The Core Lithium (ASX:CXO) share price has gained 8% in a week

It’s a been a great few days for lithium shares lately.
The post The Core Lithium (ASX:CXO) share price has gained 8% in a week appeared first on The Motley Fool Australia. –

Shares in Core Lithium Ltd (ASX: CXO) have been soaring over the last 7 days, despite no news from the company.

The Core Lithium share price has surged 7.8% since last Monday. Right now, Core Lithium’s shares are swapping hands for 34.5 cents apiece.

Let’s take a look at what has the market so enthused about the lithium exploration company.

What’s been happening lately?

The Core Lithium share price has performed well over the past 7 days despite the company’s silence.

The last time we heard news from Core Lithium was on 13 August, when it announced the details of a $15 million share purchase plan.

The funds raised will go towards exploration, development, and construction at the company’s Finniss Lithium Project.

The share purchase plan follows from Core Lithium’s $91 million institutional placement, which it announced was successful on 11 August.

Under the share purchase plan, Core Lithium shareholders can increase their holdings in the company for 31 cents per additional share.

The share purchase plan was set to close last Thursday. However, the company hasn’t confirmed if that was still the case.

Additionally, Core Lithium had pencilled in its plans to release the share purchase plan’s results tomorrow. Only time will tell if it does.

The Core Lithium share price isn’t alone in enjoying gains recently. Many of its lithium peers’ stock has soared over the last 7 days.

The Pilbara Minerals Ltd (ASX: PLS) share price has gained 5% since this time last week, as has that of Piedmont Lithium Inc (ASX: PLL). While Orocobre Limited (ASX: ORE) is 12% higher.

Core Lithium share price snapshot

Core Lithium’s shares are currently trading for 102% more than they were at the start of 2021. They’ve also gained a whopping 762% since this time last year.

The post The Core Lithium (ASX:CXO) share price has gained 8% in a week 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

Why ASX lithium shares are having a bumper start to the week

Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher

Core Lithium (ASX:CXO) share price rockets 20% on capital raising efforts
Why the Core Lithium (ASX:CXO) share price remains frozen today
Why is the Core Lithium (ASX: CXO) share price halted?

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 Bruce Jackson.

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