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Why Galaxy Resources Limited (ASX:GXY) kicked off the trading week on the S&P/ASX 200 gains list

Shares in global lithium production company Galaxy Resources Limited (ASX: GXY) are up 4% to $3.63 to kick off the trading week – a 65% rise from its $2.19 share price at this time last year and the top of the S&P/ASX 200 gains list in Monday morning trade.

Galaxy last week announced it would sell its package of tenements in the northern basin of Salar del Hombre Muerto to POSCO for US$280 million – with the funds being channelled into Galaxy’s Sal de Vida Project in Catamarca Province.

Macquarie Group Ltd (ASX: MQG) last week upgraded Galaxy’s shares from a sell to a buy – lifting its price target on the company from $3.00 to $3.90.

If Galaxy storms ahead in the sector this could affect other players in the lithium space who may struggle in its shadow, including Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) – both who started the week strongly with Orocobre up 3.4% to $5.82 and Pilbara shares up 1.1% to 91 cents per share at the time of writing.

Resource stocks are often thought to be blue chip stocks.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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