The Novonix Ltd (ASX: NVX) share price is continuing its upward trajectory this week, despite no news from the company.
While Novonix itself has been quiet, it did pass an exciting milestone last week when it entered the S&P/ASX 300 Index (ASX: XKO).
Additionally, the rising price of lithium could also be sending the lithium-ion battery company's shares skyward.
Right now, the Novonix share price is $5.53, up 1.8% today and 11% higher than it was at the start of this week.
However, earlier today the company's shares were trading for a whopping $6.10. That represents a 12.3% gain on yesterday's close and a new record high.
Let's take a look at what's boosting Novonix higher on the ASX.
Image source: Getty Images
What's driving Novonix?
Novonix is having a great week despite the company's silence.
The market handed a new crown to Novonix last Friday. The S&P Dow Jones Indices' quarterly rebalance saw Novonix boosted into the S&P/ASX 300 Index.
Novonix was one of 13 new faces on the index, as struggling former favourites such as Bubs Australia Ltd (ASX: BUB) and Humm Group Ltd (ASX: HUM) were shown the door.
Although the news was likely exciting for shareholders, the Novonix share price didn't take off until yesterday.
The other factor that might be driving Novonix's recent gains is the increasing price of lithium.
S&P Global Platts reported lithium carbonate reached its highest price ever yesterday, supported by the demand to use the product as feedstock, alongside spodumene.
Additionally, the price of lithium hydroxide is also increasing, potentially pulling the Novonix share price up with it.
Novonix share price snapshot
This week's gains included, Novonix has been performing exceptionally well, lately. Its shares are up 346% year to date. It has also gained 197% over the past 12 months.
