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3 ASX lithium shares going gangbusters on Thursday

ASX investors are broadly rewarding lithium miners today amid a continued strong demand outlook for the critical battery metal.
The post 3 ASX lithium shares going gangbusters on Thursday appeared first on The Motley Fool Australia. –

ASX lithium shares are broadly enjoying a strong run today, with industry heavyweight Core Lithium Ltd (ASX: CXO) up 4.3% during the lunch hour.

The All Ordinaries Index (ASX: XAO) is also up a respectable 0.7% on the back of positive investor reaction to the US Federal Reserve’s 0.75 interest rate hike.

But three ASX lithium stocks leading the charge today are up 13%, 19% and 17% respectively.

ASX lithium shares charging higher

First up we have Neometals Ltd (ASX: NMT).

The Neometals share price is up 13% today. The miner closed yesterday trading for $1.04 per share and is currently trading for $1.117 per share. That gives it a current market cap of some $625 million.

There’s been no fresh market-sensitive news out from the company since it announced a shakeup in its battery recycling project schedule on 14 July. But investors are continuing to favour the ASX lithium share, which is now up 24% over the past month.

Also charging higher today is Africa-focused battery minerals explorer Prospect Resources Ltd (ASX: PSC).

Prospect Resources finished the day yesterday trading for 8.3 cents and is currently trading for 9.9 cents per share, an intraday gain of 19.3%.

If you’ve been following along with Prospect Resources, you’ll have noticed that the ASX lithium share appeared to crash yesterday, tumbling from $1.01 to close at 8 cents, down 92.1% for the day.

But as The Motley Fool reported yesterday, this crash wasn’t actually bad news for shareholders. It came after the company distributed most of the proceeds from the sale of its holdings in the Arcadia Project for the tidy sum of US $342.9 million “by way of a 96 cents per share distribution”.

Yesterday Prospect Resources traded ex-capital return, seeing the share price drop 93 cents as new investors will no longer be eligible for the 96-cent share distribution.

Rounding off today’s leaders list

Rounding off the ASX lithium shares going gangbusters today we have Lithium Power International Ltd (ASX: LPI).

Lithium Power shares closed yesterday at 46 cents and are currently trading for 54 cents, up 17.4% in intraday trading. That gives the explorer a market cap of $185 million.

The last market-sensitive news from the company came out more than a month ago.

But as with Neometals, Lithium Power has had a tremendous month, with shares up 31% since 28 June.

That momentum looks to be carrying on today as investors broadly reward ASX lithium shares amid a strong demand outlook for the critical battery metal.

The post 3 ASX lithium shares going gangbusters on Thursday appeared first on The Motley Fool Australia.

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More reading

Did ASX mining share Prospect Resources really just crash 90%?
Why is the Neometals share price up 5% today?
Neometals share price higher on lithium battery recycling update
Neometals share price soars on ‘compelling’ vanadium recycling results

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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