Guess which sector this week's top performing ASX 200 shares come from

Move over iron ore. ASX 200 shares in lithium are surging this week with many hitting new highs.

| More on:
Group of people cheer around tablets in office

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) closed 1.67% higher this week, a great outcome given the sharp sell-offs experienced by the broader equity market on Monday and Tuesday.

Leading the charge this week is a red hot sub-sector within the S&P/ASX Materials (INDEXASX: XMJ) sector.

Lithium.

ASX 200 shares in the lithium sector surged to either multi-year or all-time record highs this week.

Underpinning this performance is higher lithium spot prices and upbeat quarterly results.

Top performing ASX 200 shares this week

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals Ltd share price rallied to a new record intraday high of $1.74 on Friday. It finished the session up 1.78% at $1.72.

Shares in the lithium miner bounced back strongly this week after tumbling 9.15% to $1.44 by Tuesday.

Since its Tuesday low, the Pilbara Minerals share price rallied an extraordinary 20% in three days.

The lithium sector has been surging lately. The Global X Lithium & Battery Tech ETF (NYSEARCA: LIT) skyrocketed 16.38% this month and 23.32% year-to-date.

The ETF is comprised of companies involved in the full lithium cycle. This includes mining and refining the metal through to battery production and electric vehicles.

The lithium ETF reached a record high closing price of US$81.76 on Friday. This signals that it isn't just Pilbara Minerals rising but the broader emerging sector as well.

Pilbara Minerals is expected to release its June 2021 quarterly activities report next Thursday, 29 July.

Orocobre Ltd (ASX: ORE)

Orocobre Limited is another ASX 200 share hitting record highs this week.

The Orocobre share price rallied 9.39% this week to a close of $7.69 on Friday.

Its performance is similar to Pilbara Minerals, with the company's shares tumbling on Monday and Tuesday.

The Orocobre share price jumped 9.91% on Thursday following the release of the company's June quarterly results.

The results highlighted improved production figures and expansion plans, but more importantly, much higher lithium prices.

The company said the average realised price for its lithium carbonate during the quarter was US$8,476/tonnes free on board (FOB). This is up 45% quarter-on-quarter.

Motley Fool contributor Kerry Sun 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.

More on Share Gainers

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »