Core Lithium (ASX:CXO) shares open up strong, here’s why

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Core Lithium (ASX:CXO) shares open up strong, here’s why

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 Core Lithium (ASX:CXO) shares open up strong, here’s why
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Highlights: 

  • Core Lithium share price had witnessed significant gains on Thursday (21 July 2022) despite its benchmark broader index incurring considerable losses on the same day.
  • The ASX 200 Materials sector opened a tad lower today. The index was one of the worst performing sectors yesterday on the ASX. 

Shares of the leading Australian lithium miner, Core Lithium Ltd (ASX:CXO), started off on a positive note on Friday (22 July 2022). The stock had closed 6.499% strong on Thursday too. Core Lithium’s share price was quoted at AU$1.105 per share, up 3.755% at 10:18 AM AEST.

However, the benchmark S&P/ASX 200 Materials sector (INDEXASX:XMJ) that had closed in the red territory yesterday, started off lower and at 10:38 AM AEST, the index stood at 14,818.00, down 0.37%.

What has been pushing Core Lithium’s share price on the ASX?

Lithium is currently one of the most important and emerging industries worldwide. The chemical element is extensively produced these days to meet the high demands of this battery-producing material. Lithium is also an important element that is used to develop electronic vehicle batteries. Therefore, lithium businesses are expected to be highly profitable these days. Subsequently, this industry always manages to garner investors’ attention on the ASX.  

Core Lithium has always been a consistent player in the lithium industry. The company is also involved in the exploration and production of copper and uranium. 

Largely, amid the robust demand for the battery-producing material, the shares of this company might have been gaining. 

Share price overview of Core Lithium: 

Core Lithium performed significantly well on the ASX in the last 12 months. The lithium producer’s share price skyrocketed by 292.59% in last 12 months. On Y-T-D basis, the shares have gained 68.25%.

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