions.

Among my professional investor friends and colleagues, roughly half have been bearish on Tesla shares across the past five years. They believe the company is built on too much hype, most of its surrounding the company’s eccentric billionaire founder Elon Musk.

The bears will also point out that Tesla is valued at more than many international car companies that produce far more vehicles each year.

The other half of the investor crowd takes an almost polar opposite view. And with equal vehemence.

They’ll point out that Tesla shares, which trade at a price-to-earnings (P/E) ratio of 50 times, are priced with future earnings in mind. Indeed, Tesla is investing in numerous technologies of tomorrow, including self-driving cars, its new energy storage ‘Megafactory’ in Shanghai and a range of AI-enabled products. 

And while total vehicle production still lags the likes of Ford and Toyota, Tesla’s first quarter production of some 440,000 vehicles was up 42% year on year. That saw revenue increase 24% to US$23.3 billion.

And in a sign of the company’s international reach, the Tesla Model Y was the best-selling EV in Europe and the United States in the first quarter of 2023.

Which, in an admittedly roundabout way, brings us back to the question at hand.

If I’d invested $10,000 in Tesla shares five years ago, how much would I have today?

Tesla shares offered long-term investors a volatile ride to riches

Before the big reveal, it’s worth noting that most every investor, bear and bull alike, will agree that if you’re holding onto Tesla shares you’ll need to be prepared for some serious volatility.

Here’s what I mean.

If I’d bought $10,000 worth of stock at the beginning of 2022 and sold at the very end of the year I would have lost a painful 65%. In other words, I’d be left with $3,494 of my hard-earned money.

If, on the other hand, I bought shares at the very end of 2022 and was still holding them today, I’d have pocketed a gain of 59%. Meaning my $10,000 investment would now be worth $15,900.

Now, if I’d bought into the pioneering EV producer five years ago, and held them through the 2022 retrace and the 2023 rebound, I would have seen those Tesla shares gain a stellar 756%.

That would see my $10,000 investment balloon into $85,600.

So, are Tesla shares still a good buy at today’s price?

That depends on which group of investors you ask!

The post If I’d invested $10,000 in Tesla shares 5 years ago, guess how much I’d have today appeared first on The Motley Fool Australia.

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More reading

• Own Core Lithium shares? Here’s why the miner backed off its Tesla deal
• Why did the Tesla share price tumble by nearly 10% last night?
• Why have investors fallen out of love with Lynas shares?
• Is it time to sell my Lynas shares after crashing 30% in a year
• 50% fall: Are ASX 200 lithium shares a bargain buy right now?

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 Tesla. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the day with a small decline. At the time of writing, the benchmark index is down 0.2% to 7,262.3 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Coronado Global Resources Inc (ASX: CRN)

The Coronado Global share price is down 3% to $1.54. While the coal miner lodged its quarterly report with the US SEC today, that doesn’t seem to have been the driver of this decline given its actual quarterly update was released last month. Instead, this decline appears to have been driven by broad weakness in the coal industry today.

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake share price is down 6% to $1.10. Silver Lake is one of a number of gold miners being sold by investors today ahead of a key inflation reading in the United States. Some investors may be concerned that inflation will still be high and cause more rate hikes. The S&P/ASX All Ordinaries Gold index is down 0.85% this afternoon.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is down over 3% to 44 cents. That’s despite the energy developer releasing an update on its Eneabba Deep activities. According to the release, Strike has received its final approval for the 128 km Eneabba Deep 2D seismic campaign to delineate the attractive Eneabba Deep prospect.

Tourism Holdings Ltd (ASX: THL)

The Tourism Holdings share price is down over 9% to $3.60. This follows the release of a trading update after the market close on Monday. The recreational vehicle company revealed that it is maintaining its profit guidance for FY 2023. However, it concedes that there will be some risk in meeting its guidance should vehicle sales deliveries delay from Q4 FY23 into July/August 2023.

The post Why Coronado Global, Silver Lake, Strike Energy, and Tourism Holdings shares are dropping appeared first on The Motley Fool Australia.

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More reading

• St Barbara share price jumps 10% on Silver Lake proposal
• Here are the top 10 ASX 200 shares today
• Leading brokers name 3 ASX shares to buy today
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today

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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This Tuesday has not been a pleasant one for the All Ordinaries Index (ASX: XAO) and most ASX All Ords shares. At the time of writing, the All Ords is down by 0.24% at just over 7,450 points. But not all All Ords shares are copping punishment today. 

In fact, two such shares have defied the broader market to crack both new 52-week and multi-year highs. Let’s check ’em out.

2 ASX All Ords shares that just hit new multi-year highs today

Worley Ltd (ASX: WOR)

All Ords engineering services share Worley is first up today. Worley shares closed at $16.01 each yesterday, but have climbed as high as $16.26 during this trading session. The company is currently sitting at $16.21 a share, up a healthy 1.25%. 

Not only is $16.26 a new 52-week high for Worley, but it is also the highest the company has been since early 2020. Yes, we have a new, post-COVID high here folks. The Worley share price has had a fairly decent year in 2023 so far, now up around 9.5%. 

Today’s new hires might be a consequence of the business update the company provided this morning as part of an investor day presentation. This informed investors that Worley’s sales pipeline was up 36% year to date, as of 31 March, while bookings were sitting at $9.6 billion. That’s up from $7.5 billion at the same time last year.

Peet Limited (ASX: PPC)

Next, let’s talk about ASX All Ords real estate development company Peet. The Peet share price is also on fire today, currently up an eye-watering 7.63% at $1.27 a share. That’s bang on the company’s new 52-week high, which is also the highest level Peet shares have been at since early 2021:

It puts this All Ords share up an impressive 15.45% in 2023 so far, as well as 17.6% higher over the past 12 months.

This sharp rise today (as well as the new multi-year high) is a bit of a mystery though. There hasn’t been any ASX news out of this All Ords share for almost a month. Yet investors seem to be in new, unconditional love, with the Peet share price appreciating more than 14% over the past month, despite the lack of news.

 

The post 2 ASX All Ords shares defying Tuesday’s slump to crack multi-year highs appeared first on The Motley Fool Australia.

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More reading

• What’s with ASX 200 lithium stocks today?
• How I’d try to turn a $20k ASX share portfolio into a second income of $6,000 a year
• Guess which ASX mining stock is booming 126% on a new lithium discovery
• No savings at 40? Here’s how I’d aim to build a passive income of $3,000 a month
• 3 ASX lithium shares to buy right now: Wilsons

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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ASX 200 lithium stocks are outperforming the benchmark index today but have retreated slightly from earlier highs.

Lithium shares in the green today include:

• Allkem Ltd (ASX: AKE) shares are up 2.88% this afternoon to $12.84 a share. In intraday trade, the Allkem share price hit as high as $12.88.
• Pilbara Minerals Ltd (ASX: PLS) shares are rising 1.52% to $4.67. In morning trade, Pilbara shares lifted 3% to $4.74 apiece.
• Core Lithium Ltd (ASX: CXO) shares are even at the time of writing. In earlier trade, Core Lithium shares rose 3.3% to $1.065 a share.
• Mineral Resources Ltd (ASX: MIN) shares are climbing 2.77% to $73.39 a share. In early afternoon trade, Mineral Resources shares hit a high of $73.63 each.
• Sayona Mining Ltd (ASX: SYA) shares are steady at 20 cents each. However, in earlier trade, Sayona shares jumped 2.5%.

In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 0.18% at the time of writing.

Let’s take a look at what is going on with these ASX 200 lithium stocks.

What’s happening?

ASX 200 lithium shares jumped out of the blocks today. They appeared to follow in the footsteps of major lithium players in the United States overnight.

The Livent Corp (NYSE: LTHM) share price climbed 3.1%, while Albemarle Corporation (NYSE: ALB) shares rose 3.44%. Sociedad Quimica y Minera de Chile (NYSE: SQM) shares jumped 1.92%.

The lithium carbonate (99.5% battery grade) price has risen 5.26% to US$27,434.84 on the Shanghai Metals Market. Lithium hydroxide (56.5% battery grade) has also lifted 1.33% to US$27,434.84.

In other big news, Tesla CEO Elon Musk has announced a new Texas lithium refinery.

This will produce enough battery-grade lithium for one million electric vehicles (EV) by 2025.

Musk joined Texas Governor Greg Abbott at the site of the new lithium refinery on Monday, US time, CNBC reported. Tesla is set to invest $375 million to build the refinery, the publication noted.

Increasing lithium refining capacity is critical to a sustainable energy economy—today, we’re breaking ground on our in-house lithium refinery outside of Corpus Christi, TX.

This facility will also prioritize the elimination of a challenging refinery byproduct (sodium sulfate).… pic.twitter.com/mBnDBLNrW7

— Tesla (@Tesla) May 8, 2023

https://platform.twitter.com/widgets.js

Meanwhile, Core Lithium has received a “market weight” rating from the team at Wilsons, The Australian reported today. This is the equivalent to a neutral rating.

Morgan Stanley strategists believe lithium markets could be “at a turning point“, as my Foolish colleague Sebastian noted yesterday. Analysts said:

China carbonate prices have bounced 30 per cent from their lows, and hydroxide prices have rebounded by 20 per cent.

Share price snapshot

The Allkem share price has lifted 13% in the last year and nearly 14% year to date.

Pilbara shares have soared 82% in the last year and nearly 25% year to date.

Core Lithium shares have slid nearly 10% in a year but are up nearly 1% year to date.

Mineral Resources shares have soared 37% in the last year but slid 5% year to date.

Finally, Sayona Mining shares have shed nearly 24% in a year but climbed 7% year to date.

The post What’s with ASX 200 lithium stocks today? appeared first on The Motley Fool Australia.

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More reading

• Down 25% in a year, why this fundie thinks you should buy Sayona Mining shares now
• ‘Buying opportunity’: 2 ASX 200 mining shares ripe to snap up now
• How big will the Pilbara Minerals dividend be next year?
• Here are the top 10 ASX 200 shares today  
• Here are the 3 most heavily traded ASX 200 shares on Monday

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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