SYA, CXO, PLS, AKE: How are these lithium stocks faring on ASX?

Highlights

• Most of the ASX lithium stocks ended in green today (July 18, 2022).
• Shares of Core Lithium and Sayona Mining also closed in green today.
• This was in line with the S&P/ASX 200 Materials Index, which closed 2.37% or 339.30 points higher at 14,662.90 points.

The demand for electric vehicles (EVs) has been rising and that’s the main reason why lithium has emerged as one of the favourite metals among other commodities. Lithium is used in the batteries fitted in EVs and the rising demand of EVs has propelled the prices of Lithium.

Prices of lithium have stayed high despite Goldman Sachs' pessimistic outlook for the metal. Furthermore, speculations are rife that lithium supplies would soon fall short of demand.

S&P/ASX 200 Materials (ASX:XMJ) Index closed 2.37% or 339.30 points higher at 14,662.90 points today (18 July 2022). Eight of 11 sectors ended higher along with the S&P/ASX 200 Index with Information Technology emerging as the best performing sector, followed by the materials sector.

Most of the ASX lithium stocks gained today but lithium was trading flat at 475500 CNY/T at 5.22 PM AEST.

Meanwhile, the overall Australian market also ended the first day of the week in the green. The S&P/ASX 200 (ASX:XJO) Index closed 1.23% higher at 6,687.10 on Monday (18 July 2022).

In this article we will discuss about four ASX-listed lithium companies including Sayona Mining and Core Lithium.

Sayona Mining Limited

Sayona Mining (ASX:SYA) shares last traded at AU$0.145 each on Monday (18 July 2022), increasing 7.41% on ASX from its previous close.

A lithium producer, Sayona Mining Limited has projects in Western Australia and in Canada’s Quebec. North American Lithium (NAL), the Authier Lithium Project, and the Tansim Lithium Project are  part of Sayona’s properties in Quebec.

Recently, Sayona earned approval to restart of spodumene concentrate production at the NAL plant in Canada's Quebec Inc.

Sayona has recorded a positive growth of almost 12% on a YTD basis.

Core Lithium Ltd

Core Lithium Ltd (ASX:CXO), another lithium explorer is dedicated to the Finniss Lithium project's growth and additional potential in the Northern Territory and South Australia.

Shares of Core Lithium ended 6.15% higher at AU$0.95 apiece on ASX today. The company's shares have grown more than 60% YTD.

Image Source: © Max5128 | Megapixl.com

Pilbara Minerals Limited

Another lithium company Pilbara Minerals (ASX:PLS) shares also closed in the green today. The company’s shares last exchanged hands at AU$2.44 each, up 2.52% on ASX.

However, Pilbara shares have fallen almost 24% on a YTD basis.

Last week (14 July 2022), Pilbara shared the results of its most recent spodumene concentrate auction, which was held on the company’s online Battery Material Exchange (BMX) platform.

Allkem Limited

Allkem Limited (ASX:AKE) is involved in the discovery, development, and manufacturing of lithium and boron. The company was founded in 2005 and its headquarters is in Brisbane, Australia.

The Olaroz Lithium Facility, situated in Jujuy province in northern Argentina, is the company's flagship undertaking.

Shares of Allkem closed trading at AU$10.13 each, up 3.79% on ASX from its previous close. The company's shares have recorded negative growth of 2.6% YTD.