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The bitcoin (CRYPTO: BTC) price is rebounding after Elon Musk, Cathie Wood, and Jack Dorsey appeared on a virtual panel discussing the coin overnight. Bitcoin’s value has gained 6.89% over the last 24 hours. A single bitcoin is currently going for $43,430.41.

The gain will undoubtedly see many of the crypto’s fanatics breathing a sigh of relief. Particularly as the price of bitcoin fell below US$30,000 ($41,021.16) yesterday.

The conference, titled The B Word and hosted by the Crypto Council for Innovation, has seemingly spurred another boost to the cryptocurrency.

Musk is CEO of Telsa Inc (NASDAQ: TSLA) and Space X, Wood is the CEO of Ark Invest, and Dorsey is the CEO of Square Inc (NYSE: SQ) and Twitter Inc (NYSE: TWTR).

Let’s take a look at what was discussed.

Bitcoin is Musk’s largest crypto holding

The price of bitcoin is rallying after Musk said he’s more invested in bitcoin than other cryptos and Tesla will “most likely” start accepting the coin as payment again.

On last night’s panel, Musk announced bitcoin makes up the majority of his personal crypto holdings. He also holds some ethereum, and some dogecoin, while Space X and Tesla only own bitcoin. He said:

If the price of bitcoin goes down, I lose money. I might pump but I definitely don’t dump.

Musk sent the price of bitcoin plummeting in May when he announced Tesla would stop accepting the crypto due to environmental concerns.

However, last night he said if 50% of the power used in mining the crypto came from renewables, Telsa would “most likely” accept it as payment again.

Musk said:

Tesla’s mission is accelerating the advent of sustainable energy. We can’t be the company that does that and also not do appropriate diligence on the energy usage of bitcoin…

So long as there is a conscious and determined real effort by the mining community to move towards renewables, then obviously Tesla can support that.

Dorsey also spoke of his beliefs surrounding the crypto and renewable energy, saying:

Just imagine all the unused (renewable) energy that is just being wasted every single day, and being able to get that energy and convert it into a secure, sound money system for the planet. Feels like a worthy trade off.  

Wood also touted the crypto, saying companies should consider adding it to their holdings to protect from deflation. She also said bitcoin is supportive of environmental, social, and governance (ESG) measures.

Readers can watch The B Word here.

The post Bitcoin gains after Musk, Wood, and Dorsey spruik the crypto appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin, Square, Tesla, and Twitter. 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 Bruce Jackson.

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The Incannex Healthcare Ltd (ASX: IHL) share price stormed 5.45% higher to 29.5 cents after resuming trade this morning.

In early afternoon, the share price has retreated to 28 cents, up 1.82% on its previous closing price.

Shares in the medicinal cannabinoid pharmaceutical company were placed in a trading halt earlier this week.

The shares began trading again this morning after a positive company announcement.

Let’s take a look at the details.

Patent application for sleep apnoea treatment

Incannex announced that it has filed an International Patent Application for its IHL-42X development program.

The patent application refers to its IHL-42X formulation in the treatment of obstructive sleep apnoea.

The application includes key markets such as the US, European Union, Japan and Australia.

The company included interim data from its phase 2b clinical trial in the application.

Incannex receives ethics approval for studies

Incannex also announced that it has received ethics approval for its IHL-42X open label extension study.

The study will allow the company to recruit people who have experienced a benefit from IHL-42X in the phase 2b trial.

 CEO and Managing Director of Incannex Healthcare, Joel Latham noted:

“We are delighted to have received ethics approval to proceed with our open label extension study. Patients who have finished their dosing regimens in the phase 2b trial are now eligible to use IHL-42X every day for an extended period and the data we gather from this program will be invaluable to our ongoing FDA development plan”.

More on the Incannex share price

Incannex is a clinical-stage pharmaceutical development company that develops medicinal cannabis pharmaceutical products and psychedelic medicine therapies.

Incannex has a pipeline of patents including IHL-216A, which targets traumatic brain injury and IHL-42X for sleep apnoea.

The Incannex share price has soared by more than 83% since the start of the year. On a 52-week basis, the Incannex share price has risen by almost 300%.

Incannex has a market capitalisation of just over $293 million.

The post Incannex (ASX:IHL) share price up on patent application announcement appeared first on The Motley Fool Australia.

More reading

• Here’s why Incannex (ASX:IHL) shares are in a trading halt

Motley Fool contributor Nikhil Gangaram 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 Bruce Jackson.

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The Tesoro Resources Ltd (ASX: TSO) share price has walked through today’s session in the green. Tesoro shares are now exchanging hands at 17 cents, up 3%.

Today’s gains come after Tesoro outlined its quarterly update.

Let’s take a closer look at what the company outlined in its report.

Quick recall on Tesoro Resources

Tesoro acquires, explores and develops gold mining interests in the Cordillera region of Chile.

Its flagship venture is the El Zorro gold project, where it has been drilling since February 2020.

The Cordillera region lays host to several top-tier gold and copper mines. There are longstanding roots of mining in the region.

Tesoro has a market capitalisation of $91.5 million at the time of writing.

Tesoro’s quarterly progress

The company completed a record drilling of 58 holes at its El Zorro project this quarter.

Assay results were received for 31 of these holes, with a new discovery at Ternera East. Tesoro stated that the discovery lies “within the hanging wall zone of the Ternera Gold Deposit”.

There has been the completion of 190 diamond drilled holes at El Zorro, for a total of 58,555 metres.

Following these assay results, there are now assays outstanding for 57 holes at this site.

One particular hole, ZDDH0149, returned positive drill results. It demonstrated “potential for additional gold mineralisation outside of Ternera”.

A second hole, ZDDH0166, has “intercepted gold host rocks up to 100m thick, assays pending”.

The company has six drilling rigs in operation around the clock, in order to expand its drilling program.

The company “remains well funded, with a cash balance of approximately $13.73 million” by the end of June.

Additional takeouts

Tesoro gave some colour on guidance for the upcoming quarter in the report.

The company “expects to meet several significant milestones” this coming quarter.

It will aim to define “the optimal processing pathway for material” at Ternera. It has a further 50,000 metres of drilling planned for 2021.

Tesoro also expects to complete an initial Mineral Resource Estimate (MRE) at Ternera.

The MRE will form the basis of a high-level “scoping study” in the coming quarter to define mining at the site.

Tesoro share price snapshot

The Tesoro Resources share price has had a choppy year to date, posting a loss of 41%.

Despite this, Tesoro Resources shares are up 48% over the previous 12 months.

For context, the S&P / ASX 200 Index (ASX: XJO) has posted a return of ~20% over the past year.

The post Tesoro Resources (ASX:TSO) share price climbs on quarterly update appeared first on The Motley Fool Australia.

More reading

• Bitcoin gains after Musk, Wood, and Dorsey spruik the crypto
• Incannex (ASX:IHL) share price up on patent application announcement
• This WAM ASX LIC just posted record profits and dividends
• Why the Core Lithium (ASX:CXO) share price is advancing 6% today
• Top brokers name 3 ASX shares to sell today

The author Zach Bristow has no positions 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 Bruce Jackson.

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Wilson Asset Management (WAM) ASX Listed Investment Company (LIC) WAM Global Ltd (ASX: WGB) shares are rising today, up 0.75% at the time of writing to $2.67 a share.

This move comes as the company unveiled its FY2021 full-year earnings results this morning. And it makes for some interesting reading.

WAM Global is one of the more recent WAM ASX LICs to hit the share market, only listing back in 2018. But in the past 3 or so years, this company has certainly made a reputation for itself as a top performer in the ASX LIC space. Its investment portfolio has managed to deliver an average return of 16% per annum over the past 2 years, and 30.7% over the past 12 months.

ASX LIC WAM Global delivers record profits, ups dividends

Today’s numbers probably won’t do anything to dent this reputation either. WAM Global reported that it has delivered a record operating profit before tax of $137 million for FY2021. That’s up quite a bit from FY2020’s profit before tax of $7.1 million. After tax, the company reported a profit of $95.9 million. That’s also up substantially from FY2020’s $5 million profit after tax.

WAM Global’s management tells us that including the dividends paid out, as well as the Net Tangible Asset (NTA) to share price gap of WAM Global narrowing from 18.2% at the start of FY21 to 3.9% at its conclusion, total shareholder return for the financial year stands at 45.9%.

WAM Global had previously flagged that it would be paying out an annual dividend of 10 cents per share in FY2021. And today’s results have confirmed it. Investors will be receiving the 5 cents per share final dividend (which comes fully franked) on 4 November this year. That’s a 25% increase on FY2020’s final dividend of 4 cents per share.

WAM Global will be paying out 10 cents a share for FY21. This represents a 42.9% increase in dividend payments from FY2020’s 7 cents per share.

Some of this LIC’s top shares

The company also gave investors a glimpse into its current investment portfolio (as of 30 June anyway). WAM Global’s largest holding is Irish pharmaceutical company Icon plc (NASDAQ: ICLR), at 3.9% of the portfolio. Other significant holdings include payments giant Visa Inc (NYSE: V) and Avantor Inc (NUSE: AVTR). As well as Electronic Arts Inc. (NYSE: EA) and Chinese e-commerce titan Tencent Holdings Ltd (HKG: 0700).

At the current WAM Global ASX share price, the company has a market capitalisation of $627.5 million. With investors receiving 10 cents per share in dividends in 2021, WAM GLobal’s ASX shareholders can expect a forward dividend yield of 3.75% on current pricing, or 5.35% grossed-up with full franking.

The post This WAM ASX LIC just posted record profits and dividends appeared first on The Motley Fool Australia.

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• WAM Global (ASX:WGB) swallows Templeton in massive ASX merger

Motley Fool contributor Sebastian Bowen owns shares of Visa and WAM Global Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Visa. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Electronic Arts. 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 Bruce Jackson.

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The Core Lithium Ltd (ASX: CXO) share price is racing higher today following a grant from the Australian Federal government.

During afternoon trade, the lithium producer’s shares are swapping hands for 26 cents, up 6.12%. In comparison, the All Ordinaries Index (ASX: XAO) is also travelling higher at 7,652 points, up 0.9%.

Core Lithium receives Modern Manufacturing Initiative Grant

Investors are snapping up Core Lithium shares after the company announced it has been successful in its application.

According to the update, Core Lithium received a $6 million Modern Manufacturing Initiative Grant from the Australian Federal government. The award was in recognition of the future commercial potential for Core Lithium to produce battery-grade lithium hydroxide (LiOH).

The company is developing its Finniss Lithium Project, located near Darwin in the Northern Territory. A Definitive Feasibility Study (DFS) is due to be completed shortly, followed by a Final Investment Decision (FID). Construction is expected to commence before the end of this year, with first production by late 2022.

Once online, the Finniss Lithium Project will be the first Australian lithium-producing mine outside of Western Australia.

The Australian government is focused on increasing the capabilities of onshore refinement of critical minerals. With this in mind, the funds will be used in building a pilot processing facility to produce LiOH at Darwin Harbour’s Middle Arm Industrial Precinct.

Recently, Core Lithium accepted a 3-year Major Project Status (MPS) award which provides a number of benefits. This includes a single-entry point for Australian Government approvals, mapping critical approval pathways and processes, as well as monitoring approval milestones for projects, and addressing any issues.

What did management say?

Core Lithium managing director, Stephen Biggins commented:

We’re thrilled to have received this $6 million grant and we thank the Federal Government and the Territory Government for their continued support of Core and our Finniss Project, which is firmly on track to become Australia’s next lithium mine.

Core believes that it has a key role to play in meeting the future lithium supply gap, which is expected to grow at a rapid rate as the demand for electric vehicles and renewable energy ramps up over the next decade.

With this grant secured, we look forward to potentially realising the long-term value of developing a lithium hydroxide plant in the Northern Territory.

Core Lithium share price summary

It’s been an impressive 12 months for Core Lithium shares, rising by more than 460%. Year-to-date performance has also presented strong gains, up 75% in 2021.

Core Lithium has a market capitalisation of roughly $299.4 million, with approximately 1.1 billion shares on its registry.

The post Why the Core Lithium (ASX:CXO) share price is advancing 6% today appeared first on The Motley Fool Australia.

More reading

• Why Core Lithium, Life360, Marley Spoon, & Metcash are storming higher
• Core Lithium (ASX:CXO) share price gains after project’s positive news
• Why Afterpay, Core Lithium, De Grey Mining, & Pro Medicus are storming higher
• Here’s why the Core Lithium (ASX:CXO) share price is lifting off 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 Bruce Jackson.

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Yesterday I looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of Citi, its analysts have retained their sell rating and $6.05 price target on this infant formula company’s shares. Although the broker acknowledges that China’s new three-child policy will be a positive for the infant formula market, it doesn’t believe investors should get overly excited. This is because it believes the birth increases are likely to be occurring in lower tier cities. These are areas that Chinese infant formula producers generally have stronger market positions. The A2 Milk share price is fetching $6.93 on Thursday.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

A note out of Macquarie reveals that its analysts have downgraded this pizza chain operator’s shares to an underperform rating and cut the price target on them to $103.50. The broker made the move amid concerns over its current valuation and the prospect of a softer than expected performance in FY 2022. And while Macquarie remains positive on the long term, it isn’t enough for it to retain its neutral rating. The Domino’s share price is trading at $117.06 this afternoon.

Zip Co Ltd (ASX: Z1P)

Analysts at UBS have retained their sell rating and $5.60 price target on this buy now pay later provider’s shares following a quick review of its fourth quarter update. According to the note, UBS was disappointed with the update, noting that it fell short of expectations in both the ANZ and US markets. The Zip share price is falling heavily on Thursday and fetching $7.05 at the time of writing.

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

More reading

• ASX 200 midday update: Zip update disappoints, BHP signs Tesla deal
• Zip (ASX:Z1P) share price sinks 6% following Q4 update
• The A2 Milk (ASX:A2M) share price climbs as China deal receives go-ahead
• Here are 3 top trading ASX 200 shares this Wednesday
• Why Altium, Beach, Domino’s, & Piedmont Lithium are tumbling lower

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. owns shares of and has recommended ZIPCOLTD FPO. The Motley Fool Australia has recommended A2 Milk and Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Commonwealth Bank of Australia (ASX: CBA) shares are moving higher today, up 1.0% to $99.39 per share.

That’s largely in line with the S&P/ASX 200 Index (ASX: XJO) today, up 0.9% at time of writing.

CBA is back in the media spotlight after the big four bank revealed it is acquiring a 25% ownership stake in national broadband network (NBN) retail service providers, More Telecom and Tangerine.

Why is CBA taking a stake in 2 NBN providers?

Australians pay some of the highest prices in the world for their internet service. And that includes the costs of using your banking apps.

Now, as itNews reports, CBA is planning to use its clout to offer its 11 million customers “discounted NBN and broadband services“.

According to CBA’s group executive for retail banking services Angus Sullivan:

The average monthly cost of internet in Australia is one of the most expensive in the world, and we are uniquely positioned to help customers manage these costs. We will do this by utilising our technology to provide personalised offers via the CommBank app to those customers we know will benefit from switching broadband providers.

CommBank reported that once its app is rolled out, customers would also be able to “view their NBN or broadband plan, usage and upcoming bills”.

Sullivan added that the bank is “reimagining banking for our customers, creating more value for them, putting more money back in their pockets, and helping them save money by exposing them to new ways of doing things and new quality products and services.”

Commonwealth Bank earlier this year revealed it plans to invest $1 billion in technology in the next 5 years.

In May CBA invested $30 million in ecommerce startup Little Birdie. With online shopping continuing to grow rapidly, CommBank’s mobile banking app will enable its customer direct access to Little Birdie’s 70 million plus products.

CBA share price snapshot

CommBank’s share price is up 34% over the past 12 months, compared to a gain of 21% on the ASX 200.

Year-to-date CBA shares have continued to beat the benchmark, up 19%.

Commonwealth Bank pays a 2.54% dividend yield, fully franked.

The post Commonwealth Bank (ASX:CBA) shares higher as bank moves into broadband business appeared first on The Motley Fool Australia.

More reading

• CBA (ASX:CBA) share price lags big banks as requests for deferrals surge
• Lockdowns hurt, ASX falls, Wesfarmers climbs, and the Aussie set to fall? Scott Phillips on Nine’s Late News
• ANZ’s (ASX:ANZ) $1.5bn buyback puts other ASX 200 banks under capital return spotlight
• Do ASX 200 banks share same BNPL ambitions as Westpac (ASX: WBC)?
• What happened on the US stock market overnight and how could it impact ASX shares?

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 Bruce Jackson.

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The De Grey Mining Limited (ASX: DEG) share price has jumped 6.7% higher on Thursday. This comes after a positive update from the Aussie gold miner.

At the time of writing, De Grey shares are changing hands for $1.19.

What did De Grey announce?

De Grey provided an update to the market on “compelling new results” which seems to have investors excited.

The Aussie miner said recent results have “clear potential” to increase its 6.8 million ounce (Moz) Hemi resource in Western Australia.

De Grey managing director Glenn Jardine was bullish on the updated drilling results. He said: “The new drilling results at Diucon provide clear evidence that increases to the current Hemi resource can be expected with further drilling.”

He added: “The higher grade zones within these broad gold zones are also encouraging, as we continue to extend mineralisation to the west and conduct closer spaced drilling within the existing resource footprint.”

Extensional results on section 28720E and 28880E indicate a significant resource at De Grey’s Diucon deposit. That includes 173.7 metres at 1.5 grams per tonne of gold from 271.3 metres. That is 80 metres below the current resource.

That’s good news given the depth and width that could be available to mine from the key deposit.

Today’s release said the results show “clear potential to grow and upgrade” the current inferred mineral resource estimate. The ability to quickly and efficiently mine these resources is key to growing profitability for De Grey.

Foolish takeaway

The De Grey share price has been on fire in today’s trade. Shares in the Aussie gold miner have soared thanks to high-grade drilling results indicating a greater than anticipated Hemi resource in Western Australia.

The De Grey share price is up 54% in the last 12 months but remains up just 6% in 2021.

The post The De Grey (ASX:DEG) share price is soaring today. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Core Lithium, De Grey Mining, & Pro Medicus are storming higher
• ASX 200 down 0.25%: Woolworths sinks, Afterpay jumps, Westpac NZ update
• Up 5%: The De Grey (ASX:DEG) share price is now up 100% in 12 months

Motley Fool contributor Ken Hall 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 Bruce Jackson.

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The MoneyMe Ltd (ASX: MME) share price is surging on Thursday after the company announced a record fourth quarter trading update.

MoneyMe is a tech-savvy non-bank lender, offering fast online loans of up to $50,000.

At the time of writing, shares in the fintech company have rallied 10% to $2.09.

MoneyMe share price surges on record performance

MoneyMe delivered near-triple digit growth across the board with loan originations of $161 million in the fourth quarter, up 391% on the prior corresponding period (pcp) and up 49% on the previous quarter.

The strong fourth quarter performance has led to full year FY21 loan originations lifting 115% on the pcp to $384 million, underpinned by accelerating growth across the company’s product suite.

The company’s gross customer receivables came in at $333 million at the end of FY21, topping its expectations and up 149% on the pcp.

MoneyMe said that the “high growth in gross customer receivables is a reflection of the diversified product strategy being successfully implemented” and expects average customer loan value to continue to increase.

Record loan originations has trickled down to the company’s financial performance, with record revenue of $19 million in the fourth quarter, up 73% on pcp and up 27% on the previous quarter.

From a full year perspective, revenues have increased 21% on pcp to $58 million.

What did management say?

MoneyMe CEO Clayton Howes said:

We are extremely pleased to report incredible growth and momentum in MoneyMe. The record revenue, originations and customer receivables demonstrate our business is accelerating. At the same time credit quality is increasing and we’re seeing strong take-up from customers across diversified products and distribution channels. This quarter’s results include significant momentum in our first secured product, Autopay, the breakthrough innovation in car lending with dealerships signing up to the new platform and a faster than expected take-up from car purchasers.

MoneyMe share price finally breaks out

The MoneyMe share price was trading sideways between September 2020 and June this year, struggling to get over $1.80 but finding support around $1.30.

It wasn’t until a trading update on 15 June, that the company’s shares managed to surge 18.75% to $1.90, before hitting a record high of $2.480 on 5 July.

The post MoneyMe (ASX:MME) share price rallies 10% on record quarterly growth appeared first on The Motley Fool Australia.

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• Why BHP, Damstra, Galaxy, & Piedmont Lithium shares are racing higher
• Weebit Nano (ASX:WBT) share price jumps 7% on update
• Why the 4DS (ASX:4DS) share price is rallying today
• Which ASX 200 shares are winning from latest retail trade figures?
• The Prospa (ASX:PGL) share price is up 12% today. Here’s why

Motley Fool contributor Kerry Sun 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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. In afternoon trade, the benchmark index is up a sizeable 1% to 7,380.2 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

BHP Group Ltd (ASX: BHP)

The BHP share price is up 3% to $51.50. Today’s gain appears to have been driven by the announcement of the signing of a nickel supply agreement with electric vehicle giant Tesla. The mining giant will supply Tesla with nickel from its Nickel West asset in Western Australia. This is one of the most sustainable and lowest carbon emission nickel producers in the world.

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price has surged 18% higher to 94 cents. This follows the release of the workplace management solutions company’s quarterly update. Damstra revealed that its annual recurring revenue reached $35 million at the end of the quarter. This is 65% higher than the prior corresponding period. Damstra’s EBITDA margin for the quarter was 30%, which is another record figure.

Galaxy Resources Limited (ASX: GXY)

The Galaxy share price has jumped 11% to $4.44. Investors have been buying the lithium miner’s shares following the release of a strong second quarter update. According to the release, Galaxy achieved record quarterly production of 63,321 dmt of lithium concentrate during the three months. This was in line with customer requirements. Galaxy achieved this with a unit cash operating costs of US$328/dmt, which represents a 17% reduction on the prior quarter.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price has stormed 12% to 77 cents. This morning the lithium explorer’s shares returned from a trading halt after responding to an ASX Price Query. This followed a 20% decline in its share price yesterday amid concerns over its operation in Gaston County in the United States. Management appears to have eased investor concerns with its response this morning.

The post Why BHP, Damstra, Galaxy, & Piedmont Lithium shares are racing higher appeared first on The Motley Fool Australia.

More reading

• Why the Pilbara Minerals (ASX:PLS) share price is up 9% this Thursday
• The BHP (ASX:BHP) share price up 3% on Thursday
• ASX 200 midday update: Zip update disappoints, BHP signs Tesla deal
• Here’s why the Damstra (ASX:DTC) share price is gaining 13% today
• Why the Piedmont Lithium (ASX:PLL) share price is rocketing 15% higher today

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Damstra Holdings Ltd and Piedmont Lithium Inc. The Motley Fool Australia owns shares of and has recommended Damstra Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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