Although the market as a whole has pushed higher today, the shares of Syrah Resources Ltd (ASX: SYR) and the lithium miners have made even stronger gains.
This is the state of play at the time of writing:
- The Galaxy Resources Limited (ASX: GXY) share price is up almost 5% to $3.70.
- The Kidman Resources Ltd (ASX: KDR) share price is higher by 3% to $1.30.
- The Mineral Resources Limited (ASX: MIN) share price is up 11% to $18.79.
- The Orocobre Limited (ASX: ORE) share price has climbed 3.5% to $6.13.
- The Pilbara Minerals Ltd (ASX: PLS) share price is up 3.5% to 97.2 cents.
- The Syrah Resources Ltd (ASX: SYR) share price is 8% higher to $4.42.
What happened?
Although Mineral Resources shares were given a lift from its annual general meeting, there was no notable news out of the others.
Today's gains are likely to be in response to positive data released by Bloomberg New Energy Finance on Tuesday.
That data revealed that electric vehicle (EV) sales climbed to a record in the third-quarter thanks largely to strong demand in China.
Sales of battery-powered electric vehicles and plug-in hybrids exceeded 287,000 units during the quarter. This was an impressive 63% increase on the prior corresponding period and 23% higher from the second-quarter of 2017.
Should you invest in these companies?
Following the impressive share price gains this year, I feel these shares are all fully valued now. In light of this I would class them as holds.
But should a pull-back occur in the next few months, investors may want to consider snapping them up. Alternatively, Western Areas Ltd (ASX: WSA) could be worth a look due to nickel's use in EV batteries.
