Why LKE, CXO, PRN charged higher on Tuesday

3 min read | June 08, 2022 08:28 AM AEST | By Ashish

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Why LKE, CXO, PRN charged higher on Tuesday — Image source: ©Miflippo | Megapixl.com

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Highlights

The Australian share market traded on a weak note on Tuesday.

The broader All Ordinaries Index was down 1.54% to 7,318.60.

However, there were some exceptions, which recorded a gain of as high as 10%.

The Australian share market ended lower on Tuesday, extending losses in the previous session. On Tuesday, the benchmark index fell 1.5% to 7,095.7 points. Domestic shares fell dragged largely by gold miners, financials, and technology stocks.

The market was also cautious as its braced for back-to-back interest rate hikes at the Reserve Bank of Australia's monetary policy meeting later in the day. The broader All Ordinaries Index was down 1.54% to 7,318.60. However, there were some exceptions which recorded a gain of as high as 10%.

On this note, let’s discuss why these three ASX All Ordinaries shares jumped on Tuesday:

Lake Resources (ASX:LKE)

Lake Resources is a clean lithium producer which focuses on producing high-purity lithium from its leading Kachi Lithium Brine Project.

Lake Resources’ shares ended Tuesday’s session 3.90% higher at AU$1.46.

The company’s share price advanced after its stock was added to the ASX 200 index as part of a June 2022 quarterly rebalance. Meanwhile, the share price of several ASX-listed lithium producers had fallen last week after Argentina set a reference price for lithium carbonate exports of US$53 per kilogram.

Core Lithium Ltd (ASX:CXO)

engaged in operations of discovering and exploring mineral deposits in the Northern Territory and South Australia.

Core Lithium’s shares ended Tuesday’s session 3.77% higher at AU$1.24.

Core Lithium’s stock also joined the ASX 200 index on Tuesday. The company is currently exploring the Finniss Lithium project located near Darwin in the Northern Territory.

Perenti Global Ltd (ASX:PRN)

Perenti Global is a mining services firm which is engaged in providing exploration and production drilling services to its mining clients. The company operates across Australia, Africa, and the UK.

Perenti’s shares ended Tuesday’s session 10.07% higher at AU$0.76.

Perenti recently bagged a contract for Evolution Mining’s Cowal Underground project in New South Wales. According to the company, the project has potential to deliver robust cash flows in return for capital investment.

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