The Galaxy Resources Limited (ASX: GXY) share price climbed 7 per cent to $2.36 today, despite the lithium miner releasing no specific news to the market. For the six-month period ending June 30 2017, Galaxy posted a loss of $6.48 million on revenues of $14.975 million.
The miner has operating interests in lithium tenements in Australia, Canada and Argentina, with the development potential of its Argentinian holdings reported to be especially lucrative. Its Australin Mt Cattlin operations also transitioned to commercial production as at May 1, 2017.
Some expect the rising demand for lithium ion powered batteries for electric cars to power lithium prices higher over the 5 years ahead. However, Galaxy recently had around 11 per cent of its shares short sold by investors betting on its stock falling. Today's abrupt share price rise then may be linked to short sellers seeking to close out positions by buying back the stock on market.
