Here’s what might have sent the Novonix share price to a new record high today.
The post Novonix (ASX:NVX) share price surges again to record high, up 11% this week appeared first on The Motley Fool Australia. –
The Novonix Ltd (ASX: NVX) share price is continuing its upward trajectory this week, despite no news from the company.
While Novonix itself has been quiet, it did pass an exciting milestone last week when it entered the S&P/ASX 300 Index (ASX: XKO).
Additionally, the rising price of lithium could also be sending the lithium-ion battery company’s shares skyward.
Right now, the Novonix share price is $5.53, up 1.8% today and 11% higher than it was at the start of this week.
However, earlier today the company’s shares were trading for a whopping $6.10. That represents a 12.3% gain on yesterday’s close and a new record high.
Let’s take a look at what’s boosting Novonix higher on the ASX.
What’s driving Novonix?
Novonix is having a great week despite the company’s silence.
The market handed a new crown to Novonix last Friday. The S&P Dow Jones Indices’ quarterly rebalance saw Novonix boosted into the S&P/ASX 300 Index.
Although the news was likely exciting for shareholders, the Novonix share price didn’t take off until yesterday.
The other factor that might be driving Novonix’s recent gains is the increasing price of lithium.
Additionally, the price of lithium hydroxide is also increasing, potentially pulling the Novonix share price up with it.
Novonix share price snapshot
This week’s gains included, Novonix has been performing exceptionally well, lately. Its shares are up 346% year to date. It has also gained 197% over the past 12 months.
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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 recommended BUBS AUST FPO and Humm Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.