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Why is the Allkem share price leaping 5% on Monday?

It’s yet another good day to be invested in Allkem shares.
The post Why is the Allkem share price leaping 5% on Monday? appeared first on The Motley Fool Australia. –

The Allkem Ltd (ASX: AKE) share price is taking off on Monday, trading among the leaders of the S&P/ASX 200 Index (ASX: XJO).

At the time of writing, the lithium and boron producer’s stock is swapping hands for $11.81, 4.7% higher than its previous close.

That sees it coming in as the second best performer on the ASX 200. The index is currently up 0.62% while the company’s home sector, the S&P/ASX 200 Materials Index (ASX: XMJ), has gained 1.05%.

So, what might be driving the Allkem share price higher today? Let’s take a look.

What’s going on with the Allkem share price?

Today is proving to be another good day for the Allkem share price despite the company’s silence.

In fact, the stock has gained a whopping 19% since the market last heard news from the ASX 200 lithium and boron company.

Allkem released its quarterly report on 20 July. That saw the company posting record quarterly revenue and full year production.

Thus, today’s gain could be attributed to the longer-term uptick seemingly spurred by the report’s release.

It’s also worth noting that Allkem is joined in the green by many of its ASX 200 lithium peers on Monday.

Shares in Lake Resources N.L. (ASX: LKE) and Core Lithium Ltd (ASX: CXO) are up 3.3% and 3.9% respectively right now, while Liontown Resources Limited (ASX: LTR) has gained 0.8%.

Finally, the Allkem share price is also a favourite among some brokers.

Bell Potter has a buy rating on the company and a $17.43 price target on its shares while Morgans is also bullish, slapping the stock with a $16.72 target, as my Fool colleague James reports.

The post Why is the Allkem share price leaping 5% on Monday? appeared first on The Motley Fool Australia.

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More reading

Broker says Allkem share price can rise 60% from here
2 ASX growth shares that analysts love
Brokers name 3 ASX shares to buy today
Is the Allkem share price dirt cheap? Broker tips 70% upside for investors
ASX 200 midday update: Megaport rockets, Allkem’s update, tech shares rally

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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