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Highlights
- Core Lithium Ltd shares traded 7.173% higher at AU$1.232 per share on ASX at 2:33 PM AEST on Thursday (16 June).
- Shares of another Lithium player, Lake Resources traded 10.855% higher at AU$1.685 per share on ASX at 2:53 PM AEST today.
The Australian share market rebounded today (July 16) as the benchmark index ASX 200 was up 0.95% in the early morning trade. Australian equities recovered slightly after the Federal Reserve announced a 0.75 percentage point rate hike on Wednesday in a bid to tame inflation without pushing the economy into recession.
One Lithium stock that grabbed investors' attention today and was in the news is Core Lithium Ltd (ASX:CXO). Over the last one year, we have seen traders bidding on Lithium stocks as they believe that Lithium demand is here to stay given the growing electric vehicles industry, which uses Lithium-ion batteries.
Core Lithium Ltd shares traded 7.173% higher at AU$1.232 per share on ASX at 2:33 PM AEST today. This rise in the company's share price can be attributed to the overall performance of the broader market in general and the materials sector in particular.
In the past one year, Core Lithium's share price has gained nearly 392.80%, while the stock is up almost 95.56% year-to-date (YTD). The company commands a market capitalisation of approximately AU$1.99 billion.
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Image Source: © Radub85 | Megapixl.com
Meanwhile, Core Lithium Ltd is expected to be added to the S&P/ASX 200 Index – effective prior to the opening on 20 June 2022. The S&P Dow Jones Indices announced on 3 June the changes in the S&P/ASX Indices as a result of the June quarterly review. Another Lithium producer which will be added to the ASX 200 index is Lake Resources N.L. (ASX:LKE). The shares of Lake Resources N.L. traded 10.855% higher at AU$1.685 per share on ASX at 2:53 PM AEST today.
Core Lithium Ltd is well placed to be Australia's next lithium producer, developing one of the nation's most capital-efficient and low-cost spodumene lithium projects; the Finniss Lithium Project.
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