Gold and Lithium Stocks Lead ASX Gains in Early Trade

2 min read | October 15, 2024 11:06 AM AEDT | By Team Kalkine Media

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Gold and Lithium Stocks Lead ASX Gains in Early Trade — Image source: shutterstock

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Highlights

African Gold rises after reporting strong drilling results.

Lithium Australia gains on positive quarterly report highlighting recycling revenue.

ASX opens with a 0.6% jump after positive global market signals.

This morning’s market activity saw notable movements in some key stocks on the ASX, with a focus on gold and lithium sectors. The ASX opened higher, with an initial rise of 0.6%, following a solid performance on Wall Street. Here are the standout performers in early trade.

African Gold (ASX:A1G)

African Gold saw a significant uptick in its stock price following the release of encouraging drilling results. The company announced a high-grade intercept of 65 meters at 5.6 grams per ton of gold from a depth of 177 meters. Additional shallow intercepts, including 9 meters at 1.7 grams per ton from 23 meters and 28 meters at 1.1 grams per ton from 77 meters, further boosted its momentum. Alongside these positive results, the company shared news of leadership changes, with Adam Oehlman stepping in as CEO and Phillip Gallagher stepping down as Managing Director.

Lithium Australia (ASX:LIT)

Lithium Australia also had a strong morning, reporting a positive quarterly update that highlighted impressive revenue from its recycling operations. The company generated approximately A$2.5 million in revenue, achieving a gross profit of around A$1.7 million. This represented a record-breaking 70% gross profit margin, contributing to continued operational profitability. This news helped lift the company's stock price during the morning session.

As the trading day progresses, further market updates are anticipated, including an announcement on Australia’s visitor statistics, expected later in the day.

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