The Novonix Ltd (ASX: NVX) share price is soaring today on no news from the company whatsoever. There’s no sector momentum to explain the increase either, with the S&P/ASX All Technology Index (ASX: XTX) down 0.6%.
At the time of writing, the Novonix share price is up 11.81% to $3.03.
However, the S&P/ASX All Ordinaries Index (ASX: XAO) is 0.43% in the green today, and we know that many ASX shares are starting to rebound off their June lows.
This appears to be because investors are deciding some opportunities are now too good to pass up following the general market sell-off in the first half of 2022.
What’s the latest with the Novonix share price?
Novonix has had a screamer over the past month. It’s up 31%. The All Tech index is up 15.4% and the All Ords is also up 6.2% over that period. So, the Novonix share price rise might simply be a case of the stock riding this wave of new positive market momentum.
As my Foolish colleague Brooke reported, there was only one piece of news released by Novonix in July. That was its report for the June quarter, which caused the Novonix share price to slump 1.6%. The report showed $2.5 million of customer receipts and a $7.9 million operating cash outflow.
But both the broader ASX 200 tech sector and the Nasdaq Composite Index (NASDAQ: .IXIC) had a good month. The NASDAQ lifted by about 12% in July, which was its biggest monthly gain since April 2020.
Bullish comments on the battery materials industry by Tesla Inc CEO Elon Musk were no doubt helpful to Novonix, which operates in the lithium-ion battery space. The Novonix share price rallied 2.8% that day.
A quick recap if you’re unfamiliar with Novonix’s business: Its battery materials segment develops and manufactures battery anode materials. The battery technology segment develops battery cell testing equipment and researches battery development. The tech segment delivers the bulk of Novonix’s revenue.