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Core Lithium share price is surging 7% on Thursday. What’s going on?

Could this be what’s pushing the Core Lithium share price out of its recent slump?
The post Core Lithium share price is surging 7% on Thursday. What’s going on? appeared first on The Motley Fool Australia. –

The Core Lithium Ltd (ASX: CXO) share price is back on the horse on Thursday to recover some of its losses for the week so far.

And while there’s been no news from the company to explain its surge, it’s far from alone in its gains. Many of its fellow ASX lithium shares are also taking off today.

At the time of writing, the Core Lithium share price is $1.285, 7.08% higher than its previous close.

For context, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are both in the green too. They’ve gained 1% and 0.82% respectively.

Let’s take a look at what’s been going on with the Core Lithium share price lately.

What’s boosting the Core Lithium share price today?

The Core Lithium share price has made its triumphant return to the green today. It’s currently 102% higher than it was at the start of 2022.

That’s despite the stock’s poor performance for the week so far. It tumbled 5% on Monday, before slipping another 4.5% and 5.1% on Tuesday and Wednesday.

As a result, the lithium developer’s stock is still 9% lower than it was at the end of last week.

Those falls came despite the company releasing two pieces of good news to the market.

First, it announced it had signed a crushing services contract for its Finniss Lithium Project. Then, an underground mine at the project was granted environmental approval.

It stands to reason that today’s gains could be the market’s way of correcting after the sell-off earlier this week.

It’s also worth noting that today is proving to be a good day for many ASX lithium shares.

The share prices of Liontown Resources Limited (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS) are both up around 7%. Meanwhile, that of Sayona Mining Ltd (ASX: SYA) is up 11%.

The post Core Lithium share price is surging 7% on Thursday. What’s going on? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Core Lithium right now?

Before you consider Core Lithium, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Core Lithium wasn’t one of them.

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More reading

Here’s why ASX lithium stocks are rocketing higher today
These 3 ASX 200 shares are topping the share market’s volume charts on Thursday
Why Alliance Aviation, Amcor, Core Lithium, and QBE shares are storming higher
What will the lithium price be in 2025?
Top brokers explain why not all ASX lithium shares are created equal

Motley Fool contributor Brooke Cooper 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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